Belvoir Lettings PLC (LON:BLV) posted strong first-half profits growth at its franchise network continued to expand.
The group now has 61,000 properties under its management, making it the second in the lettings market behind struggling Countrywide.
Countrywide has had all kinds of trouble over the past six months but Dorian Gonsalves, Belvoir's chief executive, said its assisted acquisition scheme, where it helps its franchisees acquire local rivals, was proving a great success.
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Some 20 deals with £5.1mln of historic turnover were completed during the half year and nine franchise owners joined the group.
Revenues in the half year to June rose 19% to £6.1mln, with underlying profits rising by a similar percentage to £2.43mln.
Most of Belvoir’s agents operate under a franchise arrangement and management service fees increased 6% to £4.02mln.
Statutory profits jumped 66% as Belvoir wrote back some of the potential earn-out on its Northwood acquisition.
The interim dividend was unchanged at 3.4p.
Gonsalves said the group had continued to outperform both the UK’s sales and lettings markets.
“Despite the tough market conditions, Belvoir has achieved a promising start to the second half, and as such the company is on track to meet management expectations for the year."