What Belvoir does
Founded in 1995, the firm currently has over 300 offices managing around 67,000 properties.
The company also operates a financial services arm which provides its customers with mortgages and other property-related financial services products.
How it’s doing
Belvoir Group profits in 2019 will be 'comfortably ahead' of expectations, the group said in January, after revenues surged ahead in spite of the impact of Brexit and the tenant fee ban.
Revenue at the lettings agency jumped by 43% to £19.5m with the property division achieving 6% growth.
Income from franchisees increased by 4% to £8.8mln (2018: £8.5mln), while at the year-end Belvoir's portfolio of managed properties had risen by 7% to a new record of 67,000.
Chief executive Dorian Gonsalves said he was also delighted with the performance of Belvoir's growing financial services arm with 166 advisors now operating across the country.
"2019 was another very strong year for the group and is testament to the resilience of the Belvoir franchise business model with our franchisees achieving growth in a year when they were expected to lose 10% of their lettings revenue from 1 June, and yet by Q4 2019 franchise network revenue was noticeably higher than it was in Q4 2018,” he added.
What the boss says: Dorian Gonsalves:
"Financial services gives our franchisees a way to grow business within the business.
It is getting more difficult to obtain face-to-face high-quality whole of market mortgage advice on the high street because the number of agents has been falling over the last few years.
"We are a firm believer in outlets where clients can walk in and receive advice property advice and mortgage advice."
- Profits and revenues to grow for 23rd consecutive year
- CEO says full benefits from the financial services only just beginning
- Tenant fee ban impact less than expected
What the broker says
'House' broker finncap raised its price target for Belvoir by 23% to 238p on the back of the January update, saying it was a very strong result. Its analysts said: "Cash flow has remained strong and ‘with the potential for better market conditions post the election and the benefit of the Dacres deal (Financial Services) and the acquisition of Lovelles (estate agency network) to come there remains the potential for positive surprises."