Record revenue for Belvoir with 25 years of profit growth
Estate agency Belvoir has posted record revenue, hitting 25 years of unbroken profit growth.
The firm revealed a 39 per cent increase in profit before tax to £9.3m, sending shares up five per cent on Monday afternoon.
Group revenue hit £29.6m, up 37 per cent, versus £21.7m in 2020.
Last year was the “busiest year for our sector in recent times,” Belvoir boss Dorian Gonsalves said. This boosted both the London-listed company’s growing estate agency and financial services businesses.
The number of written mortgages rose some 37 per cent to 16,585 while house sales were up 54 per cent to 12,320.
Andy Murphy, director at Edison Group, said: “The outlook is relatively encouraging though higher inflationary pressures may yet have an effect on spending patterns overall. Belvoir has a track record of M&A and it seems likely that other deals are possible as the balance sheet debt has been reduced in the period.”