Franchise chain Belvoir has announced a rise in both revenue and profits for last year.

In its preliminary results for 2015, it said group revenue was up 19% to £6.9m, with pre-tax profits up 25% to £2.2m.

Last year, described as ‘pivotal’, was marked by the acquisition of franchise businesses Newton Fallowell and Goodchilds at a total cost of £9.5m.

The acquisitions added 50 outlets, with Belvoir recruiting a further 11 new franchisees and ending the year with a total of 212 outlets.

The purchase of Newton Fallowell is already proven, with the business achieving its earn-out target a year ahead of schedule. The sum of £0.9m will be paid to its vendors this year.

Belvoir itself owns a few outlets, and last year bought back offices in Grantham, Lincolnshire, and Devizes, Wiltshire, due to “exceptional personal circumstances”.

Belvoir also saw a big rise in the number of outlets offering sales as well as the traditional lettings – 111 offices, compared with 30 the previous year.

However, lettings remained the backbone of the operation, contributing 77% of the revenue.

Two outlets achieved record performances last year, generating over £1m income for their owners. Another franchisee sold his business to an incoming Belvoir franchisee for nearly £1m.

Belvoir, which listed on AIM in February 2012, has also recently appointed a new board director, Mark Newton, managing director of Newton Fallowell and also responsible for the Goodchilds network.

Chief executive Mike Goddard – who has already stepped aside once but who returned after a previous appointment did not work out – quashed speculation that Newton might be lined up to take over from him some day.

Goddard told EYE that he is not retiring. “It is not on the cards,” he said.

He also made it clear that Belvoir will continue in growth mode.

He said: “I anticipate further consolidation within the property franchising industry as the benefits of centralised franchising expertise and economies of scale become more attractive. I expect the Belvoir Group to be at the forefront of this exciting opportunity.”

Managing director Dorian Gonsalves played down concerns that recent and impending tax and mortgage changes designed to hit landlords will adversely affect the lettings market.

He said applying higher stress tests would make the buy-to-let mortgage market more stable, and that it was too early to tell what impact higher Stamp Duty would have.

On the clampdown on the amount of mortgage tax relief that can be claimed in future, he said: “Landlords are clearly becoming more cautious – they are better prepared.”

Belvoir shareholders are set to receive a total dividend of 6.8p per share for last year.