Belvoir reports strong trading with profit and income ‘comfortably’ ahead

Belvoir has reported strong trading in the first half of this year.

In an update to the City, the UK’s largest property franchise business said that both revenue and operating profit were “comfortably ahead” of the same period last year.

It said its network remained the same size, with 300 offices, but that there had been a 5% increase in management service fees, the revenue stream for head office.

There was growth in both sales and lettings, despite a backdrop of falling transactions and the introduction of the tenant fees ban on June 1.

Belvoir CEO Dorian Gonsalves said: “The board was very encouraged by trading during the first half of 2019 with our franchise model proving to be resilient to changes in the sector and our diversification into financial services providing an additional revenue stream for both our franchisees and the group.

“We have seen positive results both from our property franchise and our financial services networks, and are confident that the group is well positioned to take advantage of the opportunities arising from a more challenging market.”

Belvoir’s shares closed about 3% down yesterday, at 110p.

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6 Comments

  1. Hillofwad71

    Hats off to Belvoir with another robust update

    Refreshing to see that this has been achieved  without losing any franchisees,Cant be easy for some with tenants fees ban but no doubt the BODS  are looking after all their flock

    “Winco” Goodard and Gonslaves unlikely  to be saying “Some don’t make it”if at all possible

    The Head shepherd at Ewemove could do no worse by  taking a leaf out of Belvoirs mentoring and recruitment book.

    Maybe then the wave of failures can be slowed.A number of frarnchisees currently trading where deficits and creditors increasing year on year with few instructions .Urgentaly in need of some shepherding

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    1. GioTum

      Read,lack of knowledge once again …… good for Investors :))

      https://thenegotiator.co.uk/ewemove-helps-parent-company-tpfg-achieve-record-revenues/?fbclid=IwAR3WDheEio6YvrvoBwQrlN3Ra1P_st7wJfp3-RrCILUxS_ivLDGbX4WkoSw

       

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  2. Hillofwad71

    “The online agency, which was bought by TPFG in 2016 from its founders, has been the star of the lettings-dominated franchising giant for some time now.”
     Or so the press release leads us to believe  The devil is in the detail   Not very good for the failed franchisees who contributed !! Not very good at all or for those currently running on empty increasing  personal debts  to service HQ
      Short term policy
    Gone are the £20k tickets
    Not a lot of revenue from LPPS with under 10 instructions
    Some poor franchisee  in the East  been going 14 months and has 1 instruction and 2 sales this  year 
           “A good shepherd shears his sheep, he doesn’t flay them”. Tiberius
    No further revenue  coming from the recently failed franchisees at Pudsey .Poole Bolton North Stevenage Altrincham Salford Bournville Cardiiff Croydon Streatham Laindon Park  Park Bicester Redhill* Reigate Barnsley Oxford  Buckingham  Stroud  Doncaster  ,
    Suffering the loss for HQ’s gain Surely you can’t  think that  is good business
    Big holes in Manchester W Midlands and London Where is the queue of franchisees   fiiling the gaps
      Compare that to Belvoir who  are creating a businesss  for the long term  

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  3. Hillofwad71

    In january 2018 HS said

    “The industry as a whole is continuing to face a number of challenges, but whilst other agencies are reporting stagnation and recurring profit warnings, we’re not only seeing our network grow in numbers month by month, but we’re witnessing the continued profitability of our franchisees across the UK.”

     

    Keyser Soze in May 2018  puts up a list of Ewemove franchisees who were displaying their wares on Zoopla Comment 18

     

    https://propertyindustryeye.com/ewemove-looks-to-round-up-a-whole-new-flock-of-local-property-agents/

     

     

    A staggering 23 franchisees  on that list have vanished, gone, kaput who have contributed to the”star performers” revenue since then

     

    The weasel  words SOME DON’T MAKE  IT doesn’t ;touch the sides

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  4. thewinnertakesitall

    Jesus this guy is just boring me hijacking ever PIE story with EweMove bashing, give it a rest it’s not even comparable comparing a 22-year-old established business like Belvoir with a 5-year-old business disrupter doing great things like EweMove. If you can go back and compare Belvoir aged 5 to EweMo today I might be interested in reading your balanced comments… Otherwise, Yawn Go Away!

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    1. Hillofwad71

      Well  I agree -Nothing is comparable to what has been happening at Ewemove . The disconnect  between what the HS is saying and what is happening  at the gate

      Everything is rosy in the garden whilst  23 franchisees slipped out of the gate in just over a year and that is ignoring previous casualties

      You show a singular lack of concern  for your profession if you find this accepetable

      You might find it boring that these individuals have suffered the losses  I see it as a tragedy  that they are still suckered in

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