Belvoir Group said Liz Truss’s mini-Budget in September had an adverse impact on its business, although revenues last year increased by 14% to £33.7m, thanks in part by several acquisitions and strong performance in its letting division.

Franchise fees rose by 2% to £11m but profits overall fell marginally to £9.1m, down from £9.3m.

Dorian Gonsalves, chief executive, said there has been a 20% bounce-back in sales and mortgage activity from the final quarter of 2022.

But he acknowledged that property deals are taking significantly longer to complete, amid slower housing market conditions.

Gonsalves added that even with the challenging conditions, he is confident Belvoir will perform well against the market as a whole during 2023 and beyond: “With the group now debt-free and given the cash-generative nature of our operations, the board has increased the dividend by 6% to 9p and will look to identify suitable acquisition targets to support continued growth.”

Net cash at the year-end was £1.2m (£1.3m net debt).