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.
The letting agent is readying for reduced levels of property sales and mortgage transactions and a higher risk of bad debts and non-payment of rent due to coronavirus restrictions.
A range of possible downside outcomes for the rest of the calendar year and 2021 have been modelled and Belvoir says it is confident it has the resources to weather the storm and to operate within its bank covenants for the foreseeable future.
There will no final dividend for 2019 with the group conserving cash as a precaution.
What the boss says: Dorian Gonsalves:
“We believe that in operating a franchise model, we have both the agility and capability to emerge from the crisis in a good position to capitalise on future opportunities within the sector.”
- 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
- Has financial strength to weather coronavirus crisis says CEO