Belvoir Lettings updates on year of 'continued and encouraging' growth

British property franchiser Belvoir Lettings reported a year of "continued and encouraging growth" on Thursday, with both revenues and profits moving ahead.

Belvoir revealed revenues had shot up 21% year-on-year to £13.7m, outperforming both the sales and lettings elements of the housing market and the financial services market.

Management services fees increased 7.1%, while group income from financial services soared 20% following Belvoir's recent acquisitions of Brook Financial Services and MAB.

The AIM-listed outfit also highlighted that property sales had grown 8.5% in the year ended 31 December - well ahead of the 2% decrease in the number of residential property transactions reported by the HMRC.

As a result, Belvoir now expects that its performance for the year, including underlying profit before tax, will be "in line with market expectations" and noted that it intends to maintain its progressive dividend policy.

Chief executive Dorian Gonsalves said: "The board believes that Belvoir is well-prepared to both meet the challenges and take advantage of the opportunities anticipated in 2019."

As of 0900 GMT, Belvoir shares, which hit a six-year low in late December, had picked up 2.76% to 93p.