Source - SMW
Belvoir Lettings PLC said group revenue rose 13%  to £11.1m compared to £9.9m in 2016, while management service fees rose by 22%. 

The uptick in revenue reflected full year contribution from Northwood, mid-year acquisition of Brook and revenue reduction from franchising out six corporate-owned offices. 

The group said it grew the number of managed properties it represents to over 58,000 managed properties versus 55,756 in 2016.

The group's Northwood integration provided reduction in cost base of approximately £0.3m. 

Lettings to sales ratio of 80%:20% was an improvement on the 75%:25% sales ratio seen in the prior year. 

The group recruited of six - versus seven in 2016 - new franchise owners into one new and five existing territories. 

Belvoir's year-end bank balance fell to £1.3m from £1.5m in 2016 following the £1.5m brook acquisition which was settled in cash. 

Franchisee portfolio acquisitions doubled with 23 completed in 2017, adding £3.4m of network revenue and £0.4m of ongoing management service fees per annum (2016:  11, £1.5m and £0.2m).

The group said that there is 'a strong pipeline of portfolio acquisition opportunities, many of which are expected to complete in the first quarter.' 


At 8:34am: (LON:BLV) Belvoir Lettings PLC share price was +2.5p at 93p