Belvoir Lettings H1 revenue rises due to management fees

UK housing agency Belvoir Lettings saw revenues rise 32%, with management waxing optimistic on the outlook for future demand.UK housing agency Belvoir Lettings saw revenues rise 32%, with management waxing optimistic on the outlook for future demand.Sales for the first six months of the year increased by 32% to £3.26m, driven by growth in management fees.Profits before tax increased 5.6% to £773m.The group said its management service fees were up 11% on the comparable period. Its franchisees and acquisitions programme also supported the company’s growth.However, earning per share decreased to 2.5p from last year’s 2.7p, although cash and equivalents rose significantly to £2.2m compared to £1.7m in the same period in 2013.Chief executive Mike Goddard said: “We are delighted to announce that the estate agency trial was successful and we look forward to updating the market further as we roll this out across our network.“These strategic developments plus the encouraging trend in the market for private rented properties and buoyancy in the sales market underpin the board's confidence in the coming years as Belvoir strengthens its presence across the UK."Belvoir said it expects to see demand for private rental sector housing to continue to rise, as the UK’s increasing population is putting pressure on the property market just as housing supply fails to keep pace.Shares were up 2.32% to 129.95p on Wednesday at 15:20.