• Belvoir shares declined 5.33% following its interim results.
• Revenue increased 12% to £15.4 million.
• Administrative costs were up 29%, causing profits to slip.

Belvoir reported earnings for the six months ended 30 June 2022 on Monday, which saw increased revenue but a fall in profits.

Following the report, Belvoir shares fell 5.33%.

The company reported revenue increased 12% to £15.4 million from £13.8 million in the previous year. However, administrative costs were up 29% to £5.4 million, reflecting a return to a more normal cost base post-covid.

As a result, profit before tax fell to £4 million from £4.8 million in 2021.

“I am delighted to report that our strong lettings base, investment in further franchise networks and diversification into financial services have all helped to mitigate the correction in the level of property sales transactions after the exceptional year for the housing market in 2021,” stated CEO Dorian Gonsalves.

In addition, Gonsalves commented that the group’s investments and “the strong pipelines of house sales and related mortgages at the start of H2” have led to the “Board’s confidence of achieving managements’ expectations for the full financial year.”

Therefore, looking ahead, despite an expected correction in the first half of 2022, the housing market remained resilient, according to Belvoir, and expectations are anticipated to be reached.