Grantham-headquartered estate agency Belvoir is making up for time lost during the pandemic.

The company has reported that in the six months to June 30, revenues increased by 8% to almost £9.8m after the acquisition of the Lovelle network, which was completed in January, while profit before tax rose to £3.2m.

Chief executive Dorian Gonsalves says despite challenging times, the underlying business reports rising revenues and profits, which he credited on the "resilience of our franchising model."

He said: "The reliable and recurring nature of our lettings business, which underpins 62% of gross profit, was evident during H1 with lettings operating on par with 2019. A strong Q1 for property sales and financial services was followed by a lockdown on estate agency activity for half of Q2 during which time our franchisees focused on looking after their pipeline so as to safeguard sales post-lockdown, and our financial advisers switched to selling remortgage and income and life protection products.

"Since our sector was 'unlocked' in May, both property sales and financial services activities have been at record-breaking levels for the Group in terms of instructions, sales agreed and written mortgages. These are expected to convert to sales fees and banked mortgage income during the remainder of the year.

Mr Gonsalves continued: "H2 started with further strategic progress through our alliance with The Nottingham Building Society. In addition to taking on their estate and lettings agency business, a number of our franchisees will also have the opportunity to offer The Nottingham members high quality estate agency services from co-branded building society branches.

He added: "Given results are on track in H1, a promising start to H2, and a strong pipeline of agreed property sales and written mortgage business, the Board is confident of meeting management's pre-Covid expectations for the full year.

"As a reflection of the Board's confidence in the improving outlook, it was decided to reinstate our progressive dividend policy including a partial catch-up of the previously suspended final 2019 dividend."