Belvoir announced that group revenue soared by 43% to £19.3m in its full-year ended 31 December 2019.
Profit before tax increased by £0.1m to £5.6m, while management service fees rose 4% to £8.8m.
The group also reported a “strong” lettings performance in the year, as well as an increased importance of financial services, which was reflected in its gross profit ratio of 61% lettings, 16% sales, 19% financial services and 4% other.
The group also increased its number of offices by 31 to 396 sites, while its financial service advisers increased by 35% to 166.
Going forward, the group said that the coronavirus pandemic will have a “significant impact” on trading, and it has therefore decided to withhold its final dividend for 2019.
Dorian Gonsalves, CEO of Belvoir Group, said: “Whilst 2020 will be adversely affected during the period of economic inactivity due to Covid-19, the group has achieved a very good set of results for 2019, with outstanding revenue performance, having overcome the twin challenges of the tenant fee ban and the economic and political uncertainty surrounding Brexit.
“Looking at the year ahead, trading was strong and in line with management expectations in the first two months of the year, and the recurring nature of our lettings revenue gives the group a high degree of resilience.”
He added: “The board has acted swiftly in response to Covid-19 to put in place measures for the group and for our franchisees, to enable us collectively to mitigate some of the short-term downturn in revenue.
“Notwithstanding these measures, Covid-19 is expected to have a significant impact on trading in 2020 and therefore the board has prudently decided against proposing a final dividend for 2019.”
He added that it was “difficult” to predict how long the impact of the virus will continue, but said that the board is “confident” the group has a strong balance sheet with “adequate resources to weather the storm”.