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26 / 07 / 2016

Improved half year results for Connells Group

Improved half year results for Connells Group

Interim profits for 2016 announced

Connells Group, the UK’s most successful estate agency and property services group, today announces an increase in half year profits of 15% to £31.3m, reflecting an outstanding performance in firm market conditions. 

Compared to a strong first half in 2015, the Group’s estate agency business of nearly 600 branches nationwide, has recorded a number of improvements this year including an 8% increase in sales. The division strengthened its UK coverage through the addition of further successful businesses into its network, the largest of which was Rook Matthews Sayer – a leading estate agency with 16 branches operating across Newcastle, Tyneside and Northumberland.  The Group remains in expansive mode and continues to acquire businesses.

There was also further growth for the Land & New Homes operation, with new homes sales up by 16%, building on a record performance last year. 

"Our business has produced solid results in the first half of this year and in a remarkable market," says Connells Group CEO David Livesey.  "We started the year with great momentum and strong sales activity, and with extraordinary levels of completions in Q1 ahead of the stamp duty deadline.  However, as expected, there was a notable cooling in the market as the EU referendum approached.

"Brexit has created some short term challenges, but we excel against our competitors in tough market conditions and we are already seeing performance bounce back to pre-Brexit levels."

Elsewhere within the Group, there was excellent growth and profits from the Lettings business, recording a 24% increase in income for the first half of 2016.   The division continued its growth momentum through further branch openings and a number of acquisitions. 

There was also great progress in Mortgage Services with record numbers of mortgages arranged, up 17% compared to last year, and income up 23%.  The value of mortgages arranged was £4.3bn.  Connells Group continues to invest into this division and has increased its number of mortgage experts.

Connells Survey & Valuation continued to set the pace across the sector recording record growth in volumes, surveyor headcount and profits.  Income was up 16%, and profits up 34%, year on year.  Payback from previous investments, alongside the division's delivery of top quality customer outcomes, resulted in a large number of new, long term Lender contract wins and the acquisition of Andersons Surveyors.  Connells S&V is acknowledged as the number one service provider for panel management.   

“Our results are testament to the hard work of the people within our business and I can't tell you how proud we are of the team here at Connells Group,” continues David.  “We have delivered market leading profits in an eventful market backdrop whilst gaining market share, growing organically and welcoming new colleagues through the acquisition of other great businesses."

 

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