Interim profits for 2018 announced
Further expansion to grow network
Strong growth for Peter Alan
End of year financial results
Peter Alan Ltd, part of leading estate agency and property services provider Connells Group, today announces strong results for the year ended 31 December 2017 with pre-tax profits up 22% on 2016 to £1.691m; total revenue up 9%; and EBITDA increasing by 14%.
The UK housing market as a whole experienced a 14.7% decline in transactions compared to 2016*, however Peter Alan’s instructions were down just 1% and exchanges up 5%. Applicants registered were up 15%, suggesting that there are still lots of motivated buyers looking for a new home and who are helping to keep house prices buoyant across South Wales.
The company has been investing heavily across all departments during 2017, with one key area being its New Homes business. Peter Alan’s new homes income grew by 15% year on year, thanks to an expanding team of staff who have a dedicated focus on this area of the business.
Mortgage Services applications were up 10% with a value of £173m mortgages submitted. This, again, is a direct result of the significant investment placed on this area of the business throughout the year.
“I am delighted that our results show another great year for Peter Alan and this is a positive signal that the market remains healthy and quality homes remain in high demand,” comments Andrew Barry, Peter Alan’s Managing Director. “There were a number of challenges to the property market during 2017 but, due to our continued growth on the high street and further investment online, our proposition remains market leading, which has helped deliver some exceptional results for our customers and the company. During 2017, with increased competition, Peter Alan sold more properties across Wales than any other agent.**”
“We continued to expand in 2017 by opening our 29th estate agency branch in Chepstow and purchasing Roberts & Co Lettings & Property Management in Newport. This added a further 827 properties to our managed portfolio, which at the end of the year closed at 3,846 units,” adds Andrew.
The lettings side of Peter Alan experienced a 7% growth in income during 2017 and its managed portfolio grew by 35%, aided by the purchase of Roberts & Co Lettings & Property Management.
Andrew concludes, “Going forward, we are pleased to have seen a good start to 2018 with the numbers of sales agreed, lets agreed and mortgage appointments all growing – positive signs for the market for the year ahead.”
Peter Alan has a continued strategy to extend its regional branch network and increase market share in the near future, and the company remains open to new opportunities to acquire existing sales or lettings business across South Wales.
* Based upon published Land Registry data available for England and Wales at the end of January 2018
**Based on Zoopla figures from January 1st 2017 – December 31st 2017