Connells Group today announces pre-tax profits of £26.2m (2018: £28.9m) in its interim results for the six months ended 30 June 2019.
The Group’s strong performance comes against the backdrop of a UK housing market that continues to be subdued and where overall transaction numbers remain well below the same period in 2018.
The Group’s total revenue increased with its lettings, mortgage services, land, new homes, conveyancing and survey and valuation divisions all producing positive results in the period. Although the number of exchanges across Connells Group’s estate agency business was 8% below the comparative period in 2018, reflecting the significant fall away in the market this year, total income was remarkably consistent with last year at £215.0m (2018: £214.9m).
Connells Group is the most successful estate agency business in the UK on a number of measures – its profitability, it sells the most houses and has the largest market share.
“We are proud of our ability to respond to challenging market conditions and to have produced such good results showing the strength, resilience and diversification of our business,” says Connells Group CEO David Livesey. “The immense contribution of our people has again been a key driver in our success.
“Our people remain our biggest differentiator and greatest single asset, and we continue to attract and retain the best talent in the industry. The vast majority of our middle and senior management have been with us for many years and have experienced all types of markets in the past which is, again, proving invaluable. Their continuity and experience provides the backbone of our business,” concludes David.
The Group remains financially strong with no debt and continues to look for investment and acquisition opportunities.