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Connells Group financial results show most profitable year to date

Leading estate agency and property services provider Connells Group today announces a stunning set of results for the year ended 31 December 2021, with total revenue of £1bn (2020: £375m). The Group reports EBITDA of £181.1m (2020: £80.5m) and pre-tax profits of £111.3m*1 (2020: £51.8m). The results include Countrywide’s performance following acquisition of the business in March 2021.

Key performance indicators include:

  • Total house sale exchanges up 44%*2 on a like-for-like basis;
  • Buyer registrations up 38%*3;
  • Ended the year with largest market share (10% - up from 8.9% at point of Countrywide acquisition) and branch network of any UK estate agency group (1,250 branches, equivalent to 7% of branches nationwide);
  • Over 11,500 new homes sold and new homes income up 16%, remaining the largest agency seller of new homes in the UK;
  • £35+bn worth of mortgage lending generated and mortgage services income up by £75m;
  • Lettings income and move-ins both increased by 5%*2 on a like-for-like basis, with 150,000 properties under management;
  • Surveys and valuations’ income increased by £80m, with over 750,000 jobs handled;
  • Conveyancing completions increased by 51%*2 on a like-for-like basis, as purchasers sought to benefit from available stamp duty savings.


“2021 was an historic year for Connells Group with the successful acquisition of Countrywide, as well as numerous other strategic moves, consolidating our position as the largest and most successful property services group in the UK,” says CEO David Livesey. “Our people have come together brilliantly, propelling our enlarged business forward to achieve record results.”

The acquisition of Countrywide in March 2021 combined two highly complementary businesses to build a stronger and more efficient branch network, and a more integrated and enhanced suite of services to customers and clients. Further acquisitions in the year include Hall & Benson and Holroyds estate agents. The Group continued to grow its footprint, market share and headcount in 2021, ending the year employing 16,000 colleagues – 1,000 more than at the point of the Countrywide acquisition.

During 2021, Connells Group repaid almost half of the £253m loan used to fund the acquisition, as well as making dividend payments of £60m to Skipton Building Society. The Group also invested heavily in its technological offering, with notable partnerships announced including Zoopla, Yoti, MBT Affordability, Aviva, ZeroDeposit and Twenty7Tec. The ongoing development of its proposition remains a crucial focus for the Group and, looking to the year ahead, will be further enhanced by the development of new Environment, Social and Corporate Governance (ESG) and Diversity & Inclusion (D&I) strategies.

David says, “A year ago, we took the opportunity to integrate two of the leading businesses in the property sector and, with a clear strategy, confidence and drive, we’re very proud to have achieved everything we set out to do, surpassing all expectation and creating a power house group within the industry. This venture has proven not only to be a great triumph for our business as a whole, but has opened many more opportunities for our people and our customers.

“Entering 2022, we’re positive for the year ahead and, although stock remains a challenge, we have confidence that our market-leading proposition, investments in technology and growing branch network will continue to drive our business forward. Above all, our commitment to our people remains at the forefront of everything we do and we could not have achieved all that we have in the past year without their sterling efforts,” David concludes.

 

To read our Mortgage Services Financial Results, click here: Connells Group Mortgage Services Financial Results 2021.

To read our Land & New Homes Financial Results, click here: Connells Group Land & New Homes Financial Results 2021.

 

- ENDS -

 

Notes to editors:

1 Includes gains of £27.1m from the disposal of the Group’s shareholding in TM Group (UK) Ltd - July 2021

2 Combined Connells Group and Countrywide figure for full year on a like-for-like basis

3 Connells Group excluding Countrywide

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