Strong year for Connells with sales and lettings both rising

Connells Group has announced strong figures for 2016 with the total number of properties sold rising five per cent and lettings units under its management up 18 per cent.

The group, which has diverse activities beyond sales and lettings, say an uplift in income from conveyancing of eight per cent, a 10 per cent increased in mortgages arranged, and a whopping 33 per cent rise in income from its survey and valuation division.

Pre-tax profits were £73.4m for 2016 - an increase of 17.4 per cent on the previous year after what it describes as “a robust performance across all areas of the Connells Group.”

The pre-tax profit includes a gain of £17m from the part disposal of shares in ZPG.

“All parts of the business delivered a strong performance and, considered alongside the disruption caused by Brexit and other market challenges, makes our results even more remarkable” says David Livesey, Connells Group chief executive.

The estate agency business added 56 branches into its network which now stands at nearly 600 branches nationwide; the lettings division opened 31 branches in the year and now has nearly 400 branches. Combined, the estate agency and lettings divisions acquired 15 businesses and rental portfolios, most notably Rook Matthews Sayer, Porter Glenny, Paul Dubberley and Touchstone Residential Lettings.  

Connells Survey & Valuation acquired the surveying business Anderson & Associates, “further strengthening its customer services capabilities and aim to maintain its position as the number one service provider across the market” according to a statement.

The group spent £15m on branch refurbishments and IT upgrades, on further development of the Hatched online agency, and boosting its headcount by 500 to over 7,000 people.