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Positive outlook for property group after rise in profits

The firm, whose headquarters are at Leighton Buzzard, has reported a 4% rise in revenue and pre-tax profits up by £0.2 million to £31.5 million.

It says the results have come in a more subdued sales market. However, volumes are showing a noticeable bounce back in activity towards the end of June and an increased sales pipeline as it enters the second half of the year.

The group is to open a second head office location at Houghton Place in Dunstable to create extra capacity as the plc expands, said chief executive David Livesey pictured.

He added: “Our performance signals Connells Group’s strength in what has undoubtedly been an unsettled marketplace. The noticeable cooling in the market, as a result of uncertainty surrounding the Brexit negotiations was further compounded by the snap general election which did little to boost consumer sentiment. 

“Notwithstanding these exceptional external challenges, our breadth of business brought resilience, allowed us to gain market share and consolidate our position as the UK’s most profitable estate agency group.” 

The group’s lettings network delivered a 14.5% in crease in income, mortgage services revenue rose by 11.8% and survey and valuation activation generated an extra 4.5% income.

Mr Livesey said: “We will continue to invest in our people and processes to provide a market leading service, regardless of any fluctuations in the market, and will continue to look for further investment and acquisition opportunities as the year progresses.

"We enter the second half of the year with a noticeably higher pipeline compared to last year and, with the imbalance between demand and supply still the key market feature, our outlook for the rest of the year remains positive.” 

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