Profits growth signals a strong year ahead for property giantMar 07, 2018
The company has announced a rise in pre-tax profits from £73.4 million to £104.2 million, an increase of 42%. Income is up by 9%, revenue by 5% to £416.1 million, market share has increased as has income and profits in the company’s lettings division.
The results include a gain of £38.5 million from the disposal of shares in ZPG plc.
Connells Group, whose headquarters are in Leighton Buzzard, continued to invest in the business with a number of new branch openings, lettings acquisitions and the opening of a further head office location – Houghton Place, Dunstable – to provide additional capacity for its planned long-term business growth.
Group chief executive David Livesey said the company remains on the acquisition trail.
“Our results show another standout performance from Connells Group and, importantly, in the context of a more subdued market place,” Mr Livesey said.
“2017 presented a number of challenges for the industry, but we thrive on challenge and, again, we proved our resilience and maintained our position as the most successful and profitable estate agency and property services group in the UK.
“We have increased both our profits and our market share. This is a tremendous outcome.”.
2018 has started positively with a sales pipeline that is up on the previous year, a 31% increase in the number of people looking to sell their home and a 25% increase in applicants, compared to January 2017.
Mr Livesey said: “We are quietly optimistic for the year ahead. We will continue to grow our business and invest in our people – they are our most valuable differentiator and the reason for our success.
“In a highly competitive marketplace, our results speak volumes about the quality of service we offer customers. Our people deserve all the credit for these exceptional results.”