Connells reports healthy profits despite Covid

Connells Group Limited, the estate and letting agency headquartered in Leighton Buzzard, and a subsidiary of Skipton Building Society, today announced pre-tax profits of £26.2m (2018: £28.9m) in its interim results statement for the six months ended 30 June 2019.

Connells Group is a multi-branch estate and letting agency with around 600 branches across the UK, trading under multiple brand names including: Connells, Sequence, Allen & Harris, Bagshaws Residential, Barnard Marcus, Brown & Merry, Fox & Sons, Jones & Chapman, Manners & Harrison, Roger Platt, Shipways, Swetenhams, William H Brown, Sharman Quinney, Peter Alan, Burchell Edwards, Gascoigne Halman, Hatched, Rook Matthews Sayer and Kevin Henry.

These market leading profits are only slightly down on last year represent a strong performance coming against a 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 lettings agency in particular increased total revenue, supported by its mortgage services, land, new homes, conveyancing and survey and valuation divisions all producing positive results in the period.

The Group’s estate agency business was 8% below the comparative period in 2018, reflecting the significant fall away in the market in the first half this year, but total income was remarkably consistent with last year at £215.0m (2018: £214.9m).

Connells Group claims to be “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.”

Group CEO David Livesey says:

“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.

“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”

The Group remains financially strong with no debt and continues to look for investment and acquisition opportunities.

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