Connells Group reveals exceptional results in 2009
24 February 2010
Estate agency group Connells is pleased to announce pre tax profits of £54.1 million in 2009.
The figure, which is based exclusively on pre tax trading profit, reflects an outstanding performance from the Connells Group and is likely to make it the most profitable UK estate agency group last year.
In 2008, Connells was the only large estate agency to trade profitably. The 2009 results represent a five-fold improvement on Connells 2008 figures despite ongoing challenges in the economy.
“We are absolutely delighted with our profits this year. They are the result of a lot of hard work, difficult cost cutting and continued cost management across the business. We also found innovative ways to increase revenue during a difficult housing market,” says Stephen Shipperley, Group Executive Chairman, Connells. “Our results are a true reflection of the quality of our people and the diversity and flexibility of the Connells Group to acclimatise to difficult circumstances.
“Following measures taken in 2008 to increase efficiencies and cut costs, we have been able to increase our market share and drive revenues whilst maintaining our low cost base in 2009,” Shipperley continues.
The Connells Group benefits hugely from its diversity with divisions specialising in asset management, survey and valuation, land and new homes, lettings, mortgages, insurance and conveyancing, to name a few. These and other sections of the business have delivered a huge amount of profit in 2009.
“2010 has started well but it is still an uncertain time for those operating in the property sector,” Shipperley continues. “Although we are quietly optimistic about the future and our ability to face the challenges ahead, as reflected by our results, there is still a long way to go before we get back to a normal market. That said, we are confident enough to start investing in the business going forward including a substantial increase in headcount within Mortgage Services this year”
The residential sales market is already showing signs of upturn with Connells weekly sales figures showing an eight per cent increase in house sales in January this year when compared to the same period in 2009.
“Against the backdrop of a very challenging economic climate, I am very proud that we have been able to achieve this level of profit. Our success is testimony to the skill and dedication of our people,” says Shipperley. “I would like to pay tribute to those within the business who found inventive ways of turning the downturn into a period of profitability and high performance.”
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Notes to editors
About the Connells Group:
Founded in 1936, the Connells Group, a subsidiary of the Skipton Building Society, comprises 470 estate agency branches and is the second largest wholly owned estate agency network in the UK. In addition to operating under the Connells brand, which comprises around 150 branches, the Group trades under other well-known local names including William H Brown, Sharman Quinney, Fox & Sons and Barnard Marcus.
As well as residential property sales the Group is involved in a comprehensive range of housing related activities including land and new homes, lettings, surveying, mortgages, conveyancing, relocations, asset management and auctions.
The Connells Group has been named Best Large Estate Agency at the Estate Agency of the Year awards for four of the past six years. For more information, please visit www.connells.co.uk