Another outstanding result for the Connells Group
22 February 2011
National estate agency group Connells is pleased to announce pre tax profits of £48 million in 2010.
The result indicates another outstanding performance for the Connells Group and is likely to make it the most profitable UK estate agency group once again.
Continuing its success from 2009, Connells’ 2010 results will again show its ability to outperform the market in spite of ongoing challenges in the wider economy. Notably, the Group experienced improved profits from its estate agency business last year despite depleted consumer confidence and ongoing difficulties in the mortgage market.
“This is another excellent result for Connells, especially in the context of a tough market,” says Stephen Shipperley, Group Executive Chairman, Connells. “2010 presented a number of challenges for the industry and once again Connells has benefited from its breadth and diversity of disciplines. Our results speak volumes about the quality of service to customers who are ever more discerning, particularly when it comes to property related advice.”
As a result of its success, Connells continued to invest in the business in 2010 with a number of new branch openings, lettings acquisitions, the acquisition of Energy Performance Certificate provider Vibrant Energy Matters and a strategic partnership with property portal Zoopla.co.uk.
In January 2011, the Connells Group has already recorded a seven per cent increase the number of people looking to sell their homes, a four per cent increase in applicants, a 10 per cent increase in viewings, a 22 per cent increase in stock available and a 15 per cent increase in online activity, when compared to January 2010. Indeed, house sales in the last week of January reached a three year high when compared to corresponding weeks. Additionally, the Group’s Survey & Valuation business announced a 27 per cent increase in the number of valuations for residential property in January 2011 compared to January 2010.
“It is pleasing to see increased activity in the first month of 2011 and overall, I believe we will see a gradual improvement across the housing market throughout the year,” says Stephen. “Our strategy remains to be a strong market leader in our core estate agency activities and to see growth in our lettings and mortgage services businesses this year. We will continue to expand our business to business services which have proved particularly successful over the last few years.
“Once again, I am very proud of Connells results which could not have been achieved without those who dedicate themselves to the business every day,” Stephen continues. “Our staff continue to be our most important and valuable differentiator and they deserve all the credit for these results.”
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Notes to editors
About the Connells Group:
Founded in 1936 and comprising of 464 branches nationwide, the industry-leading Connells Group is the second largest and most profitable UK estate agency network. In addition to operating under the Connells brand, the Group trades under other well-known local names including Allen & Harris, Bagshaws Residential, Barnard Marcus, Brown & Merry, Fox & Sons, Jones & Chapman, Manners & Harrison, Roger Platt, Shipways, Swetenhams, William H Brown, Sharman Quinney and Pattison Lane. As well as residential property sales and lettings, the Group has a comprehensive range of B2C and B2B services including new homes, mortgage services, conveyancing, EPCs, surveying, corporate lettings, asset management, land & planning, LPA receivers, auctions and relocations. The Connells Group is consistently named Best Large Estate Agency at the Estate Agency of the Year awards, winning the top prize for four of the past six years. It is also highly acclaimed in the New Homes category, winning Gold five times in the last six years, and in the Financial Services category for which it currently holds the Gold prize. For more information, please visit www.connells.co.uk