Connells Group brand Peter Alan has announced a 22% rise in pre-tax profits for last year, with total revenue up 9%.

Although sales were down – by just 1% – exchanges were up by 5%. Lettings also expanded, with a 7% growth in income, helped by the purchase of Roberts & Co in Newport, which added 827 managed properties to the portfolio.

The south Wales business also said it has made a strong start to this year, and is “open” to opportunities to buy sales and lettings businesses across the region.

Managing director Andrew Barry said: “There were a number of challenges to the property market during 2017 but, due to our continued growth on the high street and further investment online, our proposition remains market-leading, which has helped deliver some exceptional results for our customers and the company.

“During 2017, with increased competition, Peter Alan sold more properties across Wales than any other agent.”

The company opened its 29th branch last year, in Chepstow, and now employs over 260 staff.