Connells Group delivers strong financial performance supported by Countrywide deal

Connells Group today announced an impressive set of results for the year ended 31 December 2021, with total revenue of £1bn, up from £375m in 2020.

The Group reports EBITDA of £181.1m, more than double the £80.5m achieved in 2020, and pre-tax profits of £111.3m, an increase from £51.8m a year earlier.

The results include Countrywide’s performance following acquisition of the business in March 2021.

Key performance indicators reveal that total house sale exchanges are up 44% on a like-for-like basis, buyer registrations have increased 38% during the same period, while the company ended the year with largest market share (10% – up from 8.9% at point of Countrywide acquisition) and branch network of any UK estate agency group (1,250 branches, equivalent to 7% of branches nationwide).

In addition, more than 11,500 new homes were sold by the group, with new homes income up 16%.

David Livesey
David Livesey

Some £35bn worth of mortgage lending was generated and mortgage services income up by £75m, lettings income and move-ins both increased by 5% on a like-for-like basis, with 150,000 properties under management.

Meanwhile, surveys and valuations’ income increased by £80m, with over 750,000 jobs handled, and conveyancing completions rose by 51% on a like-for-like basis, as purchasers sought to benefit from available stamp duty savings.

Connells Group CEO David Livesey said: “2021 was an historic year for Connells Group with the successful acquisition of Countrywide, as well as numerous other strategic moves, consolidating our position as the largest and most successful property services group in the UK.

“Our people have come together brilliantly, propelling our enlarged business forward to achieve record results.”

The acquisition of Countrywide in March 2021 combined two highly complementary businesses to build a stronger and more efficient branch network, and a more integrated and enhanced suite of services to customers and clients.

Further acquisitions in the year include Hall & Benson and Holroyds estate agents. The Group continued to grow its footprint, market share and headcount in 2021, ending the year employing 16,000 colleagues – 1,000 more than at the point of the Countrywide acquisition.

During 2021, Connells Group repaid almost half of the £253m loan used to fund the acquisition, as well as making dividend payments of £60m to Skipton Building Society.

The Group also invested heavily in its technological offering, with notable partnerships announced including Zoopla, Yoti, MBT Affordability, Aviva, ZeroDeposit and Twenty7Tec.

The ongoing development of its proposition remains a crucial focus for the Group and, looking to the year ahead, will be further enhanced by the development of new Environment, Social and Corporate Governance (ESG) and Diversity & Inclusion (D&I) strategies.

Livesey added: “A year ago, we took the opportunity to integrate two of the leading businesses in the property sector and, with a clear strategy, confidence and drive, we’re very proud to have achieved everything we set out to do, surpassing all expectation and creating a power house group within the industry. This venture has proven not only to be a great triumph for our business as a whole, but has opened many more opportunities for our people and our customers.

“Entering 2022, we’re positive for the year ahead and, although stock remains a challenge, we have confidence that our market-leading proposition, investments in technology and growing branch network will continue to drive our business forward. Above all, our commitment to our people remains at the forefront of everything we do and we could not have achieved all that we have in the past year without their sterling efforts.”



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    Everyone had a record year so not much to see here

    With such a thin market and all eyes on Conditional selling on FS be interesting to see if growth continues at a similar rate.


    decent result and plenty of cash to payback  the Covid Loans now -how much was it again ?

    1. Surrendermonkey

      Not heard from you for a while Tim!!   Clearly your obsession with Connells remains.   Trust all is well at SHG?

  2. drasperger

    There is little doubt that the timing of the acquisition was spot on…… the numbers are impressive, but there is still the small matter of customer service to deal with.  There is another “biggest agent in the country” who are struggling now that the smoke and mirrors of their glitzy TV campaign is beginning to wear thin.

    Great to have a ESG and DI&I strategy but David might want to have a look at the customer comments on Trustpilot…….with over 1000 reviews and a score of than 1.8 it might be worth addressing some of the issues customers are raising?

  3. janbyerss

    I will never understand why people are so interested in what some corporate is doing.


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