Connells Group has announced a 17.4% rise in profits for 2016, at £73.4m, boosted by a gain of £17m from the part disposal of its share holding in ZPG.
The number of properties sold was up 5%, with an 18% rise in the number of properties under management.
There was also a 33% increase in revenue at its survey and valuation arm, an 8% rise in income from conveyancing, 10% increase in mortgages arranged.
The group expanded last yeaar, acquiring 15 businesses, including Rook Matthews Sayer, Porter Glenny and Paul Dubberley.
Overall, it added 56 branches to its network which now stands at nearly 600 branches nationwide; the lettings division opened 31 branches in the year and now has nearly 400 outlets.
David Livesey, chief executive, said: “All parts of the business delivered a strong performance and, considered alongside the disruption caused by Brexit and other market challenges, makes our results even more remarkable.”
Comments (4)
Masters of spin this lot and because they are not listed they can get away with it – They don’t say but I suspect these are not like for like numbers – that being the case by my reckoning they have added over 10% more branches doing sales in the year and assuming all the acquired ones do Lettings 27% more Letting branches – against that 5% and 18% for sales and lettings respectively doesn’t quite have the same ring to it does it !?
Smoke & mirrors perhaps but, a better bet than CWD I’ll wager.
Shippo and ‘big’ Dave do know how to squeeze (very hard) the margins!
Any mention in the numbers of the contribution Hatched made? How’s that bit going? How is their foray into internet listing going?
Interesting to see how “the Countrywide retailers” react to the next financials…. best start finding some investor excuses … love them or loathe them Connells do the basics well … sell houses…!!!