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Connells shakes off Brexit to report £73m profits

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  • 01/03/2017
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Connells shakes off Brexit to report £73m profits
Connells Group has announced pre-tax profits of £73.4m for 2016, a jump of more than 17% on the previous year.

That figure includes a gain of £17m from the part disposal of shares in the Zoopla Property Group.

The firm announced that the number of mortgages arranged had increased 10% over the year, covering over £8.2bn of lending.

Connells said that remortgages were the key driver, with activity up by 31% on 2015. It also saw a growth of 6% in buy-to-let remortgages, while deals for first-time buyers jumped by 19% on the previous year. The firm suggested this may continue, with applications from first-time buyers up 21% in January compared to the same month last year.

On the estate agency side Connells saw an 8% increase in the number of homes sold, while the number of lettings properties under management jumped by 23%. Over the year Connells added a further 56 branches to its estate agency business, with a further 31 branches added to its lettings division. These two networks now account for 600 and 400 branches respectively across the country.

During 2016, the estate agency and lettings divisions acquired 15 business and lettings portfolios, including the likes of Rook Matthews Sayer and Porter Glenny.

Conveyancing income grew by 8%, while there was a significant 33% jump in income from Connells Survey & Valuation, which acquired the surveying business Anderson & Associates last year.

David Livesey, group chief executive, said that 2016 had represented an “exceptional year of activity”.

He continued: “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. Our financial strength and continuous improvements means we are well poised for another year where we look forward to building on our already impressive achievements.”

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