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Connells Group profits hit four-year high

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  • 26/02/2014
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Property services group Connells has announced pre-tax profits of more than £50m for 2013, buoyed by greater activity in the housing market.

The group includes an adviser offering, estate agency brands and other property services and posted pre-tax profits of £50.2m for the year, up from £35.6m in the previous 12 months.

Connells said the figure reflected continued investment in the business and an increase in activity in the housing market.

In its mortgage services division Connells increased the number of advisers under its wing to almost 500 with the number of mortgages arranged up 38% compared to the previous year.

Both its estate and lettings agency businesses saw a 23% growth in business as house prices jumped and it acquired local lettings businesses across the country.

The survey and valuation division increased capacity by 30% during the year by employing an additional 100 surveyors. A £6m expansion programme in December will see this growth continue this year.

“Connells Group’s outstanding results in 2013 are the culmination of continued investment, a lot of hard work from the exceptional individuals we have in our business and a well-documented upturn in the housing market last year,” chief executive David Livesey said.

“Help to Buy has clearly been instrumental in boosting confidence and buyer activity, and the impact of this is likely to be even greater in 2014 as buyers will benefit from a whole year of access to the scheme.

“We started 2014 with a sales pipeline that was over 45% higher than the previous year and sold more homes in January 2014 than any month in 2013.”

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