The group put some of this down to the performance of its mortgage services business which recorded a £75m increase in revenue and generated over £35bn in mortgage lending, a 15 per cent rise on 2020.
The figure for mortgage lending combines Connells Group and Countrywide figures for the full year on a like-for-like basis following the takeover of Countrywide by Connells in March 2021.
Following the acquisition the group said its mortgage business underwent the “largest integration project” in the company’s history. This was done to align the estate agency mortgage business models.
Going forward, Connells expects to continue investing in its mortgage division with a focus on adding to its 1,300 strong team of mortgage consultants.
During 2021, Connells Group repaid almost half of the £253m loan used to fund the acquisition and made dividend payments of £60m to its parent company Skipton Building Society.
It also said broker firm Dynamo achieved “excellent results” during the year and strengthened its specialist proposition.
Overall, the group ended the year with a total revenue of £1bn, up from £375m in 2020. Meanwhile its earnings before interest, taxes, depreciation, and amortisation (EBITDA) came to £181.1m, up from £80.5m.
The mortgage and insurance club and network Mortgage Intelligence invested in technology, training and marketing to help members develop their businesses.
In addition, both The New Homes Group and Mortgage Bureau built on their positions in the new-build market including the establishment of its mortgage qualification tool, Stone.
Adrian Scott, Connells Group mortgage services director (pictured), said: “2021 was a fantastic year for us, bringing together Connells Group and Countrywide.
“We’re incredibly proud of the work that has gone into aligning two substantial estate agency-based mortgage businesses, as well as supporting our wider distribution businesses as they strengthen their respective positions in their specialist markets.”
He added: “Looking ahead, we see plenty of opportunity for further business growth across our entire distribution. We will continue to invest at scale in our people and technology, to stay ahead of the curve of innovation in the industry and ensure the customer journey is as efficient as possible.”
