Connells Group has this morning announced a profits dip for the first six months of the year.
Its pre-tax profits were £26.2m (2018: £28.9m), although it insists this was “a strong performance” against the backdrop of a UK housing market that continues to be subdued and where overall transaction numbers remain well below the same period in 2018.
Although the number of exchanges across Connells Group’s estate agency business was eight per cent below 2018, the firm insists income was “remarkably consistent with last year” at £215.0m (2018: £214.9m).
Connell Group describes itself as the most successful estate agency business in the UK on a number of measures – its profitability, it sells the most houses and has the largest market share.
“We are proud of our ability to respond to challenging market conditions and to have produced such good results showing the strength, resilience and diversification of our business,” says Connells Group CEO David Livesey. “The immense contribution of our people has again been a key driver in our success.
“Our people remain our biggest differentiator and greatest single asset, and we continue to attract and retain the best talent in the industry. The vast majority of our middle and senior management have been with us for many years and have experienced all types of markets in the past which is, again, proving invaluable. Their continuity and experience provides the backbone of our business,” concludes Livesey.