Connells Group has just announced its financial results for the year ended 31 December 2022, reporting total revenue of £1bn, unchanged from 2021.
The Group also recorded pre-tax profits of £67.5m, down from £111.3m in 2021, following the estate agent’s acquisition of rival Countrywide.
Connells Group says the disposal of its shareholding in TM Group in July 2021 is partly to blame for the fall in profits.
Key performance indicators include:
+ Total house sale exchanges down 18% on a like-for-like basis
+ Buyer registrations reduced by 10% as demand eased
+ Ended year with 10% market share, maintaining the Group’s market-leading position
+ Over 9,000 new homes sold, with new homes income down 9%
+ £36+bn worth of mortgage lending generated
+ Lettings income increased by 4% on a like-for-like basis, with 150,000+ properties
under management
+ 695,000 survey and valuation jobs handled
David Livesey, Connells Group CEO, said: “2022 was an extraordinary year, with a number of unprecedented events impacting the housing market and wider economy – the war in Ukraine, cost of living crisis, political upheaval, disastrous mini budget and upward movement on bank base rates. Set against this backdrop, these are a robust set of results.
“The collective effort and perseverance from colleagues across the breadth of our Group ensures our success, and we thank them for their continued contribution to our business.
“Looking forward, we’re optimistic for the year ahead and, with early 2023 showing signs of returning to more ‘normal’ market conditions, we expect to see activity continue at a steady pace.”
Down 18% on transactions is an incredible achievement given the numbers the rest of the industry has achieved; if you look at the numbers transactions, prices achieved and commission achieved means for the rolling 12 months agents have earned what they did in 2008.
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Just an opinion but as 2022 was a challenging year for many 2023 will be no less kind. All about maximizing your strength, keeping close to your key assets, and of course controlling your costs – when you have just taken on an Agency Monolith that may just prove to be the nightmare scenario.
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Almost £200m of PBT since Connells acquired the agency monolith you refer to Tim. Hardly a nightmare so far … more like the stuff of dreams!?! Tell me, how does that £200m compare with Haart’s PBT over the same period? You must know, what with you being a director?
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Depends on what you paid for it ?
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That’s a matter of public record. Now do stop it Tim … you really are making yourself look a bit silly! Unless of course you want a ‘compare and contrast’ of Haart’s PBT … in which case please do carry on!
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David-time will tell who is the silly one -let’s re-engage at 6 months to see how it’s going. I do wish the team at Connells Area management and below all the best in what will be a tricky year for everyone. Let’s leave it at that and get on with it .
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They will make profit as they pay staff peanuts
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