Connells reports pre-tax profits of £54.1m

Skipton owned estate agency group Connells has announced a pre-tax profit of £54.1m for 2009.

The 2009 results represent a five-fold improvement on Connells £10.4m proift in 2008.

Mortgage Strategy revealed in February that the estate agent was looking to recruit up to 90 more mortgage advisers.

Stephen Shipperley, group executive chairman of Connells, says the group has benefited hugely from its diversity with divisions specialising in asset management, survey and valuation, land and new homes, lettings, mortgages, insurance and conveyancing.

He says: “We are absolutely delighted with our profits this year. They are the result of a lot of hard work, difficult cost cutting and continued cost management across the business. We also found innovative ways to increase revenue during a difficult housing market,”

“Following measures taken in 2008 to increase efficiencies and cut costs, we have been able to increase our market share and drive revenues whilst maintaining our low cost base in 2009,”

He adds: “Although we are quietly optimistic about the future and our ability to face the challenges ahead, as reflected by our results, there is still a long way to go before we get back to a normal market. That said, we are confident enough to start investing in the business going forward including a substantial increase in headcount within mortgage services this year.”