Connells Group pre-tax profits rise, helped by £17m ZPG shares sale

first_imgAgent giant Connells Group has today reported a strong performance for 2016 including pre-tax profits of £73.4 million, an increase of 17.4% on the year before. This includes £17 million gained from selling some of its shares in ZPG Plc last year.Until then Connells Group had been one of ZPG’s top ten major shareholders with 16.73 million shares held, a million less than Countrywide – the two were part of a trio of agents including LSL to sign strategic partnerships with what was then just Zoopla in 2010.But Connells Group is doing well even with the ZPG windfall taken out. The group, which includes Connells and William H Brown, Barnard Marcus and Peter Alan, says it sold 8% more properties last year, 5% more new homes, generated 44% more income from its land division and 19% more cash via its new homes team.Other indicators twitching wildly include those at its mortgage arranging business where income rose 18% based on a lending total of £8.2 billion and 10% more mortgages arranged.There were also rises in income for its conveyancing and survey and valuation businesses.“All parts of the business delivered a strong performance and, considered alongside the disruption caused by Brexit and other market challenges, makes our results even more remarkable,” says David Livesey, the group’s chief executive (pictured, left)“Our financial strength and continuous improvements means we are well poised for another year where we look forward to building on our already impressive achievements.”Last year Connells added 56 sales branches and 31 lettings businesses which included 15 businesses and lettings portfolios including Rook Matthews Sayer, Porter Glenny, Paul Dubberley and Touchstone Residential Lettings.2016 results connells Connells group March 1, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Agencies & People » Connells Group pre-tax profits rise, helped by £17m ZPG shares sale previous nextAgencies & PeopleConnells Group pre-tax profits rise, helped by £17m ZPG shares saleNigel Lewis1st March 201701,161 Viewslast_img read more