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Connells’ profits and turnover dip, latest results show

first_imgHome » News » Connells’ profits and turnover dip, latest results show previous nextConnells’ profits and turnover dip, latest results showCEO David Livesey is pleased with Connells’ performance and, despite the Brexit-based downturn, plans organic and acquisition-based growth.Nigel Lewis28th February 201901,412 Views Picture: Kremer Signs Connells has restated its commitment to the company’s 600 branches and 7,000 staff and revealed that it intends to expand through acquisitions and organic growth despite a patchy performance during 2018.The company has also once more dismissed hybrid/online only agencies following the closure of Hatched last year, saying they do not produce a ‘viable economic result’ nor give vendors the ‘best outcome’.Its latest results reveal that during 2018 the company’s sales were 7% down on the year before, helping push down its revenues by £5 million to £75 million. Profits were also down by nearly £10 million. Connells’ operating margin also slipped, although only by 1%.CEO David Livesey (left) says the business performed well despite “Brexit uncertainty continuing to weigh heavily on customers’ minds and depressed levels of UK housing transactions”.There was better news from elsewhere in the business. Income from its mortgage division increased by 10% and from its lettings activities by 5% while its surveying division increased its turnover by 4%.“Our core estate agency business performed well and we continue to benefit from a strong and diverse business model which is resilient to market change,” says Livesey.“We are pleased to deliver another good performance and our results reflect the quality of our people and the flexibility of Connells Group to respond to all circumstances.”The CEO also referred to recent investments in tech firms including, as The Negotiator reported in October last year, its backing of sales progression tool MIO. It has also backed alternative deposits firm Zero Deposits.  February 28, 2019Nigel 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 2021last_img read more