Connells Group expands
The property group has seen a drastic increase in profits. This is despite significant investment, including increasing staff numbers.
The group saw a 27% increase in profits on last year’s results, whilst it increased its headcount 18% from 389 to 460.
Adrian Scott, Connells Group mortgage services director, said: “We’ve had a strong start to 2012 buoyed by continued investment into our Mortgage Services division and greater activity across the housing market for both new homes and second hand properties.
“Strong demand from first-time buyers in the first quarter of the year made a significant contribution to our results, alongside the close partnerships we maintain with our panel of lenders based on the quality, high volume business we can deliver.”
It placed £2.1bn of lending through its mortgage operation in the first half of 2012 on behalf of lenders.
Connells Group has made investment across its business. This has included new lettings branches, the expansion of its estate agency sales centre GEM and a 25% strategic stake in innovative property fund manager Hearthstone Investments.
Midlands-based estate agency Burchell Edwards, which the Connells Group acquired at the end of 2011, is making its first contribution to profits.