Sign up for our e-newsletter

Connells Group reveals 420% profit surge

Connells Group has revealed a £54.1m profit for 2009.

The surge is 420% up on the £10.4m reported in 2008 and attributed to improved trading conditions and tight cost control.

Stephen Shipperley, group executive chairman, 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.

"Our results are a true reflection of the quality of our people and the diversity and flexibility of the group to acclimatise to difficult circumstances."

He adds: "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."

The agency group’s results were revealed as part of the full-year results of its parent building society, Skipton. Skipton reported a pre-tax profit from continuing operations of £18.0m, up £0.1m from the £17.9m reported for 2008.

The news comes as the society announces plans to merge with Chesham Building Society, which comes almost a year after Skipton completed its acquisition of Scarborough Building Society.

See next week's issue of The Negotiator for a full interview with Connells Group chairman Stephen Shipperley.

 

• About Us
• Subscribe to the magazine
• Advertising
• Contact Us
• Terms and conditions
• Privacy Statement