Connells reveals huge profits turnaround within latest results
The UK's largest estate agency group has revealed profits before tax of £61million last year, some four and a half times higher than its previous results.
Connells Group has turned its financial performance around with profits before tax of £61.3 million last year some four and a half times higher than the year before.
In September, the group’s annual report revealed operating profits had sunk by 84% during 2023 to £1.8 million, with profit before tax of £13.8 million. Revenue was down by 11% compared to the previous year at £90.3 million.
Major shake-up
But now the estate agency behemoth, which is the largest in the UK, is heralding much improved results, just five months after Helen Charlesworth (main image) was appointed CEO.
The group also announced a major shakeup of its senior leadership team in January, with several stalwarts departing.
Charlesworth says: “I’m thrilled to share that 2024 has been an exceptional year for Connells Group.
Impressive growth
“We have seen impressive growth, both in market share and business performance, and it’s all thanks to the hard work, talent, and dedication of our colleagues,” she says.
“I’m confident that 2025 will be an even more successful year, filled with new opportunities to help even more people into more homes.”
Last year’s annual report also revealed commissions on sales were down by around 18% and registered applicants by 24%, with rental commissions up 6%. Revenue from financial service products was down by around 8%.
Now, the company lists these highlights from its latest results:
- Over 10% of all UK house listings handled by Connells Group
- Nearly 80,000 property exchanges facilitated
- Expansion of its lettings business, now managing more than 125,500 properties
- Nearly 550,000 survey and valuation jobs handled
Alison Platt II. Connells Group now a Woke operation – stale pale males with decades of service, industry knowledge and ability to consistently generate profitable divisions – sacrificed on a vanity bonfire that will in coming years be the beacon of how to destroy a profitable business. And this years results were hard baked in from the leadership of the previous c-suite – it will be the 2025/26 results that will show if the new ‘direction’ is paying dividends. The irony that Connells Group bought the assets of Countrywide (PLC) I am sure will not be lost on anyone in the industry. Platt’s single strategy was axe the old guard, then axe anyone who was not a yes person, and throw in some crazy out of industry ideas into the core business ensuring profits dip.
Change was required.The market was kinder in 2024 for SH and lettings keeps giving. Issue I see is the pure size of this buiness it only needs a small adjustment in the amrket and its catastrophic at these thin margins.
I wish Helen well in her turnaround though