Connells Group has announced strong financial results for the year ended 31 December 2022, with total revenue of £1bn and underlying EBITDA of £124.9m.
The group’s Lender Services division had a successful year, increasing its total mortgage lending value by 5% and generating over £36bn worth of mortgage lending across its entire distribution.
While the final quarter saw an unsettled mortgage market, Mortgage Services income only decreased by 3% and income from surveys and valuations saw a 6% drop.
In 2022, Connells Group expanded its network of mortgage consultants to 1,700 and continued to invest in its customer engagement programme.
Following its acquisition in 2021, the group launched new systems and an enhanced proposition into Countrywide’s Mortgage Services. Subsidiaries Dynamo and Mortgage Intelligence both had a strong and profitable year, with the businesses’ wider distribution bringing further benefits for the group.
The group’s survey and valuation businesses also invested heavily in their people and technology.
Connells Survey & Valuation enhanced its proposition with new trainee surveyors, new premises, and new technology to streamline customer outcomes.
The business agreed to 10 new panel management contracts during the year and augmented its quality assurance credentials with IS0 9001 accreditation for the 28th consecutive year.
Countrywide Surveying Services addressed future challenges around sustainability by upskilling its surveyor workforce and enhancing the number of EPC qualified surveyors. Its investment in people saw the creation of a new surveyor role to enhance capacity and speed of service, resulting in an improved NPS score of 80 at the end of the year.
Adrian Scott (pictured), Connells Group’s lender services director, said: “We were pleased to see good progress across our lender service businesses for the majority of 2022, despite the more challenging landscape which saw eight base rate rises in the year.
“The final quarter did have a material impact on the mortgage market, yet throughout we maintained our focus on investing in our offering to benefit both lenders and customers.”
