Estate agency and property services provider Connells Group has reported pre-tax profits of £50.1m for the year ended 31 December 2019, down from £56.9m in 2018.
The group also reported EBITDA of £76.3m and a decrease in total revenues to £426.4m from £429.2m recorded during the same period the previous year.
The firm said it continues to have a “strong balance sheet”, with no debt and year-end cash reserves of £75.7m, and added it is a resilient performance set against a backdrop of a “subdued UK property market”.
Connells Group CEO, David Livesey, said: “[The firm] has delivered a strong full-year performance that reflects the robustness and benefits of our diversified business model.
“To have performed so well and produced another market leading result is pleasing when 2019 was another poor year for the market.”
“Continued political and Brexit uncertainty inevitably impacted consumer sentiment and the number of housing transactions fell again, but our teams maintained their relentless focus on delivering great customer service and outcomes and we are proud of the progress we’ve made.”