Property consultancy reports ‘strong’ performance despite economic turmoil
Knight Frank has reported a solid performance in its results for the year ended 31 March 2019, with the international property consultancy seeing its profits take just a minor dip as a result of economic and political uncertainty.
The firm, which has offices across the Midlands including one at Melton Mowbray, has seen its profits decrease by 11 per cent to £148.4 million from £166.7 million in 2018, while its turnover is down 2 per cent to £517.4 million.
However, the company currently boasts net assets of £260.8 million and believes that its results represent a strong performance given the troubled economic climate.
Alistair Elliott, senior partner and group chairman, said: “Coming off the back of a record year, we are very encouraged by our performance in 2019. We experienced widespread political and economic uncertainty that resulted in a slowing in transactional activity across many of our principal markets.
“In the UK, our capital markets, valuations and residential lettings teams excelled and our regional commercial offices continued to perform very strongly.
“Whilst the geopolitical turmoil remains self-evident and the prospects of a slowing world economy increase, it is evident that real estate remains at the forefront of investors’ minds. I believe Knight Frank is exceptionally well placed to engage with this capital when it is released noting that, in the range of options, property returns still appear competitive.”
Ashley Hudson, managing partner at Knight Frank’s Birmingham office, added: “In both the residential and commercial markets, the office continues to deal with some of the best schemes in the Midlands through our agency, development or professional teams.”
