Knight Frank reaps reward of record performances
Property group Knight Frank reported better annual revenues and profits today.
Sales in the year to March 31, jumped 10% to £525.9m, and pre-tax profits of £166.7m were a 14% improvement on the previous year.
Net assets of £262.9m compare with £224.7m a year ago.
David Porter, partner and head of office Manchester, said: “It is rewarding to have played our part in another successful year.
“In Manchester we have seen strong performances across all our teams and clients appreciate the depth of experience and knowledge we provide and the joined up approach to service.
“The office has been involved in some of the biggest deals seen in the city, including the sale of 3 Hardman Square, and has an ongoing role on other key sites including New Bailey and 3 Hardman Street.
“Going forward we have some of the most exciting commercial developments on our books with Circle Square, Windmill Green and 125 Deansgate, and expect 2018/19 to be just as busy for our industrial team with ongoing work at Voltage Park in Trafford, which has permission for one million sq ft of warehousing.”
He added: “The demands of occupiers continue to evolve at pace and one of the strengths of Knight Frank is how the experience and knowledge we gain globally can be used in regional offices.
“We have already shared insights contained in our latest tech report: Catching the Next Wave with proactive developers and landlords and local authorities.
“Supporting this we have seen the growth of our property asset management team and the development of exciting new initiatives all aimed at helping landlords be more fleet at providing the amenities and services tenants demand.”
He said: “I want to thank every member of my office for always going the extra mile to help clients and they should be proud to have contributed to such a strong global performance.”
Alistair Elliott, senior partner and group chairman said: “I am pleased to report another very strong set of results for the group.
“Our turnover increased by 10% in the face of volatile markets and political conditions around the world and we improved our margins with profit up 14%.
“We believe that this is a reflection of the success of our concentration on organic and strategic investment in people over the past five years and is a tribute to the quality of our teams across the globe.
“If we reflect on our progress over the 10 years since the financial crisis, there is good reason to feel confident.
“Since 2008, we have substantially increased the scale, breadth and scope of our business and, recognising the cyclical nature of our markets, we have retained profits in order to build a strong balance sheet that has no net debt.
“We think that this is particularly important in the current environment.
“In 2017/18, the UK again delivered very encouraging results, despite the ongoing uncertainty about outcomes surrounding Brexit.
“All our service lines performed strongly with a record result from our UK commercial business, backed by another outstanding year across our UK regional offices.
“Our UK residential business also performed robustly, with pressures on the London and Country sales markets offset by a record year in lettings and new homes development and sales.
“We continue to grow our global network, focusing on the 12 gateway cities that represent locations where we believe we can make the greatest impact.
“Our Asia Pacific operations delivered record turnover and profit, with our businesses in Singapore and Hong Kong achieving their best years yet.
“In Europe, our teams in Germany, the Czech Republic and Belgium also achieved record years and we are delighted to see a strengthening in our French performance, a testament to the strategic recruitment of key individuals in our Paris office.