Profits rise at Knight Frank

ESTATE agent Knight Frank has seen annual profits rise by 168% to £58.4m despite warning that the future of the UK property market remains uncertain.

The group, which deals with residential and commercial properties and has operations in the North West, also saw turnover rise by 13% to £288m over the year to March 31.

Knight Frank has 209 offices in 43 countries and said the results were boosted by its UK residential business as well as its expansion into Asia.

However, Nick Thomlinson, senior partner and chairman of the Knight Frank Group, said the group would retain some of its profits to strengthen it against challenges ahead.

Mr Thomlinson said: “The improved performance of the group has continued in the first half of the current financial year. Nonetheless, we remain cautious about the outlook for the full year given prevailing economic uncertainties around the world.”

Knight Frank said its UK commercial property business was performing strongly and that its new global residential online search facility had been taken positivly by the market.