Sales fall but profits increase at GVA Grimley
Property consultancy GVA Grimley suffered a fall in income in the year to April 30 but managed to increase its pre-tax profits before exceptional items.
Nationally, the firm’s turnover dropped by almost 6% to £129.5m (2009: £137.3m) but its pre-tax profits after bonuses climbed by 30% to £5.9m (£4.4m).
The firm’s regional performance also reflects the national figures. Its offices in Manchester and Liverpool reported a combined turnover drop of 10% to £14.4m but an operating profits increase of 23% to £3.2m.
“Considering the scale of the economic slowdown we have experienced, these are highly encouraging results that demonstrate our very robust and diverse business,” said the firm’s regional senior director Mark Rawstron.
“These impressive results put us in a position of strength to pursue our corporate business strategy for growth.”
“There are, of course, still serious challenges facing the economy and their impact on the property sector, particularly in the public and banking sectors. But our strength across all disciplines means we can be cautiously optimistic for the next 12 months and we will look to selectively recruit as business opportunities arise.”
