Developers’ optimism helps GVA’s profits climb 33%

COMMERCIAL property consultancy GVA, which has an office in Leeds, has seen turnover soar to more than £150m.

The company also posted a 33% rise in profit for the year to April 30, 2014.

GVA’s accounts illustrate how revenues increased by 7% to £157.6m, up from £147.3m the previous year.

The significant rise helped pre-tax profits to climb even higher, increasing upward from £7.8m in 2012/13 to £10.4m.

Rob Bould, chief executive of GVA, said: “First and foremost these results highlight our growing strength here in the UK, and bolster our position as the UK’s leading regional advisory. Secondly it reinforces our pan-European position. Our performance in the UK is providing us with a strong platform from which to grow.

“That performance, together with a commitment from Bilfinger Real Estate to heavily invest in GVA’s already robust business using its reach and resources, allows us to continue to capitalise in our new European alliance. In time this will start to create a challenger brand in Europe that is consultancy based.

“Our performance is buoyed by renewed optimism from developers. Sentiment, although fragile in areas, keeps improving. With capital flow increasing and the debt funding market opening up, the opportunities are greater than at any time post Lehman’s. Our clients are growing in confidence.”

GVA merged with Bilfinger Real Estate, part of the €7.7bn-turnover global engineering and services group, to establish a new European real estate consultancy in July 2014.

Mr Bould said: “This hugely exciting deal marks the most significant and transformational milestone in the history of our company. It represents a major opportunity for GVA’s future growth and prosperity, and our ultimate ambition to compete for the larger global mandates.

“Our business underwent significant change in 2014. This year, we will start to see those proposed changes come to life.

“Uniting our teams means we can accelerate profit growth to increase rewards and enhance careers for our staff and support the continued investment into the business.”