Resilient figures for global property consultancy
Knight Frank, which has Yorkshire offices in Leeds, Sheffield and Harrogate, has reported a healthy set of financial results for the last financial year.
Although profits were down by 4%, year on year, turnover was up by 6% and the balance sheet remained strong with net assets of over £264m.
The company recorded pre-tax profits of £142.2m (2019: £148.4m) and turnover of £549.6m (2019: £517.4m)
Henrie Westlake, head of Knight Frank’s Leeds office, commented: “These results, although pre-Covid, demonstrate the strength of the Yorkshire business.
“Clearly the pandemic has subsequently changed the way we work, but the whole-hearted commitment and optimism of our team is Leeds has ensured that we continue to do the very best we can for all our clients.
“Highlights of the last financial year included a number of award-winning transactions, notably the funding of 7 & 8 Wellington Place for £210m and the multi-million pound development and funding of the new Amazon distribution facility at Muse’s Logic Leeds.
Henrie Westlake
“We have also been heavily involved in the success of pioneering new office developments in Leeds, such as Kinrise’s 34 Boar Lane and Rushbond’s Majestic, as clients and markets show a flight to quality.
“Despite the challenges of the pandemic, we remain optimistic about the future, both in Leeds and in the UK as a whole.”
Alistair Elliott, senior partner and group chairman of Knight Frank, added: “Set against the backdrop of the Covid-19 pandemic, which continues to cause global economic uncertainty and market hesitation, we are pleased with this strong set of results demonstrating the firm’s ongoing resilience.
“We have stayed focused on the two critically important components of our business: our people and our clients.
“Our turnover shows a 6% growth on the prior year, with solid growth of our activities in India, Greater China, Spain and France as we continue to enhance our global platform.
“This is supported by the continued upward trend of our core UK market presence.
“It is extremely difficult to generalise, given all of the circumstances and the impact the real estate sector is experiencing.
“However, we are trading ahead of expectations at the half year point and, from our perspective, areas such as lease advisory, valuations, property management and most consultancy services have held up extremely well with some producing really strong performances.
“Whilst believing in the intrinsic and long-term value of the workplace, we are working closely with occupiers and landlords to establish how work environments might best adapt for the future needs.
“Logistics is maintaining its strength. The retail industry continues to be restructured, food and beverage likewise.
“Most alternative sectors, especially the private rented sector, supported by strong demographics and changing patterns of consumption are holding up well and present opportunities for the medium to long-term.”
