Knight Frank profit climbs 168% to £58m

UK property services group Knight Frank has reported strong net profit of £58 mln (EUR 68 mln) in the year to end-March 2010, up 168% from just £22 mln a year before. Its turnover rose by 13% year-on-year to £288 mln, from £256 in the same period in 2009, largely fuelled by strong results in the UK and the Asia Pacific region.

'I am delighted to report a strong performance across the group with all regions delivering profits. In the UK, our residential business once again out-performed the market and our commercial operations capitalised on improved transactional activity whilst also building its consultancy base,' said Nick Thomlinson, senior partner and chairman of the Knight Frank Group. 'All of our continental European businesses returned to profitability and we continue to extend our Asia Pacific operations with particular emphasis on Australia, India and Greater China.'

The group said that it remains debt free, with a net cash position of £74 mln. Earlier this year, the company also expanded its global office network by opening in Vietnam, South Korea and Abu Dhabi.

'The improved performance of the group has continued in the first half of the current financial year,' Thomlinson said. 'Nonetheless, we remain cautious about the outlook for the full year given prevailing economic uncertainties around the world. 2011 is expected to be a more difficult year, both in economic and property performance terms.'

In a separate statement on Monday, Knight Frank said it is expanding its French office with the appointment of a new analyst for the investment department, Imane Berrada, and two consultants for its office department, Cyrille Dargnies and Omar Azar.