Knight Frank reveals significant boost in profits and Leeds office's major developments

Knight Frank’s profits have risen by 14 per cent to £166.7m, with its Leeds office continuing to grow.

The company’s results for the year ended March 31, 2018, include turnover having gone up by 10 per cent to £525.9m - compared to £476.2m in 2017.

As well as this, net assets currently stand at £262.9m.

Alistair Elliott, senior partner and group chairman, said: “I am pleased to report another very strong set of results for the group.

“Our turnover increased by 10 per cent in the face of volatile markets and political conditions around the world and we improved our margins with profit up 14 per cent.

“We believe that this is a reflection of the success of our concentration on organic and strategic investment in people over the past five years and is a tribute to the quality of our teams across the globe.

“Since 2008, we have substantially increased the scale, breadth and scope of our business and, recognising the cyclical nature of our markets, we have retained profits in order to build a strong balance sheet that has no net debt.

“We think that this is particularly important in the current environment. Our investment in technology continues apace as we continue to put our people and clients at the heart of what we do.

“Through our technology board, we investigate and adopt technologies that will improve client service and are right for our business without impeding on the personal relationships, on which we remain firmly focused.”

Knight Frank’s office in Leeds has also seen steady growth, with two significant deals being made. This includes the pre-let of 33 Wellington Street to Walker Morris, and the sale of Minerva House for more than £20m.

Henrie Westlake, head of Knight Frank’s Leeds office, added: “The Leeds office is going from strength to strength and is proud to contribute to the Knight Frank success story.

“The firm understands the importance of the UK’s regional cities and invests in the best possible staff. I’m pleased to say our team is Leeds, across all sectors, is exceptionally strong.

“The outlook is very bright. Leeds is very well-connected; its retail offer is superb; and the quality of life in the city is far superior to London. With investors’ money ready and waiting, 2019 promises to be another exciting and successful year for the Leeds office market.”