Allsop’s operating profit for the year to 31 March 2022 climbed back up to £17.2m according to accounts just filed at Companies House, an increase of almost 60% on a tough 2021 (2021: £10.9m).
This restored average profit attributable to each of Allsop’s 19 equity members to £542,000 (2021: £331,000) and pushed profit attributable to the equity partner with the largest entitlement to £833,000 (2021: £459,000), a jump of more than 80%.
Group turnover and gross profit for the consultancy and auction business climbed more than 30% to £41.7m (2021: £31.8m) and £39.7m (2021: £29.8m) respectively.
The number of equity partners remained the same as the previous year at 19, while the number of salaried partners went up from 40 to 41. Profit per member, including salaried members, rose to £294,000 (2021: £185,000).
The total number of staff fell from 182 to 170 but wages and salaries went up by almost 50% to £18m (2021: £12.3m).
The company received a government grant from the Coronavirus Job Retention Scheme of £59,000. down from £873,000 in 2021.
It invested more than £1m in property, plant and equipment, up from just £178,000 in 2021.
The firm’s net assets remain strong at £11.05m and cash in the business stands at a healthy £7.84m.
Allsop senior partner Scott Tyler said: “The financial year to March 2022 demonstrated a great recovery from the previous year, which was impacted by Covid, with vastly improved volumes across all capital markets.”
He added that the firm’s auction businesses had raised approximately £1bn and that the commercial auction team now has 70% market share.
Tyler also highlighted Allsop’s City team’s performance in the last quarter of the financial year, with deals including the purchase of 5 Fleet Place, EC4, at £191m for private overseas capital and the acquisition of 99 City Road, EC1, at £150m for Endurance Land.
He also said that the firm was growing its team. Tyler said: “The business continues to invest in additional people in most of its 11 business streams.
“We also continue to invest time and effort into our graduate training programme where we are currently training 26 graduates and in addition six apprentices are beginning the first stages of their Allsop career on this well-established programme which has been running for eight years now.”
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