Knight Frank’s profit has fallen after the “exceptional” results of 2022, while revenue is largely unchanged.
The firm’s results to the end of March showed a small rise in revenue to £670m, up from last year’s £665m. However, this £5m increase has set a new record for the firm.
Group profit was £195m, far lower than last year’s £220m, though above the 2021 level of £173.7m.
Senior partner and group chair William Beardmore-Gray (pictured) said: “Commercial and residential property markets around the world have been challenged by rising inflation and interest rates, but I am proud to report strong revenues for Knight Frank within a robust set of results overall.”
He added that its resilience lay in its partnership structure. “Our overall good performance is testament to our global strength, the power of partnership and a great deal of hard work from Knight Frank people across the globe.
“Being a partnership enables us to be distinctly different in the market and to have complete control over how and where we invest. It enables us to take the action needed to make our partnership one in which more people can realise their potential and to continue investing in leading edge research.”
He added that this would continue to be the case. “We are pleased to confirm Knight Frank will remain an independent partnership, debt-free and with a robust platform for future growth.”
Beardmore-Gray said he was optimistic about the year ahead. “After steep value falls over the previous six months,” he said, there was now a “stabilisation in the majority of sectors, with values for retail and industrial properties now increasing”.
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