Knight Frank records 6% y-o-y turnover growth but lower profits
By Timothy Tay
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - Knight Frank LLP announced that its turnover for the year ended March 31, 2020, was up 6% to £549.6 million ($970.8 million) compared to £517.4 million in the previous year. Although its profit before tax was down 4% to £142.7 million compared to £148.4 million last year, the company says that it still has a strong balance sheet, with net assets worth £264.1 million, and it has adequate cash reserves to cover five months of operating costs.
“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,” says Alistair Elliot, senior partner and group chairman.
The firm’s turnover results also showed solid growth from its real estate activities in India, Greater China, Spain, and France. It was also supported by its core UK market presence.
However, Elliot notes: “Hesitation, due to the Covid-19 pandemic, in the final part of the year resulted in a slight drop in profits with a number of transactions deferring into the following year.” The company’s recorded improved margins in Europe, and its performance in the Asia Pacific region remained resilient, he adds.
In the Asia Pacific region, Knight Frank says it sees growth opportunities in the logistics and datacentre sectors. (Picture: Pixabay)
“[In the Asia Pacific region,] prolonged border closures, the acceleration of online retail, working-from-home and fractured supply chains have all impacted different asset classes in different ways, some positively, but also many negatively. Despite these challenges, our businesses in Asia Pacific are all doing better than we expected when we ‘battened down the hatches”’earlier in the year preparing for the impacts of Covid-19 lockdowns,” says Kevin Coppel, Asia Pacific managing director.
He adds that in the Asia Pacific region, the company sees opportunities developing in logistics and data centres, and is investing in building up its expertise and presence in these emerging areas.
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