Highlights
· Group turnover up 7% to £308.4m (2010: £288.0m)
· Group profit before tax up 10% to £101.9m (2010: £92.3m*)
· All regions profitable with particular strength in the UK and Asia Pacific
· Strong balance sheet with minimal intangible assets - net assets £125.1m (2010: £99.8m*)
· Further £10m kept in reserves (2010: £10m)
· Net cash in bank £90.6m (2010: £74.0m)
· Unutilised £30m revolving credit facility
Nick Thomlinson, senior partner and chairman of the Knight Frank Group said:
Overview
“I am pleased to report continuing strong performance across the group with all regions delivering profits in variable trading conditions. In the UK, our residential business once again out-performed the market and our commercial division exploited the improved transactional activity. Our European business has traded profitably in difficult markets and we have continued to expand our operations in Asia Pacific, with strong performances in Australia, India, Greater China and Singapore. We remain focused on developing our global network with particular emphasis on progressing our relationships and businesses in the Middle East and Africa.
“Our global strategy remains focused on organic growth in key markets with the best people. This year we have opened offices in Dubai, South Africa, Austria and Switzerland and expanded our network in China, Australia, India and the UK.
“We remain cautious about the outlook for the year ahead, considering the ongoing economic uncertainty around the world, and have strengthened our balance sheet by retaining profits for investment in the business. We have fantastic people and our business is in good shape.
"Our staff are key to our growth and future success. In 2011 we significantly expanded our membership with the introduction of Salaried Members, a change that had universal support from our staff and Members. We hire the best people in key areas and provide training and development to ensure we continue to service our clients to the highest level. Our graduate scheme continues to thrive - this year we have taken on 26 new graduates across the commercial and residential divisions. Our people are the lifeblood of the organisation and I thank them for their continued hard work.
“We consider remaining independent and retaining our partnership culture to be central to our strategy. We continue to focus on global growth, expansion in core areas and growing our market share. We need to ensure that we remain a robust business with the best people who can provide the best level of service to our clients.”