Knight Franks optimistic as profits rise by 7%

Property firm Knight Frank said it is making great progress in its growth ambitions after seeing pre-tax profits rise by 7% to top £102.7m for the year ended 2013

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Knight Frank said it is making great progress in its growth ambitions

Property firm Knight Frank said it is making great progress in its growth ambitions after seeing pre-tax profits rise by 7% to top £102.7m for the year ended 2013.

Turnover for the group was also up 5% to £350m with net cash balances at £105.3m.

Alistair Elliott, Knight Frank’s senior partner and group chairman, said: “We are making great progress towards achieving our goal of being recognised as the advisor of choice in global real estate.”

The company said there are positive signs for the North East property market, which will hopefully benefit from increased interest from international property investors.

Tim Evans, partner in charge of Knight Frank’s Newcastle office, said: “So-called Super High Net Worth Individuals (SHNWI’s) are coming from all corners of the globe and targeting key European hubs such as London. In due course there will be a ripple effect for our benefit as investors show increasing willingness to move up the risk curve, whether this is in terms of location or, indeed, a degree of letting risk.

“Sectors which will support future economic growth will include infrastructure and technology and shale gas. These sectors are of relevance to the North East. We are becoming optimistic about the outlook for the next 12 months as occupiers, who have delayed decision making because of the economic uncertainty, are showing signs of becoming more willing to take decisions about future corporate strategy and their real estate needs.”

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