Knight Frank’s profits are down for a second consecutive year, although revenues are up.
Chairman Alistair Elliott said that Brexit and Stamp Duty changes were to blame for the decline in pre-tax profits to £145.7m, down from £152.6m a year earlier.
Reporting on the 12 months to the end of March, turnover was up 3.3% to stand at £476.2m.
Elliott said that Stamp Duty reforms had particularly hit the top end of the London market, while ‘political and economic uncertainties around the world’ had also had an impact.
Comments (4)
Brexit has become the new corporate excuse for “we haven’t got a clue why profits are down”
Surely Stamp Duty and Brexit would have affected turnover not profit yet turnover is up. They have just overspent. I wonder if staff costs are only up by 3.3% He should be looking at costs. Strange excuse for such a well regarded firm.
It is a very broad business these days, so their increased divisions will increase turn over, but the yare heavily reliant on UK and Europe…more so than Savills, so the down turn in London and the top end is affecting them, as is a full on commission war. They need to hang their heads in shame…only a £147m profit and near £1/2 billion turn over 🙂
Doesnt augur well for CWD . Shame they dropped old Rutley from the title as agents used to refer to them as Frank Ruts Nightly or Knife,Fork and Cutlery