Knight Frank posted record revenue of £670m for the year ending 31 March 2023 compared with £665m the previous year, and recorded a profit of £195m.
Despite the challenging market conditions created by rising inflation and interest rates, which had a negative impact on capital markets, leasing activity and residential sales over the last 12 months, William Beardmore-Gray, senior partner and group chair of Knight Frank, said the company’s “resilience” had helped it rack up record annual revenue.
“April 2022 to March 2023 was a year of considerable market disruption, and 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,” said Beardmore-Gray.
“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.
“Looking ahead, we are encouraged that in the UK after steep value falls over the previous six months, there is now a stabilisation in the majority of sectors, with values for retail and industrial properties now increasing.
“In residential there is much to be positive about. Build-to-rent, student accommodation and the lettings market are strong and higher interest rates mean the need for our mortgage and personal finance services also continues to be in demand.”
