Allsop saw its profits reduce by 10% to £15.37m despite turnover increasing 3% to £43.09m, in the financial year ending March 2023.
Scott Tyler (pictured), senior partner at Allsop, described the the financial year to March 2023 as “frustrating”. He added: “After the momentum in the markets during the early part of 2022, the short-lived Truss government via the ‘mini budget’ resulted in the pound falling to its lowest level for years against the dollar, gilt prices collapsing with the Bank of England intervening which resulted in higher interest rates. The outcome of this produced a sticky and tricky capital markets environment with much lower volumes and borrowing becoming more difficult and expensive.
“However, the auction business at Allsop, both commercial and residential, continued to thrive – driven by private investor cash. The commercial team now has a 72% market share and together the two auction teams remain as the UK’s number one auctioneers. It was pleasing to see strategic hires into our valuation teams paying off, with both commercial and residential valuations teams growing strongly, winning new mandates from a broader spectrum of clients and growing valuation turnover by 39%.”
