Profits up but warning from Knight Frank

ESTATE agent Knight Frank has posted a huge rise in profits, but warned a slower and more uncertain period lay ahead for the UK property market.

The multinational group, which deals with residential and commercial properties, said profits soared 168 per cent to 58.4m in the year to March 31, on the back of a 13 per cent rise in turnover to 288m.

The group, which operates from 209 offices, in 43 countries, said the strong results were driven by its UK residential business, which it claimed outperformed the market, as well as its expansion into Asia.

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But Nick Thomlinson, senior partner and chairman of the Knight Frank Group, said the group would retain some of its profits to strengthen it against challenges ahead.

He said: "The improved performance of the group has continued in the first half of the current financial year. Nonetheless, we remain cautious about the outlook for the full year given prevailing economic uncertainties around the world."

The debt-free group said its UK commercial property business was performing well, but forecast a difficult year in 2011.

Knight Frank said its new global residential online search facility, which is also available as an app on the iPhone, had also boosted business.