Profits up at London letting agent
News Category: Industry News
Published: 28-Sep-2010
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A London letting agent has revealed that its profits are significantly up.
Unveiling its results for the year ending on March 31st 2010, Knight Frank stated that profits were up by 168 per cent over the 12-month period, yielding returns of almost £60 million.
The letting agent also announced that during the year it paid £35.5 million in staff bonuses and commissions, tripling the previous year's total.
Nick Thomlinson, senior partner and chairman of the Knight Frank Group, stated that he was delighted with the results and pointed out that the company has no debt.
He said: "In the UK, our residential business once again out-performed the market and our commercial operations capitalised on improved transactional activity while also building its consultancy base."
The letting agent boss added that the business also returned to profitability in its European operations.
Earlier this summer, Knight Frank revealed that rents in prime central London locations were up by almost ten per cent when compared to the previous year.
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