Allsop, the UK independent property consultant, has reported increased turnover and profits in its annual report and accounts for the year ending March 2024.
Allsop said that the performance came against the backdrop of a tough economic environment which included the sustained high level of interest rates, rising costs, the Ukraine war and relatively low volumes in the UK capital markets.
Turnover rose 5% to £45.22 million (£43.09 million) with profits rising 3% to £15.78 million (£15.37 million).
Net assets rose to £10.6 million (£8.02 million) and cash grew to £5.9 million (£3.2 million).
Scott Tyler, senior partner at Allsop, said in a statement: “These are a robust set of results particularly within a challenging environment where capital market volumes in commercial and residential markets were low. Sustained higher interest rates, wider lending margins, conflicts in Ukraine and the Middle East, together with impending elections created a tricky market to navigate."
Tyler said despite this the business has seen strong performance from its specialist residential and commercial auctions teams, particularly the residential auction team which had a record year. He added: "Aligned with our investment strategy, our residential and commercial valuation teams continue to grow as we build our reputation and grow market share in advisory services in response to clients’ needs."
Tyler said the strategic vision remains to be the go-to partner in UK property transactions, consultancy and management services by "prioritising trust, transparency and an exceptional partner-led service".
He added that to sustain long-term growth, the company will continue to develop a balanced portfolio of services that complement each other and can trade successfully through unpredictable property cycles.
“We continue to invest heavily in our people, with approximately 10% of our staff developing through our strong and diverse apprentice and graduate programmes, which bodes well for the future talent pool of the business and in allowing us to sustain our unique culture. We are pleased to have had a 100% pass rate for the financial year for those taking their APC for RICS membership.
“As a result of our growth, we have published a Streamlined Energy and Carbon report. Reducing the firm’s carbon emissions is a key priority: we have signed up to the British Property Federation “Net Zero by 2050” pledge and we will continue to ensure the choices we make in areas such as accommodation and travel are aligned with this objective.”
In October Allsop named Andrew Boyd as its next senior partner, with Tyler to step down from the position.
He has completed his two terms in the role which began in February 2016. Boyd will take up the position on 1 April, while Tyler will remain an equity partner within the commercial national investments team, a position he has been fulfilling alongside his role as senior partner.
Boyd, who is head of Allsop’s residential transactional and living markets team, will become the partnership’s seventh senior partner in 118 years, with Allsop having been founded in 1906. It is the UK's largest property auction house.