05.01.2010
Gerald Eve reveals its first financial results since its conversion to LLP status and the economic downturn of 2009.
| Gross Turnover: |
£33.5m |
(2008: £36.0m) |
| Fee income: |
£33.8m |
(2008: £36.8m) |
| Group profit before tax: |
£7.5m |
(2008: £8.5m) |
I am very pleased to present the first set of results for Gerald Eve since our conversion to LLP status and delighted to be able to report that, although marginally down on 2008, we ended our 2009 financial year with a healthy profit, cash in the bank and a strong balance sheet.
As everyone involved in UK real estate knows, the year ending 5th April was, to say the least, a challenging one and many businesses have had to go through painful restructuring in order to repair the damage suffered. That we have not had to take such painful or extensive measures at Gerald Eve is as a result of the robustness of our business model. Our results have been driven by our core strengths such as rating, planning and development consultancy and central London markets, of which the latter two have shown some strengthening in the last quarter.
Rating and property tax work, in particular, has been, and remains, one of the major drivers of Gerald Eve. Our leading position in this market together with the 2010 Revaluation approaching, have led to our winning substantial and long-term contracts for major public bodies , high street brands and corporate occupiers.
We are pleased that this is further evidence of clients’ trust in our ability to provide sound commercial advice and I would like to take this opportunity to thank all our clients for their business during the year.
We, of course, recognise that the UK economy remains in a delicate condition, and that this situation is not helped by the political uncertainties arising from a General Election in the first half of 2010; nonetheless we are confident that Gerald Eve is well placed to ride out further storms and to benefit from future economic recovery.
So, whilst we shall continue to balance the business in order to minimise the downside business risks, we are sufficiently confident of the stability provided by our core strengths to have taken advantage of recent opportunities to recruit a number of talented individuals at senior level.
Professional services businesses are only as good as the people who work within them and Gerald Eve is fortunate in having an exceptional team. I would very much like to thank all of my colleagues around the firm for their dedication, hard work and professionalism as we enter 2010 with confidence in the business, tempered with caution in this economic climate.
Gerald Eve, chartered surveyors and property consultants, make or save money from property – acting for around 40% of the FTSE100 on property asset management, agency and professional matters. With nine offices in the UK, Gerald Eve employs 318 people and has 87 partners and 43 associates.
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