Turnover: £34.14 million (2010: £32.5 million) Group profit before tax: £ 8.05 million (2010: £ 7.2 million)
Having formally filed our results for the year to 5 April 2011, I am pleased to report that we ended the financial year with an increase in both turnover and gross profit on our previous year’s trading boosted by one off items associated with our West End office move.
Despite the economic climate of recent years, our knowledge based business model has proved resilient. This is due in large measure to the combined efforts of a talented team which continues to deliver the highest standards of service and advice.
Premium advice that adds value (or saves cost) is in demand especially given the widespread economic uncertainty. This is particularly true of business rates, planning and development consultancy and central London markets, which remain key drivers for the business. We also continue to perform steadily across our national offices where we have strengthened key areas through sensible resourcing.
Our financial performance for the year to 5 April 2011 is especially encouraging given some of the exceptional costs incurred, such as moving to a new West End HQ in Welbeck Street and a significant upgrading of our ICT infrastructure. Both these measures have already made a positive contribution to operating efficiencies and will continue to do so over the long-term.
Gerald Eve continues to have a strong balance sheet. This further adds to the resilience of the business.
We remain acutely aware that the world economy remains in a delicate condition and that this situation is exacerbated by the political and economic uncertainties arising from the current Eurozone woes. We expect 2012 to be a challenging year, perhaps even more so than recent years, and will continue to refine the business to ensure that opportunities are seized. In times of recession, it is particularly important to innovate and we are determined to continue to do so.
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, once again, all of my colleagues around the firm for their dedication, hard work and professionalism as we enter 2012 with confidence in the business, tempered with caution in this economic climate.
Finally, and most importantly, I would like to thank our clients and all those with whom we have shared highly positive business relationships over the year.
Hugh Bullock, 6 January 2012