Hugh Bullock gives a summary of results and comments on Gerald Eve’s performance over the last year.
Summary of Results
|Fee income:||£32.5 m||(2009: £33.8 m)|
|Group profit before tax:||£7.2 m||(2009: £7.5 m)|
I am pleased to present the results for the year ending 5th April 2010. Despite difficult ongoing market conditions, we ended the year to 5th April 2010 with percentage profit on turnover all but unchanged together with a strong balance sheet.
That our results have stood up so well is testament to the robustness of our business model and continued good fortune. Our core strengths of rating, planning and City agency continue to drive the business forward. But we should also recognise an increasing sense of momentum being derived from our leisure and valuation teams, which have both acquired significant new mandates this year.
Turning to the current year 2010/2011, we have seen some considerable reorganisation of the firm with restructuring of teams, an office move in the West End and a refreshed brand. We have also been successful in attracting some high quality new recruits to the practice.
Our position as the UK’s leading business rates adviser has been further enhanced and recognised when, in July 2010, Cushman & Wakefield signed an innovative “Best-In-Class” agreement with us for Gerald Eve to service its clients’ rating requirements. This new arrangement bedded down quickly and has proved successful for both parties. I would like to pay tribute to the respective members of both firms who made this possible.
Moving our head office to 72 Welbeck Street, London, W1, at the end of November has been a particularly significant milestone. This was one of the very few buildings large enough to accommodate the West End business on large floorplates. The new client facilities and working environment are an enormous improvement on our former offices in Vere Street.
Whilst we recognise that the continued recovery of the UK economy is uncertain, we are well placed for the year ahead. The mergers of some of our rivals have emphasised Gerald Eve’s independent offering as a specialist adviser and business partner.
Gerald Eve is fortunate in having an exceptional team and I would like to thank all of my colleagues across the firm for their dedication, hard work and professionalism. With their continued vital contribution, Gerald Eve faces the challenges of 2011 with confidence.
Gerald Eve, chartered surveyors and property consultants, acts for around 40% of the FTSE 100 on all aspects of property advice including planning, asset management, agency and professional matters. With nine offices in the UK, Gerald Eve employs over 324 people and has 90 partners and 41 associates.