Knight Frank staff shared a bonus pool of nearly £73m after boosting turnover and profits in the last financial year.
The upmarket global agents have reported group turnover up 7% to £308.4m, and pre-tax profits up 10% to £101.9m.
Nick Thomlinson, senior partner and chairman of the Knight Frank Group, said: “I am pleased to report continuing strong performance across the group, with all regions delivering profits in variable trading conditions.
“In the UK, our residential business once again out-performed the market.”
But he added: “We remain cautious about the outlook for the year ahead, considering the ongoing economic uncertainty around the world, and have strengthened our balance sheet by retaining profits for investment in the business. We have fantastic people and our business is in good shape.
“Our staff are key to our growth and future success. In 2011 we significantly expanded our membership with the introduction of Salaried Members, a change that had universal support from our staff and Members.
“We hire the best people in key areas and provide training and development to ensure we continue to service our clients to the highest level. Our graduate scheme continues to thrive – this year we have taken on 26 new graduates across the commercial and residential divisions.
“We consider remaining independent and retaining our partnership culture to be central to our strategy. We continue to focus on global growth, expansion in core areas and growing our market share. We need to ensure that we remain a robust business with the best people who can provide the best level of service to our clients.”
Knight Frank reported that in the 12 months to March 2011, the market was driven by the strength of the prime central London sector. Capital values across London rose by 9% and rents by 17%, driving demand and pushing transactional activity back towards pre-crash levels.
International buyers had a noticeable presence, with Knight Frank selling properties to more than 60 different nationalities in the period.
The report forecasts that London should see even further price growth over the next few months.
The £72.7m bonus pot compares with £67.5m for the previous financial year.
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Comments
Too right Robin and Billy, too many agents don't seem to either value what they do or can't negotiate their own fee.
Why on earth would you use any agent that can't negotiate and simply "wins" business as they are the cheapest.
What motivation for their staff," look at us we are such rubbish we have to give our crap service away".
Why should they ?
Cheap fees don't sell, good marketing does.
Derek, no, that's the point KF are obviuosly able to negotiate.
33% profit margin - nice for clients to know that there's room for a bit of negotiation on fees.