Allsop LLP has announced that it has recorded an increase in profit despite economic and political uncertainty.
According to Allsop, the rise in profits can principally be attributed to its growing transactional services, following a period of sustained investment in the National, West End and City Investment Teams, which have been involved in a number of large high-profile deals across the Capital and the Regions for Workspace Group, Columbia Threadneedle, Aviva, Kames Capital and Hudson Advisors, to name a few.
Turnover remained largely stable at £42.8m (2016/17: £44.2m). The residential and commercial auction markets have faced significant challenges, but have remained resilient despite a tougher lending and tax environment for buy to let landlords and weakening investor confidence in commercial High Street retail assets.
Scott Tyler, Senior Partner at Allsop, said: “After a challenging 18-month period and despite a backdrop of political and economic uncertainty, the business has demonstrated its resilience. These results reflect the investment we have made in the growth of key business areas such as the National, West End, City Investment teams and Build to Rent sectors. This included forming a strategic alliance with Hong Kong based Millennium to expand the company’s reach in international markets and offering access to new capital from the Far East.
It is evident that there has been a toughening of market conditions across the sectors this year and it is testament to the incredible hard work, experience and vital insight of our staff that we have achieved such robust results. Our professional business areas continue to grow and investment in these service lines are already also reaping strong returns.
Whilst Allsop is largely a transactional business, it is well-equipped to adapt to the increasing uncertainty the country faces in the wake of Brexit. Our focus remains on delivering insight, excellent service and outstanding results for our clients.”