Consultant says trading since the Brexit vote has been ‘positive’, but warns 2017 could see a slowdown in some markets
Gardiner & Theobald has posted strong profit and revenue growth, allowing the consultant to increase its number of equity partners by 22 to 215-strong.
In a snapshot of its results to April this year, the firm said profit distributed among partners rose by 30% to £40.5m, up from £31.2m the previous year.
Turnover also increased 15% to £150.8m, up from £131.2m.
Over the past four years the firm has re-focussed its strategy on the UK and US, where the firm posted a 20% and 5% increase in turnover respectively.
Elsewhere, the firm has been reducing its exposure to mainland Europe, the Middle East and the Far East, where it saw a drop of 90%, 37% and 4% in turnover respectively.
Simon Jones, G&T managing partner, described the results as “satisfactory”. The results period finished before the Brexit vote, but Jones said the firm had experienced a “reassuringly… positive” few months since, despite a small number of delays to projects.
He said: “A number of our clients are confident about the future and projects and new commissions continue as planned.
“Some are understandably more cautious and have adopted a “wait and see” approach which has delayed a small number of projects.”
Jones said he could see some potential positives coming from the EU referendum vote: “Brexit could also create new opportunities. The fall in sterling and price corrections in the property market create an attractive environment for international investors.”
He warned 2017 could “see a slowdown in some markets”, adding: “This was perhaps inevitable after several years of accelerated growth.”
G&T said projects it had been working on during the year included the £850m Stratford Waterfront cultural complex in east London’s Olympic Park - the site will become home to a new University of Arts London campus and new spaces for the Victoria & Albert Museum and Sadler’s Wells dance studio.
The consultant is also working for King’s Cross developer Argent, including acting as employer’s agent on the transformation of the site’s former Coal Drops industrial site into a 67-acre shopping centre.
G&T is also providing cost consultancy services to Argent and its American partner Related at the 180-acre regeneration scheme Brent Cross South in Barnet.