Leading UK commercial property consultancy GVA, with an office in Cardiff, has announced a marked rise in turnover to more than £150m, and a 33 per cent rise in profit for the year to 30 April 2014.
GVA’s accounts illustrate how revenues increased by 7 per cent to £157.6m, up from £147.3m the previous year. The significant rise helped pre-tax profits to climb even higher, increasing upward from £7.8m in 2012/13 to £10.4m.
Rob Bould, Chief Executive for GVA, commented: “First and foremost these results highlight our growing strength here in the UK, and bolster our position as the UK’s leading regional advisory consultancy. Secondly it reinforces our pan-European position. Our performance in the UK is providing us with a strong platform from which to grow. That performance, together with a commitment from Bilfinger Real Estate to heavily invest in GVA’s already robust business using its reach and resources, allows us to continue to capitalise in our new European alliance. In time this will start to create a challenger brand in Europe that is consultancy based.
“Our performance is buoyed by renewed optimism from developers. Sentiment, although fragile in areas, keeps improving. With capital flow increasing and the debt funding market opening up, the opportunities are greater than at any time post Lehman’s. Our clients are growing in confidence.”
Peter Constantine, Regional Senior Director at GVA’s Cardiff office adds, “The South Wales commercial property market has experienced a significant upturn during the last 12 months underpinned by an improvement in occupier interest in the Cardiff region.
“Significant investment and regeneration within Cardiff city centre, and the formation of the finance enterprise zone has driven an increase in inward investment demand resulting in a number of notable lettings.
“Further west, exciting opportunities exist in and around Swansea city centre with recent announcements of two key strategic development opportunities being brought to the market which offers the potential to reshape Swansea City centre. To the east, Newport City centre continues to improve at a pace with strong national multiple retailer take up at the Friars Walk scheme.”
GVA merged with Bilfinger Real Estate, part of the €7.7bn-turnover global engineering and services group, to establish a new European real estate consultancy in July 2014.
Rob Bould concludes: “Bilfinger’s make-up and structure offers us limitless opportunities to be a part of a business that can truly compete on an international stage, gaining access to key European and emerging markets throughout the world. Equally its financial strength gives us the longer term security essential to our culture, and in maintaining our strong balance sheet.
“Our business underwent significant change in 2014. This year, we will start to see those proposed changes come to life. Already this calendar year Peter Constantine has been promoted to Regional Senior Director in our growing Cardiff office.
“Uniting our teams means we can accelerate profit growth to increase rewards and enhance careers for our staff and support the continued investment into the business.