NB Real Estate profits and turnover unchanged despite tough year for commercial property
Preliminary unaudited results are announced today by NB Real Estate, the leading commercial property firm. Turnover in the year to September 30 2009 decreased slightly from £44.5 million to £44.4m whilst profits before tax, bonuses and exceptional items remained unchanged at £3.0m.
The Company explains that stable earnings have enabled it to maintain a healthy cash position through out the year.
NB Real Estate says that its performance in 2008 and 2009 has been helped by the strength of its property and facilities management operations, which accounts for 80% of its business.
Comments NB Real Estate Chief Executive Michael Hatt: “To have maintained both turnover and profitability in what has been such a tough year for the commercial property market is an achievement our team can be very proud of.”
“We believe that providing a first class property management service is one of the best ways that we can help our clients to add value. This specialist expertise is particularly important in a slow growth environment. We have continued to invest in delivering clients a service that is both the best in the market and highly cost efficient. We think that this focus will stand us in good stead in the year ahead.”