KFH reports big profits and revenue drop within latest results
London agency Kinleigh Folkard & Hayward saw its profits drop nearly £4 million last year, while its surveying division made a loss.
One of London’s biggest estate agencies Kinleigh Folkard & Hayward has suffered a major drop in performance, its latest accounts reveal for 2023.
Profit before tax for the firm was £753,000, down on nearly £4.7 million during 2022, while group revenue was £74 million, down from £82.5 million. Also, its EBITDA was £4.9 million last year (£8.3 million in 2022).
Falling confidence
Lee Watts, MD at KFH, says: “Following the Mini-Budget in the autumn of 2022, rising interest rates and falling consumer confidence had a major impact upon the residential sales market. This continued in 2023 with sales transactions in London falling by over 20%.
“This reflected a significant fall in residential sales revenues together with associated income streams, particularly survey, financial services and conveyancing.”
KFH’s overall employee number, including its sales, lettings, property management, surveying and financial services is 900, working at more than 60 branches in London, including a new one in Camberwell (main picture).
There were rumours last year that the company, which was founded in 1977, was going to be bought by rival Dexters.
Surveying losses
KFH’s surveying division made a £750,000 loss last year, the latest company accounts show compared to a profit of £868,000 two years ago.
Also, its turnover was much lower, down from £5.9 million to £3.4 million, and although staff costs were reduced the profit figures still took a major hit.
The division’s staff count was reduced to 49 including directors, from 63 in 2022, and the costs were down from £3.9 million to £3.1 million.
