The Duke of Westminster’s Iconic Property Group, Grosvenor, has seen a surge in 2017 profits, posting a near-record £143.5m and almost doubling the £79.2m it recorded in 2016.
This comes despite the company’s total returns dropping to 2.7 per cent over 2017, down from eight per cent in 2016, a dip which it attributed to “weakness in the UK and sterling’s appreciation.”
— Grosvenor Group (@GrosvenorGRP) April 24, 2018
Nevertheless, the Chief Executive of the Group, Mark Preston, has said both are better than were anticipated. The group cited the strong performances in the company’s operations in the Americas and the Asia-Pacific region, as well as the group’s expansion in direct investment as attributes to the company’s performance.
“Our financial performance in 2017 proved much more resilient than expected, leading to the achievement of our second highest revenue profit on record,” said Mark Preston.
The groups international expansion is likely to continue, as Preston went on to indicate that company will continue to push diversity in its operations.
Nevertheless Preston stressed that the British economy has performed well this year as well saying that it has remained resilient in 2017. He did caution though there could be challenges ahead, which he said was “more than Brexit per se,” but is may constrain growth in the economy in 2018 and 2019.”