NB Real Estate has revealed its preliminary unaudited results with a pre-tax profit of £3m.
For the year to September 30 2008 it reported a turnover increase of 23% to £44.5m, from last year’s £36.2m.
Pre tax profit rose 30% to £3m from £0.9m.
It said its property and facilities management operations, which represent 80% of its business, has meant it has remained largely insulated from the impact of the credit crunch.
The agency added that the stable income from its property management side has enabled it to maintain a healthy cash position.
Michael Hatt, chief executive at NB Real Estate, said: ‘Naturally we remain cautious about global economic conditions but our business model is now proving its resilience.’
NB Real Estate said its profitability in 2007 was adversely affected by a programme of investment in the business’s infrastructure. It said the investment was ‘paying off’ property management contracts wins from new clients such as Sainsbury’s, AEGON Fund Management, GE Capital and La Salle Investment Management.