Cluttons, an international real estate services company, has posted a 36 per cent year-on-year increase in profits before tax for the year ended March 31, 2014, to £10.9 million ($16.4 million).

The company said its turnover was up 11 per cent at £41.2 million and net debt was reduced during the year from £1.85 million to £660,000, said a report in the Gulf Daily News (GDN), our sister publication.

Cluttons said its market leading position in the Middle East helped it in achieving strong results.

The results, said the company, have enabled it to support a significant international expansion programme with a presence now established in more than 50 countries, including market leading positions in Bahrain, Oman and the UAE.

A global repositioning and rebranding exercise was done last February and the year was also positive for recruitment with a number of high profile senior hirings.

New contract wins include the launch of Tilal City in Sharjah, the mandate to sell 400 residential villas at Tecom's Villa Lantana in Dubai and the appointment as the official agent to lease the new multi-million dollar Dragon City retail project in Bahrain.

Cluttons also won a number of mandates in the UK, including a four-year one with Cornerstone Telecommunications Infrastructure to provide lease administration services for Telefónica and Vodafone's UK mobile networks.

“Our success is enabling us to win larger mandates in the Middle East, the UK, and internationally as well as helping us to attract a high calibre of new people,” Cluttons Middle East chief executive Steven Morgan said.

“This year, we have reinvested a significant proportion of our profits to support the continued growth of our business.”

Cluttons senior partner Bill Siegle said the company will continue to invest as it marks its 250th anniversary this year.

“In addition to celebrations to mark the achievement, we also have new branches, more senior hirings, and Middle East and international expansion plans,” Siegle said. - TradeArabia News Service