Carter Jonas recorded a turnover of £93.96m in the year ended 30 April 2025, up from £85.74m recorded in the previous financial year, representing revenue growth of 9.6%, the latest figures have revealed.
The estate agency also reported an operating profit after tax of £18.8m, a significant 31.3% year-on-year increase.
Richard Bruce, chief executive of Carter Jonas, said: “The past year has continued to test confidence across the UK property market. Higher borrowing costs, tighter credit conditions and economic uncertainty have weighed on investment decisions and impacted activity levels across many parts of the market. Transactional markets, particularly in residential and commercial property, have lacked consistent momentum, experiencing fluctuating activity levels. As a result, sentiment across both the private and public sectors has remained cautious, with a more measured approach to new investments.
“There are now tentative signs of greater stability emerging. The Budget has brought some clarity after a prolonged ‘wait and see’ period, particularly within residential markets, and inflation has eased from recent highs, helping to support wider momentum. Confidence remains uneven, but the direction of travel is clearer and provides a more constructive backdrop in which to plan for the period ahead.”
Carter Jonas says it was able to deliver a strong performance despite ‘challenging’ market conditions, underpinned by a disciplined and strategic approach.
Bruce continued: “We prioritised profitability through tight cost discipline, while continuing to invest strategically in areas that support our long-term strategy, including our regional footprint and service capabilities.
“The results are a direct reflection of our strategic vision, the disciplined choices we have made, and the commitment and professionalism of our people across the firm. Their expertise and collaboration have enabled us to help clients navigate the uncertainties of a changing market and to continue strengthening the firm’s performance.
“Our performance also reflects the strength of our balanced operating model, combining transactional work with a resilient stream of recurring income. This balance, together with the breadth of our offering across the property lifecycle, and the diversity of our client base across the public and private sectors, has helped to underpin performance despite the challenging outlook.”
Carter Jonas’ five-year strategic plan, Vision 2030, was formally launched in May, and recent months have marked a shift from strategy development to delivery across its teams. The plan is now helping to sharpen focus on growth priorities and is increasingly embedded in how the company operates day to day, according to Bruce.
He added: “Over the past year, we have continued to invest in leadership, governance and capabilities in support of Vision 2030. The divisional boards have been refreshed across the partnership, bringing new leadership, senior experience and, crucially, fresh thinking into each part of the firm. These changes are designed not only to strengthen decision-making and accountability, but also to support a culture focused on sustainable growth and continued investment in our people, who underpin our work at every level.
“Alongside this, we have continued to reshape our regional footprint in line with strategic priorities. Expansion into Manchester is a key strand of that growth, establishing a multi-disciplinary offer in a core regional hub with exciting growth potential, particularly across innovation and life sciences. Having marked its first anniversary, the Manchester office has already strengthened our proposition in the North West and North Wales and leaves us well-positioned to capture new opportunities in a city region increasingly defined by innovation. Meanwhile, in Edinburgh, the opening of a new office creates a strong, strategic base in Scotland, extending our reach and supporting prime regional growth opportunities.
“Looking ahead, we enter the next phase of our development with stronger foundations, a clearer sense of mission and a renewed sense of optimism. With Vision 2030 now moving firmly into delivery mode, and with strong governance and a balanced operating model in place, we are well positioned to remain agile and responsive as confidence continues to return. The greater stability signalled by the recent Budget is encouraging, and there is a strong sense of shared momentum, with our teams energised by the trust and confidence our clients continue to place in us.”
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