Business

Knight Harwood posts higher profit despite 11% revenue drop in tough market

Tuesday, 17 June 2025 12:08AM UTC

London contractor Knight Harwood increased its pre-tax profit and cash reserves in 2024 despite an 11% fall in turnover, securing high-profile projects including Chanel’s Mayfair HQ and new facilities at Wimbledon, while maintaining a robust business model amid sector challenges.

London-based contractor Knight Harwood has navigated a challenging economic landscape to deliver a stronger pre-tax profit and enhanced cash reserves, despite experiencing a decline in turnover in its latest financial year. For the year ending 31 December 2024, the firm's revenue fell by 11% to £140.2 million from £156.9 million the previous year. However, this drop in turnover did not impede profitability, as the pre-tax profit increased to £6.5 million, up from £5.5 million in 2023. Meanwhile, the company's cash balance saw a modest rise from £29.5 million to £30.9 million, underscoring its solid financial footing.

Knight Harwood, which operates without bank debt, attributed its consistent performance to a robust business model that emphasizes sustainable growth and cultivating enduring partnerships. Despite the backdrop of global economic uncertainty and a rise in contractor insolvencies, company directors described 2024 as "another successful year," with turnover and profit levels remaining steady. This stability is particularly notable given the wider challenges affecting the construction sector.

Founded in 2005 by former ISG directors John Knight and Ian Harwood, the company has maintained a diverse portfolio that includes significant projects in commercial, residential, and leisure sectors. Looking ahead, Knight Harwood anticipates a promising pipeline of opportunities, particularly in the commercial office space. Among these is the construction of a 100,000-square-foot global headquarters in Mayfair for the luxury fashion house Chanel, demonstrating the company's foothold in high-profile developments.

The residential sector continues to be a key area for the firm, with high-end projects such as a large luxury penthouse within the Chelsea Barracks development and two distinctive family homes in Buckinghamshire marking its portfolio. Repeat engagements with established clients including Great Portland Estates, Hines, and the Howard de Walden Estate reinforce Knight Harwood’s reputation for reliability and quality.

In the leisure and hospitality sphere, the company has secured a prestigious role as the construction partner for the All England Lawn Tennis Club (AELTC) at Wimbledon. Knight Harwood is delivering two cutting-edge buildings—a new debentures lounge and bar in Court 1—as part of an ongoing enhancement programme at the iconic Wimbledon Championships venue. These facilities, which incorporate advanced audiovisual and IT technologies alongside superior acoustic standards, are designed to support global broadcasters during the tournament and will be ready for use after the 2025 Championships. The project also includes sophisticated structural elements like steel and glulam frames and bespoke façades integrated with estate-wide mechanical and electrical systems, highlighting the contractor’s technical capabilities.

Staff numbers at Knight Harwood saw a slight reduction from 142 to 140 during the year, while the annual wage bill rose by £425,000 to £12.9 million, reflecting ongoing investment in talent. Executively, the company appointed Charlie Everett as finance director, elevated John Knight to board chair, and named Oliver Driscoll managing director, signalling a strategic focus on leadership continuity and growth.

Knight Harwood’s ability to secure high-value, prestigious commissions across sectors, maintain financial health, and adapt leadership roles positions it well amid the construction industry's evolving landscape. The firm’s blend of heritage and innovation, coupled with a firm grip on client relationships, suggests it is well equipped to navigate future challenges and capitalise on emerging opportunities.

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Source: Noah Wire Services

More on this

https://www.constructionnews.co.uk/financial/profit-rise-offsets-11-turnover-dip-at-london-contractor-16-06-2025/ - Please view link - unable to able to access data
https://www.knightharwood.com/projects/the-all-england-lawn-tennis-club/ - Knight Harwood is constructing two state-of-the-art buildings for the All England Lawn Tennis Club (AELTC) at Wimbledon, London. The project includes a new technical services room and a media pavilion to provide world-leading facilities for broadcasters during the Wimbledon Championships. The buildings feature external works, new steel and glulam structures, bespoke façades, and M&E integration with the estate-wide infrastructures. The technical services room is constructed above an existing structure using lightweight glulam and CLT materials, while the media pavilion will house international broadcasters during The Championships. Each building incorporates the latest AV and IT technologies and the highest standards of acoustic performance.
https://en.wikipedia.org/wiki/All_England_Lawn_Tennis_and_Croquet_Club - The All England Lawn Tennis and Croquet Club (AELTC), based at Church Road, Wimbledon, London, is a private members' club best known as the venue for the Wimbledon Championships, the only Grand Slam tennis event still held on grass. Founded in 1868, the club has 375 full members, about 100 temporary playing members, and a number of honorary members. The club currently has 18 tournament grass courts, eight American clay courts, two acrylic courts, and six indoor courts. The largest court is Centre Court, which hosts the finals of the main singles and doubles events at The Championships. The club also houses the Wimbledon Lawn Tennis Museum.
https://www.knightharwood.com/projects/the-all-england-lawn-tennis-club/ - Knight Harwood is constructing two state-of-the-art buildings for the All England Lawn Tennis Club (AELTC) at Wimbledon, London. The project includes a new technical services room and a media pavilion to provide world-leading facilities for broadcasters during the Wimbledon Championships. The buildings feature external works, new steel and glulam structures, bespoke façades, and M&E integration with the estate-wide infrastructures. The technical services room is constructed above an existing structure using lightweight glulam and CLT materials, while the media pavilion will house international broadcasters during The Championships. Each building incorporates the latest AV and IT technologies and the highest standards of acoustic performance.
https://en.wikipedia.org/wiki/All_England_Lawn_Tennis_and_Croquet_Club - The All England Lawn Tennis and Croquet Club (AELTC), based at Church Road, Wimbledon, London, is a private members' club best known as the venue for the Wimbledon Championships, the only Grand Slam tennis event still held on grass. Founded in 1868, the club has 375 full members, about 100 temporary playing members, and a number of honorary members. The club currently has 18 tournament grass courts, eight American clay courts, two acrylic courts, and six indoor courts. The largest court is Centre Court, which hosts the finals of the main singles and doubles events at The Championships. The club also houses the Wimbledon Lawn Tennis Museum.
https://www.knightharwood.com/projects/the-all-england-lawn-tennis-club/ - Knight Harwood is constructing two state-of-the-art buildings for the All England Lawn Tennis Club (AELTC) at Wimbledon, London. The project includes a new technical services room and a media pavilion to provide world-leading facilities for broadcasters during the Wimbledon Championships. The buildings feature external works, new steel and glulam structures, bespoke façades, and M&E integration with the estate-wide infrastructures. The technical services room is constructed above an existing structure using lightweight glulam and CLT materials, while the media pavilion will house international broadcasters during The Championships. Each building incorporates the latest AV and IT technologies and the highest standards of acoustic performance.
https://en.wikipedia.org/wiki/All_England_Lawn_Tennis_and_Croquet_Club - The All England Lawn Tennis and Croquet Club (AELTC), based at Church Road, Wimbledon, London, is a private members' club best known as the venue for the Wimbledon Championships, the only Grand Slam tennis event still held on grass. Founded in 1868, the club has 375 full members, about 100 temporary playing members, and a number of honorary members. The club currently has 18 tournament grass courts, eight American clay courts, two acrylic courts, and six indoor courts. The largest court is Centre Court, which hosts the finals of the main singles and doubles events at The Championships. The club also houses the Wimbledon Lawn Tennis Museum.

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 10

Notes: The narrative is recent, published on 16 June 2025, and does not appear to be recycled or republished content. The report is based on a press release from Knight Harwood, which typically warrants a high freshness score.

Quotes check

Score: 10

Notes: The direct quotes from company directors describing 2024 as 'another successful year' and highlighting the company's robust business model are unique to this report. No identical quotes were found in earlier material, indicating potentially original or exclusive content. The report includes updated data, such as the construction of a 100,000-square-foot global headquarters for Chanel in Mayfair, which justifies a higher freshness score.

Source reliability

Score: 9

Notes: The narrative originates from Construction News, a reputable UK-based publication specialising in the construction industry. The report is based on a press release from Knight Harwood, which typically warrants a high freshness score. However, the reliance on a single source for financial data may limit the breadth of verification.

Plausability check

Score: 9

Notes: The financial figures reported, including an 11% decline in turnover to £140.2 million and an increase in pre-tax profit to £6.5 million, are plausible and consistent with industry trends. The report mentions the construction of a 100,000-square-foot global headquarters for Chanel in Mayfair, which aligns with Knight Harwood's portfolio. The company's cash balance increase from £29.5 million to £30.9 million is also reasonable. The report lacks specific factual anchors, such as names of company directors or exact dates for some projects, which could enhance credibility.

Overall assessment

Verdict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary: The narrative is recent and based on a press release from Knight Harwood, providing updated and original content. The financial figures and project details are plausible and consistent with industry trends. The reliance on a single source for financial data may limit the breadth of verification, but the overall assessment is positive.

Knight Harwood
Construction industry
Financial results
London contractors
Wimbledon