An independent property consultancy has seen its profits rise by 11.4 per cent and turnover increase by 4.8 per cent for the year ending 31 August, 2016.

Alder King, which has a network of seven offices across the South West and South Wales, including offices in Gloucester has posted pre-tax profits of £4.88 million on a turnover of £13.775 million. It has also strengthened its cash reserves which now stand at £3.9 million.

Martyn Jones, senior partner at Alder King (pictured), said he was very proud of the firm's latest results, saying it had benefited from being at the peak of its transactional cycle.

"Our 2015/16 performance was boosted by the completion of several significant transactions which had been several years in the making," he said.

"The most high profile of these was the sale of the 350 acre former Filton Airfield site (pictured) in North Bristol on behalf of BAE Systems. This was without doubt the largest and most strategically important land sale in the South West for a decade.

"We also saw the completion of several major residential land sales across the region, some of which had taken 10 years to come to fruition, and further automotive sector transactions at Exeter's Matford Green Business Park."

Looking ahead, Mr Jones said the firm was in a good position to continue its strong trading performance despite the temporary slowdown in market activity around the time of last year's referendum.

"We continue to pick up high profile new instructions across both our transactional and consultancy business. We also continue to win prestigious awards, most notably our 16th Most Active Agent award from Estates Gazette, a feat unmatched by any other firm in the UK.

"The dwindling supply of new Grade A office and industrial stock is a major concern across the region and in fact presents a greater challenge than Brexit. Despite the challenge of the current supply/demand dynamics, we remain quietly confident of another good year ahead."