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Two of the UK鈥檚 largest consultants, Davis Langdon and Gardiner & Theobald, have issued warnings over toughening conditions next year, despite posting strong annual results.

Davis Langdon has reported a 拢40.7m pre-tax profit for 2006/07 in its Europe and Middle East (EME) business, up 27% from the previous year. Turnover rose 25% to 拢154m.

G&T鈥檚 profit leaped 42% in 2007, up to 拢19.5m. The company鈥檚 turnover was 拢105.5m.

But the view that the UK market may have reached its peak, partly because of the recent turmoil in financial markets, was underlined by both companies. Both expect a worsening of conditions next year, with Davis Langdon saying the London market is already slowing.

Rob Smith, senior partner in Davis Langdon, said: 鈥淥utside London it鈥檚 business as usual, but projects in London are more problematic. Things are slowing down and everyone is taking more time as demand is softer. But there is still a hell of a lot of work out there.鈥�

Smith forecast that turnover in the EME region, which makes up the bulk of Davis Langdon鈥檚 business, would hit 拢190m next year, and that the Middle East division would soon be the second largest part of the business.

Simon Jones, managing partner of G&T, said his company had experienced 鈥渁 phenomenally successful year鈥�, but that the UK market was facing 鈥渁 challenging period.鈥�

He said that the market was 鈥渘ot looking at recession鈥�, but that there was 鈥渁 generally inflationary economy鈥�.

Tony Burton, a partner in G&T, added that the group鈥檚 international business was particularly strong, with its eastern Europe division turning down 鈥渟everal projects a week鈥�.

Davis Langdon鈥檚 highest paid earner received 拢723,428, and G&T鈥檚 was paid 拢1,282,000.