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Savills makes £50m profits on back of London market

Friday 16th March 2012
Written by Rosalind Renshaw

Savills, which managed sales at One Hyde Park and is currently listing 50 properties in London each at £15m-plus, has announced a 7% rise in both revenue and pre-tax profits last year.

Its profit last year of £50.4m was on a turnover of £721.5m.

Savills said its performance was in part due to the continued strength in the prime residential market in London, which drove its UK residential transaction profits up 11%. In contrast, markets in Asia and Continental Europe weakened.

Savills said 2012 has started well but added that it anticipates a continuation of ‘challenging’ transaction market conditions. www.savills.co.uk

Meanwhile, Mortgage Advice Bureau, whose outlets are in estate agents, announced pre-tax profits last year of £1.9m, up from £1.25m in 2010.

(1) Comments

Added by Mr Rutley on 2012-03-16 08:21:16

£50M+ profit all sounds very good but the the margin was less than 7%, hardly ground-breaking.

In many of the domestic markets Savills are getting their arses kicked by the other 'heritage' brands such as Knight Frank & Hamptons as well as the quality independents.

3 UK office closures followed recently by a reshuffle of Managers some of the Home Counties offices would suggest that all is not as rosy as perhaps it seems.

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