Savills makes £50m profits on back of London market
Friday 16th March 2012
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.
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£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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A great way to educate your landlord on Inventories
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