News on 21 December 2000
International property advisors Savills has announced a
20% increase in pre-tax profits to £10.6m in its interim results
for the six months ended 31 October 2000. The group’s turnover was
also up by 71% at £109.9m and earnings per share before amortisation
of goodwill grew by 14% at 13.3p.
Richard Jewson, chairman of Savills, said: "These results reflect
the growth and international development of the Group with strong contributions
from our businesses in Asia Pacific and mainland Europe. Nervous stock
markets suggest that confidence may be tested in what seems likely to
be an election year in the UK, but the Board is confident the strategy
of building an international property services business through acquisition
and partnership will deliver secure, long-term returns for shareholders.
"We believe our investments in Savills Finance Holdings will bear
fruit over the next two years and continue to look for development opportunities
to exploit our strong balance sheet."
Savills formed a joint venture with Trammell Crow Company, Trammell
Crow Savills , in June this year and says it has successfully developed
new business opportunities and is currently in detailed negotiations on
two major European deals.
The company says the range of property services now provided, together
with the enhanced geographical spread, have reduced the company’s
exposure to market cycles and have resulted in a greater proportion of
repeat income from management and corporate outsourcing in particular.
