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Savills Real Estate Group Profits Rise; 'Record Performance' in Asia Pacific
Savills plc, the international real estate advisor, reported a significant increase in annual pre-tax profits to £36.8 million on Thursday, saying its strong revenue performance had been driven by a recovery in global real estate markets.
The real estate advisor recorded a "record performance"
"I am pleased to report a strong performance by Savills, driven by a resurgence of investment activity in prime global markets, most notably in London and a number of Asian capitals," Savills chief executive Jeremy Helsby said in a statement.
Helsby said the company, which made several acquisitions during 2010, was encouraged that conditions have improved in the US and "the key" French and German markets, but he noted that this trend was not consistent across all of Europe.
Savills' CEO further observed that it is unclear at present what impact the large earthquake and tsunami that have affected Japan will have on the regional economy and real estate markets.
Savills reported a 173 percent rise in pre-tax profits to £36.8 million for the year ended 31 December 2010, compared with £13.5 in the prior year.
Group revenue rose 21 percent to £677.0 million in 2010 against £560.7 in the prior twelve months.
Author: Justin Cole, analyst.
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