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Savills reveals market slowdown

Savills has revealed a market slowdown ahead of tomorrow’s general election.

However, in a statement out this morning [May 5] the property group claims that this is amid a stronger than anticipated Q1 performance.

It states: "The pattern of trading that we reported at our full year results in March has continued. The first four months of the year have seen good trading performances from both our UK Residential and Asia Pacific businesses, and continued improvement in the UK Commercial market.

"The Continental European business has traded in line with our expectations of gradual improvement. Other business sectors are also performing broadly in line with our expectations."

Savills revealed that pre-tax profit declined 24% to £25.2m last year, despite residential revenue having increased 11%, as part of its full-year results announcement for 2009 out in March.

The group’s underlying pre-tax profit decreased from £33.2m to £25.2m during the 12 months to December 31 2009, while residential transaction business increased revenue to £71.3m, which it attributed to the strong performance from the London and Home Counties market.

Savills' statement out today comes ahead of its Annual General Meeting, which is scheduled to take place in London this afternoon.

It adds: "We are pleased with the overall performance of the group and continue to pursue our strategy of growing the business profitability, both organically and through selected investment opportunities as they arise."



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