Savills lifts performance across the board, reduces losses in mainland Europe

Property adviser Savills reported higher profits and revenue in 2012 as the firm benefited from strategic acquisitions and recruitment.

Preliminary figures released on Thursday show underlying group profit before tax rose 21% to £60.8 mln (€69.8 mln) on revenues up 12% at £806.4 mln

Transaction advisory revenues increased 13%, an improvement Savills attributed to a strong performance in Asia-Pacific and an improved share of prime Central London commercial transactions.

Continuing strong growth across Savills’ non-transactional businesses saw consultancy revenues rise 20% and property and facilities management revenues increase 8%.

Asset management subsidiary Cordea Savills lifted revenues by 13% on AUM up 29% at €4.4 bn, reflecting acquisitions, new mandates, fund launches and inflows into existing funds.

Commenting on Savills’ performance in Europe, group CEO Jeremy Helsby said: ‘We have reduced the losses in Continental Europe and our investment management business grew assets under management substantially. The changes we have made to our business over the last few years, including acquisitions, recruitment and restructuring, have improved the group’s underlying profit margin.’

Helsby said the adviser had made a strong start to 2013, particularly in the UK and Asia.‘We have started 2013 more strongly than last year and we are confident in the group’s prospects for the coming period.’