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Savills’ financial services arm reports £1.9m loss

The financial services division of Savills made a £1.9m loss in 2010, a 34 per cent improvement on the £2.9m loss reported in 2009.

In its annual results for the year ending December 31, 2010, the group revealed its financial services arm had suffered a 16 per cent drop in revenue, from £11.2m in 2009 to £9.4m in 2010.

The group reported a pre-tax profit of £36.8m, up 173 per cent from the £13.5m reported the year before.

Group revenue was £677m compared to £560m in 2009 and net assets, as of December 31, were £209.1m, up from £197.7m the year before.

Group chief executive Jeremy Helsby says: “We anticipate further recovery in the US and parts of continental Europe, some growth for the prime London residential and commercial businesses and continued growth in fund management. Although it is impossible to be certain in current circumstances, we anticipate that any slowdown in Asia should be largely offset by improving performances elsewhere.

“We are well placed, thanks to our core strengths in both the commercial and prime residential sectors, to meet the developing needs of our worldwide client base.”

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