View more on these topics

Savills financial services arm reveals £2m loss

Savills financial services arm, which includes Savills Private Finance, has revealed pre-tax losses of £2.1m for the first half of 2009.

The financial services arm posted profits of £1m at the end of 2008, but blamed the huge downturn in the UK property market for its losses. Its fund management arm posted profits of £1.6m, down from £2.2m six months ago.

The group posted profits of £2.5m, down from £19.2m profits at the end of 2008. It says strong growth of property and facilities management now represents almost half of the group revenues.

The financial services arm comprises of broker Savills Private Finance and Savills Capital Advisers.

Savills group chief executive Jeremy Helsby says: “These results clearly demonstrate Savills’ resilience in some of the toughest trading conditions in decades. To generate a profit is testament to the diversification of our business and the quality and determination of our teams around the world.”

Helsby says the group remains on track to achieve at least £50m annualised savings by the year end.

He says: “Although there have been some recent signs of improvement in some areas of UK Residential and the Asia Pacific regions, property markets generally are still suffering from a lack of debt finance, shortage of quality product and concerns over the impact of recession upon occupiers. Against this backdrop we continue to adopt a cautious outlook as predicting the timing of sustainable improvement in our markets remains difficult.”


Rayner Spencer Mills: Why we rate the Artemis US Select Fund

Ken Rayner and Graham O¹Neill from RSM explain why they rate the fund, its investment process and how it can be used in a portfolio The Artemis US Select Fund became a RSM ‘rated’ fund earlier this year. In this video, Ken Rayner and Graham O’Neill explain the fund’s investment approach, why they rate it, […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm