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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.”

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