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Savills Group expects £40m pre-tax profit in 2010

Savills Group says it expects to make pre-tax profits in excess of £40m for the year to December 31, 2010.

In an interim management statement, the group, which is the parent company of Savills Private Finance’s, says its performance in Asia and the potential completion of some “significant” London deals has lead it to the profit figure.

Savills reported pre-tax profits of £14.4m for the first six months of the year.

The group says Savills Private Finance’s revenue levels remain stable, despite the mortgage market being stagnant.

Its residential agency business is performing strongly, driven by the strength of the prime London market.

It says it is in a net cash position and has an unused facility of £50m. The group says it continues to review acquisition opportunities.

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