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Savills profits slashed

Savills has revealed a sharp decline in its underlying pre-tax profits in its half year results.

The underlying profit before tax for the group decreased by 41 per cent to just£19.2 million.

The group, which is made up of both estate agencies and brokerages, attributed the profit loses to weaker market conditions in both the UK and Europe.

The group also posted positive results – its sale of its Infinergy wind farm business made a one-off profit of £17.0 million. Also its good performance in Asia and from non-transaction businesses meant that group profit before tax increased 1 per cent to £33.4 million.

Savills Chairman Peter Smith says: “2008 continues to be a challenging year for the real estate industry worldwide. However, we have delivered a robust set of figures as a direct result of creating a more balanced business.

“We are taking action to reduce costs across the group, but are also continuing to invest selectively.”


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