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Savills releases profit warning

Savills has issued a profit warning ahead of its full year results due to significantly restricted business in its mortgage broking arms.

The international brokerage has admitted its UK and US mortgage broking proposition, which is one of the largest in this country, has experienced a “significant fall off” thanks to its heavy dependence on transactions, which have been severely affected by the mortgage business.

It says its property businesses across Europe and Asia are performing as predicted, as is its property management proposition. It also admits that its fund management arm has taken a hit thanks to difficulties in raising capital.

Savills admits it now expects underlying profit before tax for 2008 to be significantly below the current range of analyst forecasts.

Savills says: “In these challenging markets, our robust balance sheet and committed bank facilities until 2011 are a major strength. The Board will consider its dividend policy in light of the full year result for 2008 and trading in the early.”

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