View more on these topics

Savills reports improved first half profits

Savills has reported a £14.4m pre-tax profit for the first six months of 2010, up from the £0.1m pre-tax profit registered for the first half of last year.

Group revenue increased 23 per cent to £304.4m in the first six months of the year from £247.6m in 2009.

Underlying group profit before tax grew to £17.2m from £2.5m in the first half of 2009.

At June 30, 2010, Savills says its balance sheet remained sound with net cash of £20.1m, whereas at June 30, 2009 there was a net debt of £0.4m. Savills also has a £60m credit facility of which £43m was unused.

Savills group chief executive Jeremy Helsby says: “We have had a strong first half particularly through the recovery of transaction markets in the UK and Asia Pacific, which are core to the Group’s success. At the same time we have substantially reduced losses in the Continental European business and are seeing some improvement in the US market.

 “Looking to the second half, factors such as the Chinese Government’s desire to contain overheating in the residential market, continued concerns over economic growth in many countries and prolonged low levels of debt availability indicate that the recovery is likely to flatten off during the coming months. Since Q4 2009 we have consistently maintained a cautious outlook for the second half of 2010, and with such uncertainties remaining we currently have no reason to change that view.

“Over the last two years we have successfully restructured and re-positioned Savills businesses to address the market conditions that they face, and we are now well placed to take advantage of business opportunities as they arise.”

Earlier this month, Savills’ packaging arm, Savills Lending Solutions, entered a consultation period with its eight employees due to continued difficult trading conditions.


Prestwood launches financial planner mentoring programme

Prestwood Group, the company behind Truth and Prestwood Software, has launched a coaching and mentoring programme to help financial planners transition their business ahead of the retail distribution review. The programme is spread over four to six months and includes tutorials and practical support. It is led by a team of eight mentors based across […]


ABI to amend VAT guidance

The Association of British Insurers says it will correct its VAT guidance to remove the implication that advice fees must be paid upfront to be eligible for a VAT exemption. HM Revenue & Customs and the ABI recently issued guidance on the tax treatment of adviser remuneration, which reiterates that VAT is only payable on […]

Lipper backs performance clawback

Lipper has proposed that investment companies using performance fees should include a clawback feature to reduce charges if the manager fails to achieve targeted returns. Research by the firm suggests such a move would help to ensure a fund’s charging structure is more than just a oneway bet for the company. Overall, Lipper found that […]


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