Profits soar at Savills
Pre-tax profit has shot up 173 per cent at property agent Savills. The firm, which has an office in Birmingham, said that profit before tax had reached £36.8m in its year-end results.
Revenue across the company’s UK offices also increased 21 per cent to £677m for the year ending 31 December 2010.
Savills said its Birmingham office had “improved its overall performance with the investment, management and building consultancy sectors in particular producing very good results”.
Year-end net cash stood at £86.9m, an increase on the previous year’s result of £66.3m.
The firm attributed its impressive growth in part to a “record performance” from its Asia Pacific division, which represented 41 per cent of the group’s revenue.
Barry Allen, head of Savills Birmingham, said: "In trading and economic conditions which have continued to be difficult our businesses in the West Midlands have done extremely well.
"The Birmingham office has improved its overall performance with the investment, management and building consultancy sectors in particular producing very good results. We have continued to recruit at senior levels and remain committed to our graduate programme.”
