Savills profit increases by 31%

London listed property agent Savills has returned a 31% rise in underlying pre-tax profit to £75 million in the year ended 31 December 2006.

In the corresponding period in 2005, Savills produced a pre-tax profit of £57.2 million.

Underlying revenue rose 38% to £517.6 million.

Savills chairman Peter Smith said the commercial and residential markets remain strong and in the absence of a global economic downturn, we are confident that we will continue to make good progress in 2007.

Savills said the US market was a key priority for the year as it eyes further European expansion.

Shareholders will receive a final dividend of 11 pence per share, giving them a total of 16 pence for the year — up from 12 pence a year ago.

Australian Property Journal