Record revenue drives strong earnings recovery

17 March 2011

Savills plc, the international real estate advisor, is pleased to announce its audited results for the year ended 31 December 2010.

Financial Highlights:

  • Group revenue up 21% (19% in constant currency “cc”) to £677.0m (2009: £560.7m)
  • Underlying profit before tax up 88% (83% cc) to £47.3m* (2009: £25.2m)
  • Profit before tax up 173% to £36.8m (2009: £13.5m)
  • Underlying basic earnings per share up 92% (86% cc) to 27.9p* (2009: 14.5p)
  • Basic earnings per share up 181% to 20.5p (2009: 7.3p)
  • Year end net cash £86.9m (2009: £66.3m)
  • New Distribution policy: Final ordinary and supplemental interim dividends total 10p per share
    (2009: 6p), making a 44% increase to 13p for the year (2009: 9p)

* Underlying profit is calculated by adjusting reported pre-tax profit for profit/loss on disposals, share-based payment adjustment and impairment and amortisation of goodwill and intangibles (excluding software).

Operating Highlights

  • Strong revenue performance driven by recovery of real estate transaction markets
  • Record performance from Asia Pacific representing 41% of Group revenue
  • Continued strength in Prime London Residential and Commercial markets
  • Significantly improved performance from Continental Europe
  • Cordea Savills improves profitability with AUM increasing 12% (13%cc) to £2.8bn

Continued investment through recruitment and bolt on acquisitions Jeremy Helsby, Group Chief Executive of Savills plc, commented:

“I am pleased to report a strong performance by Savills, driven by a resurgence of investment activity in prime global markets, most notably in London and a number of Asian capitals. It was also encouraging to see conditions improve in the US and the key French and German markets, although the trend was not consistent across all of Continental Europe.

In the near term, it is unclear how markets will react to the recent catastrophic events in Japan, particularly at a time of unprecedented global economic and political change. For the markets of Mainland China, Hong Kong and Singapore these events come on top of Government measures of the last twelve months to address property speculation.

The longer term potential of our Asian business remains compelling, but at this stage, we continue to expect a reduced volume of transactions in the region in 2011.

At the same time we anticipate further recovery in the US and parts of Continental Europe, some growth for the prime London Residential and Commercial businesses and continued growth in Fund Management. Although it is impossible to be certain in current circumstances, we anticipate that any slowdown in Asia should be largely offset by improving performances elsewhere.

We are well placed, thanks to our core strengths in both the Commercial and Prime Residential sectors, to meet the developing needs of our worldwide client base.

Our confidence in the longer term potential of our business is reflected in the substantial increase in annual dividend and our new dividend policy announced today.”

There was as analyst presentation today at 9.30am at UBS, 1 Finsbury Avenue, London EC2M 2PP.  Full presentations are avaliable above or at


General Enquiries

Head Office London


Key Contacts

Jeremy Helsby

Jeremy Helsby

Chief Executive Officer
Plc Central Management

Head Office London

+44 (0) 20 7499 8644


Simon Shaw

Simon Shaw

Chief Financial Officer
Plc Central Management

Head Office London

+44 (0) 20 3107 5420