Savills’ pretax profits rose 21% to £60.8m on a group revenue of £806.4m (up 12% on the year) in 2012, thrashing most analysts’ expectations. Thomson Reuters had expected Savills’ year-end results to show pre-tax profits of £57.5m and revenue of £774m. UK operation profits rose by 11% in 2012.
The Asia-Pacific region led performance growth, with commercial property activity benefitting from efforts to cool Hong Kong’s resi market, whilst demand for resi and commercial property in London delivered an 11% increase in domestic. The continent did not perform quite so well, with losses posted across Europe as a result of euro zone break-up fears and a sickly economy.