Savills Sees a 24% Fall Of Pre Tax Profits

The current turbulent conditions that exist in the global commercial property markets have taken a toll on Savills’s shares, with a 24% fall in full-year pretax profit to £25.2m from £33.2m a year earlier.

According to Savills’ publication of results for the year to end December 2009, shares declined 1.85% or 6.80p to 361.30p

The group’s commercial transaction advisory businesses had faced tough conditions for most of the year despite an upturn in the fourth quarter in the UK.

Savills said that net income was £8.9m, or 6.9p a share, compared with a loss of £11.3m, or 9.3p, a year earlier.