Business
Preliminary Results
Preliminary Results.
About this update from Savills Plc
[{"type":"text","content":"\n Savills PLC\n12 March 2008\n\n\n\n SAVILLS PLC\n ('Savills' or 'the Group')\n\n PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2007\n\n RECORD RESULT FOR SAVILLS\n\n\nSavills plc, the international property advisers, is pleased to announce its\npreliminary results for the year ended 31 December 2007.\n\n\nOperational Highlights\n\n• Strong performance during 2007; underlying profits before tax up 14%\n to £85.5m reflecting the benefits of the Group's business and geographical\n diversification\n\n• US platform established with acquisition of Savills Granite. Asian and\n continental European businesses continuing to grow strongly\n\n• Continued investment in growth through acquisitions, recruiting new\n teams and opening new offices:\n\n - Further geographic expansion: US, Vietnam and Taiwan\n - 29 new offices opened\n - Important acquisitions successfully completed: Hepher Dixon (UK\n planning) Christopher Rowland (UK residential) and Granite (US commercial)\n - Selective hiring of both individuals and teams\n\n\n• £41 million spent on share buy backs for cancellation and for Employee\n Benefit Trust\n\n• Jeremy Helsby appointed as Group Chief Executive effective from May\n 2008 and Mark Dearsley appointed as Group Finance Director effective from\n September 2007\n\n\n\nFinancial Highlights\n\nUnderlying results*\n\n• Revenue up 26% to £650.5m (2006: £517.6m)\n• Underlying Group profit before tax up 14% to £85.5m (2006: £75m)\n• Underlying basic earnings per share up 13% to 46.1p (2006: 40.8p)\n\n*Underlying Group profit is calculated by adjusting reported profit before tax\nto deduct profit on disposals of £0.7m (2006: £5.1m), share based payment\nadjustment of £4.8m (2006: £6.1m) and add back amortisation of intangibles and\nimpairment of goodwill and available-for-sale investments of £5.1m (2006:\n£1.8m).\n\n\nReported IFRS results - continuing operations\n\n• Revenue up 26% to £650.5m (2006: £517.6m)\n• Group profit before tax up 2% to £85.9m (2006: £84.4m)\n• Basic earnings per share 45.5p (2006: 46.0p)\n• Proposed final dividend of 12p net per share (2006: 11p), making 18p\n for the year, an increase of 12.5%\n\n\nAubrey Adams, Group Chief Executive of Savills plc, commented:\n\n'Underlying pre-tax profits increased from £75.0m to £85.5m and reported IFRS\npre-tax profits in...