Leading UK Property Agency Pays GBP60m in Staff Bonuses
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The recovery in the UK residential housing market, as well as a significant improvement in Asia Pacific transactions, means that 20,000 staff at Savills will share a GBP60m bonus payment.
While Savills' estate agency arm doubled profits to GBP6.3m in 2009, pre-tax profit fell by nearly 25% across all the company's operations to GBP25.2m.
City A.M. reported a Savills' company spokesman as saying “We have reduced costs significantly across the group while maintaining the operating capacity of our transaction teams around the world to take advantage of improvements in market conditions. Against this backdrop we maintain a cautious stance and anticipate that our overall performance in 2010 will be similar to that of 2009.”
The company reduced costs over 2009 by GBP62m while the company's sale transaction profits increased by 320% as the market improved in the second half of the year.
Savills employs around 3,000 people in the UK.
City A.M. reported a Savills' company spokesman as saying “We have reduced costs significantly across the group while maintaining the operating capacity of our transaction teams around the world to take advantage of improvements in market conditions. Against this backdrop we maintain a cautious stance and anticipate that our overall performance in 2010 will be similar to that of 2009.”
The company reduced costs over 2009 by GBP62m while the company's sale transaction profits increased by 320% as the market improved in the second half of the year.
Savills employs around 3,000 people in the UK.
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