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Savills profits surge on Asian property boom and London recovery

Julia Kollewe Guardian
Hong Kong: Savills chief Jeremy Helsby warns that the recovery there is likely to slow as China acts to stop its property market overheating. Photograph: Alex Hofford/EPA

Hong Kong: Savills chief Jeremy Helsby warns that the recovery there is likely to slow as China acts to stop its property market overheating. Photograph: Alex Hofford/EPA


Property consultancy Savills has seen profits surge on the back of the property boom in Asia and the recovery in London.



Profit before tax bounced back to £14.4m in the first six months of the year, up from £100,000 in the same period a year ago. Savills booked revenues of £304.4m, up 23% from a year ago.

Chief executive Jeremy Helsby highlighted a strong performance in Hong Kong and the strength of the London residential market, although there have been some signs of a slowdown recently, as well as a big reduction in losses at the firm's continental European operations.

For the first time, revenues from overseas made up more than half of the group's total.

For the prime residential markets in central London and the rest of the UK, Savills is predicting a broadly flat performance in the second half and next year, with some small price falls, followed by a strong recovery from 2012.


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