Staying afloat


Andrea Kirkby looks at how quoted property firms are weathering the storm.


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state agency shares haven’t, perhaps, been the best stock market investment you could have made back in 2006 or 2007. Most of them,


though they’ve bounced back to some extent, are still trading at much lower levels than they were then; and some have disappeared (Humberts for instance went into administration in 2008, and the business was then bought by Mercantile Group.) But most have also made substantial


progress over the past few years in cutting costs and putting their houses in order – and several are even managing to expand. Savills for instance has recently increased


its American representation, opening new offices in Washington and Los Angeles, and is continuing to diversify by


22 DECEMBER 2011 PROPERTYdrum


establishing new lines of business. Its consultancy business saw profits cut nearly a third, as the firm invested in building new teams and opening new offices. Though it made a loss in 2008, it has come back strongly since; last year saw the company nearly double earnings per share – the main figure that investors look at.


Interim results saw Savills increasing its


revenues by ten per cent, with pre-tax profit up nearly 40 per cent. That reflects a strong performance in Asia, particularly Vietnam, as well as strength in prime London property, with overseas investors flocking to the UK. Internationally represented agents like Savills are


Interim results saw Savills increasing its international revenues by 10 per cent, with pre-tax profits up by nearly 40 per cent.’


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