| Savills profits fall |
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| Thursday, 28 August 2008 | |
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Savills, the British property adviser and estate agency, has seen profits at its global residential and commercial sales arm plummet by 88%.
The company made £19.2m profit in the first half of 2008, down from the £33.2m recorded over the same period in 2007 - a drop of 41%. Overall, revenue dropped from £284m to £278m. Savills plans to cut costs by around £20m over the year, with its sales division bearing the brunt of the cutbacks, alongside the financial services arm which reported a 59% drop in profits to just £700,000 for the period. |
