Friday 20 September 2019

Savills' pre-tax profits soar to €7.1m

Commercial property booms
Commercial property booms

Gordon Deegan

Pre-tax profits for the holding firm for the Irish unit of property firm Savills last year increased by 42pc to €7.13m on the back of a booming commercial property sector in Dublin.

New accounts filed by Anatao show that the business increased its profits after revenues increased by 17pc from €46.7m to €55m in the 12 months to the end of last December.

Please log in or register with for free access to this article.

Log In

The firm, which has offices in Dublin, Cork and Belfast, paid a dividend of €4.5m last year after paying out a dividend of €7.5m in 2017.

Numbers employed by the business last year reduced from 302 to 278 and staff costs last year increased from €26.14m to €30.8m.

The staff costs last year included shared based payments of €127,929 and severance and redundancy costs of €107,772.

Wages and salaries increased from €23.2m to €27.5m.

Two directors served during the year, managing director of Savills Ireland Angus Potterton and finance and operations director Peter Callendar and directors emoluments last year increased from €742,006 to €957,118. In addition, the firm paid €117,900 in pension contributions for directors last year.

The firm recorded operating profits of €7.1m after incurring administrative costs of €47.9m. The firm recorded a post-tax profit of €6.1m after paying corporation tax of €960,828.

The firm's shareholder at the end of last December totalled €13.6m that included accumulated profits of €9.4m. The firm's cash increased from €12m to €15.2m.

The profit last year takes account of non-cash depreciation costs of €608,766. The firm's operating lease costs decreased from €2.45m to €2.36m.

Irish Independent

Also in Business