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.

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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

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