Profits evaporate at Savills

Estate agent Savills saw interim profits virtually vanish as lack of finance continues to hobble the housing market.Group revenue in the first half of 2009 eased to £247.6m from £278.1m a year earlier while profit before tax slumped to £0.1m from £33.4m.Nevertheless, group chief executive Jeremy Helsby said the fact that the company did not dip into the red should be regarded as a good result, given 'some of the toughest trading conditions in decades.''Although there have been some recent signs of improvement in some areas of UK Residential and the Asia Pacific regions, property markets generally are still suffering from a lack of debt finance, shortage of quality product and concerns over the impact of recession upon occupiers,' Helsby said.The interim dividend has been halved to 3p.