Savills beats forecasts despite European headwinds

Savills, the global estate agent and property consultancy, managed to grow profits in 2011 despite weaker trading in Europe and the Far East.Underlying profit before tax for 2011 increased by 7% to £50.4m (2010: £47.3m), on revenue which grew by 7% to £721.5m (2010: £677.0m). These figures were ahead of analyst forecasts, which had revenues at £709m and pre-tax profits at £49m.Underlying earnings per share came in at 29p, ahead of the consensus forecast of 27.42p.The dividend has been raised 4% to 10.35p per share compared to 2010's figure of 10p.Commenting on the results Jeremy Helsby, Savills' Chief Executive, said: "We remain focused on reducing our losses in Continental Europe while at the same time supporting expansion in the core markets of France and Germany. Challenging markets can provide attractive expansion opportunities and we have been able to open additional offices in London, Germany, China, and the East and West Coast markets of the US."Savills shares have gained 5.7% over the last 12 months and 35% since September 2011.BS