Rain

Rain

max temp: 13°C

min temp: 1°C

Search

East Anglia: Annual profits at Savills rise 35% as market activity picks up

PUBLISHED: 13:50 20 March 2014 | UPDATED: 13:50 20 March 2014

Mark Oliver of Savills, Ipswich

Mark Oliver of Savills, Ipswich

Archant

International property advisers firm Savills today reported a 35% increase in annual profits.

The group, whose presence in the UK includes offices in Ipswich, Chelmsford, Cambridge and Norwich, saw revenues for the year to December 31 grow by 12% to £904.8m, from £806.4m in 2012.

Pre-tax profit advanced to £70.1m, against a restated £52.0m the previous year, with underlying growth of 28% on a consistent reporting basis.

Mark Oliver, director at Savills’ Ipswich office, said: “Our multi-discipline office continues to draw on wide-ranging expertise to offer sound advice to our clients.

“By the end of last year the residential market had rallied with enthusiasm and we are optimistic about prospects for 2014 as the economy continues to recover and London buyers return to Suffolk, attracted by the lifestyle and value for money.

“In the new homes sector the shortage of stock really began to show in the last quarter of 2013 when scarcity pushed prices upwards. More new developments are needed in Suffolk and Essex to satisfy demand.

“For farmers and landowners, land supply is still limited which may well give rise to further increases in value. The profitability of arable farming continues to be affected by the volatility of commodity prices but overall the picture remains positive.

“Meanwhile farm diversification and sales opportunities will be assisted by the anticipated changes to permitted development rights and redundant farm buildings.”

Mr Oliver added: “Commercial property activity has markedly improved in Suffolk over recent months which has led to such diverse results as the sale of the former Ipswich Odeon, the freehold disposal of Lothingland Middle School, a 20,000 sq ft warehouse at Farthing Road, and two acres of open storage land near Woodbridge.

“Companies are increasingly dusting down their old expansion plans and showing an appetite for new space. On the industrial side in particular, demand is beginning to outstrip supply although we haven’t quite yet seen a return to speculative new buildings coming through.”

Final ordinary and supplementary interim dividends totalling 15.5p per share will take the total dividend for the year to 19.0p per share, up 19% from 16.0p for 2012.

0 comments

Ipswich is set to be one of the most visited towns in the UK this long bank holiday weekend.

A woman has been banned from the road for 17 months after pleading guilty to drink driving just two weeks after passing her test.

Three new housing developments in Capel St Mary could see the village double in size over the next decade, the parish council believes.

A family has appealed for the return of a chihuahua puppy, stolen from a park in Woodbridge after getting loose from a garden.

The eighth week of searching a landfill site in Cambridgeshire for missing RAF serviceman Corrie McKeague could be a crucial one, according to his mother Nicola Urquhart.

The driver of a car which crashed into a wall in Goring Road, Ipswich this afternoon is believed to have suffered a stroke at the wheel, emergency services have said.

Both Labour and the Liberal Democrats in Suffolk hope to have candidates in place by the May Day bank holiday next Monday.

Parts of East Anglia may see some wintery showers today as the end of April takes a turn for the cooler.

Crime writer Sharon Bolton will be visiting a Suffolk bookshop to talk about her new book this week.

In the months since RAF serviceman Corrie McKeague went missing after a night out in Bury St Edmunds, very little information has come to light.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Newsletter Sign Up

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24