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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
