Partly Cloudy

Partly Cloudy

max temp: 20°C

min temp: 16°C

ESTD 1874 Search

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

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.

shares

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.

shares

0 comments

Stephen Rose, SSE head of offshore wind generation

The man tasked with ensuring the smooth operation of a £1.6bn windfarm off the Suffolk coast has explained the challenges of overseeing 140 turbines capable of powering half-a-million homes and the contractual “crossroads” his firm faces next year.

Students at UCS in Interior Architecture and Design, have been taking part in a design competition to design an entrance canopy for the St Edmunds House apartments in Rope Walk.
Ross Carroll, director of Crown House Homes, left, with course tutor Dr Liana Psarologaki, and Annali Hubbard of Palmer & Partners estate agents, and some of the course students, Elliott Jones, Bryony Briggs, Dan Hutton, Amy Schuller and Michelle Villar

Apartment developers hold a design competition with university students

A member of staff at N2S bagging up scrap computer components ready for further destruction and recycling.

A Suffolk-based computer equipment lifecycle management company is celebrating after achieving accreditation allowing it to work at the highest level of Government.

Culture Secretary John Whittingdale, left, visiting Ipswich company IJYI.

Culture Secretary John Whittingdale has urged more small and medium-sized businesses in and around Ipswich to sign up to a scheme which provides the funding for the infrastructure they need to get fast broadband connections.

Post Office

The Post Office in a Suffolk town is moving to new premises, and will offer longer opening hours.

Dame Fiona Kendrick:, chief executive of Nestlé  UK & Ireland

Food giant Nestlé has announced plans to close its defined benefit pension scheme, sparking the threat of industrial action.

The Treasury has sold another 1% stake in Lloyds Banking Group.

The taxpayers’ stake in Lloyds Banking Group has fallen to below 16% after the Government sold off another tranche of shares.

The installation of solar panels on the roof of Precision Marketing Group's premises in Lamdin Road, Bury St Edmunds

A Suffolk-based firm will be among the organisations taking part in a nation-wide celebration of solar energy tomorrow.

Candy Gaga'’s Wanda Hewell, right, and daughter, Cherish.

Tower Ramparts in Ipswich now has its very own castle – thanks to the success of a local sweet shop business.

Stansted Airport

A report into the future of Britain’s airports does not rule out a second runway at Stansted – and raises fears of extra night flights to the Essex airport.

Most read

Most commented

Topic pages