– Group pre-tax profit was
up 31% at £20.2m (1999 – £15.4m).
– Group turnover increased
by 39% to £141.9m (1999 – £102.4m).
– Earnings per share
were up 38% at 27.8p (1999 – 20.1p).
– Proposed year-end
dividend of 4.5p (net) per share making a total for the year of 7.5p (1999 – 5.75p),
a 30% increase.

Richard Jewson, Chairman
of Savills plc, comments:

‘This has been a notable
year in the life of your Company. Our exceptional staff have again taken full
advantage of conditions in the market.

‘We have taken two significant
strategic steps forward in the development of FPDSavills as an international
property services group with the acquisition of First Pacific Davies Limited
and our strategic alliance with Trammell Crow Company, one of the leading US
commercial real estate companies.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

‘The current financial year
has started positively across the board including contributions from Europe
and Asia Pacific. With 89 offices and associates in 19 countries and our alliance
with Trammell Crow Company we can offer a broad international service and perspective
to clients. Although markets are now quieter than they have been recently, we
believe that the conditions exist to allow the many initiatives we have taken
to bear fruit and we expect to make further progress this year.’

Chairman’s Statement, Operating
and Financial Reviews & Preliminary Announcement of Results follow

For further information
please contact:
Aubrey Adams, Group
Chief Executive, Savills plc 020 7409 9923
Andy Yeo, Buchanan
Communications Morning 020 7409 9923 Afternoon 020 7466 5000
Savills plc. Registered
in England No. 2122174. Registered Office 20 Grosvenor Hill, Berkeley Square,
London W1K 3HQ


RESULTS This has been a
notable year in the life of your Company. I am delighted to announce a 31% increase
in pre-tax profit to £20.2m (1999 – £15.4m) for the year ended 30
April 2000, during which we have also made considerable progress in our international
development. Earnings per share are up 38% at 27.8p (1999 – 20.1p) and over
the last 10 years we have achieved earnings per share growth of 16.6% compound.
Turnover increased by 39% to £141.9m (1999 – £102.4m), and we are
pleased that operating profit margins in the UK property services business have
increased slightly. Shareholders’ funds have increased from £45.3m to
£69.6m, including cash balances of £29.1m. Our exceptional staff
have again taken full advantage of conditions in the market.

DIVIDEND The Board is recommending
a final dividend of 4.5p (net) per share making a total for the year of 7.5p
(1999 – 5.75p), a 30% increase. The dividend is covered 3.4 times.

HIGHLIGHTS We have taken
two significant strategic steps forward in the development of FPDSavills as
an international property services group.

– On 7 April 2000 we completed
the acquisition of Hong Kong based First Pacific Davies Limited (now called
FPDSavills Asia Pacific Limited) from First Pacific Company; the company contributed
£406,000 profit before interest and tax to the Group for the period to
30 April 2000; and

– since the year-end, we
have formed a strategic alliance with Trammell Crow Company, one of the leading
diversified commercial real estate companies in the US, the world’s largest
real estate market. The acquisition of First Pacific Davies marked the culmination
of an association which started in 1997, with the establishment of a joint international
network and a common branding, and which provides the Group with extensive coverage
throughout Asia Pacific and Australia. The consideration for the transaction
was HK$225m (£18.1m) in cash and 7.8m (£14.4m) new shares in Savills.

Under the US alliance, Trammell
Crow Company purchased 10% of the Company’s shares from First Pacific Company
and we have entered into an option agreement, which allows Trammell Crow Company
to increase their holding up to 20%. As part of the transaction, we have formed
a corporate real estate joint venture in Europe, which includes both Trigon
Limited, our existing facilities management company, and our Corporate Services
business. The new company, branded Trammell Crow Savills, is owned 51% by Trammell
Crow Company and 49% by Savills and will utilise Trammell Crow’s expertise and
US client base. We plan to extend this joint venture concept into Asia Pacific
in due course.

This continued expansion
of the Group outside its traditional UK market enables us to meet the increasingly
international requirements of clients and will facilitate the development of
further international opportunities in the future. Our existing offices in Europe
are being strengthened and have made a contribution to profit.

In the UK, FPDSavills Limited
raised profits by 78% on the back of a strong residential property market, particularly
in London. Since the year-end we have committed to offices in Wimbledon and
Windsor. FPDSavills Commercial Limited again performed extremely well, with
both the agency and professional teams taking market share from competitors.
Investment agency was particularly strong. We have had a good response to the
launch of the Charities Property Fund by Savills Fund Management.

Savills Finance Holdings
plc has made significant progress. Grosvenor Hill Ventures Limited sustained
profitability with further sales and the acquisition of Yorkshire Mill Village,
a retail outlet complex, in Batley. Savills Private Finance Limited is now trading
profitably and has launched NetMortgage, an on-line mortgage search and select
facility. The Schroder’s Residential Property Unit Trust, which we manage, has
made its first purchases since the year-end.

who founded First Pacific Davies and joined our board in 1997, sadly died in
June after a brave struggle against cancer. His vision and enthusiasm were important
ingredients in bringing our businesses together; a key step in making Savills
a truly international property adviser. He made a significant contribution to
our deliberations and we extend sympathy to his wife and family.

The number of Non-Executive
Directors has increased to six with the appointments of Michael Healy and David
Eastlake with effect from 7 April 2000 as representatives of First Pacific Company;
and of William J Concannon and H Pryor Blackwell with effect from 30 June 2000
as representatives of Trammell Crow Company. We are delighted to welcome these
new colleagues who bring with them a great breadth of experience and expertise.
Godfrey Blott resigned as a Non-Executive Director during the year and we are
grateful to him for his contribution to the international development of the
Group. We were also pleased to announce the Executive appointments of David
Wong, Chief Executive Officer of FPDSavills Asia Pacific Limited, on 7 April
2000 and of Robert McKellar as Finance Director on 1 June 2000 and to confirm
that Aubrey Adams, previously Managing Director, now has the title of Group
Chief Executive. Geoffrey van Cutsem will resign as a Director at the forthcoming
Annual General Meeting but will continue as chairman of FPDSavills Limited.
We are most grateful to Geoffrey van Cutsem for the tremendous contribution
that he has made to the Board over the past 13 years and look forward to continuing
to work with him in the future.

I willingly pay tribute
again to our staff throughout the Group. We have a great many talented people
fully committed to adding value to our clients. Our reward system is an important
mechanism in providing a balance between the interests of staff and shareholders.

OUTLOOK The current financial
year has started positively across the board including contributions from Europe
and Asia Pacific. With 89 offices and associates in 19 countries and our alliance
with Trammell Crow Company we can offer a broad international service and perspective
to clients. Although markets are quieter than they have been recently, we believe
that the conditions exist to allow the many initiatives we have taken to bear
fruit and we expect to make further progress this year.

Richard Jewson, Chairman


SUMMARY Group turnover increased
by 39% to £141.9m (1999 – £102.4m). Group turnover excluding property
sales increased by 43% from £89.4m to £127.4m. Group pre-tax profit
for the year was £20.2m (1999 – £15.4m), an increase of 31%. It
is proposed to increase the total dividend for the year by 30% to 7.5p (net)
per share (1999 – 5.75p).

The performance of our main
operating segments was as follows:

– FPDSavills had an outstanding
year, with profits up 78% to £9.3m (1999 – £5.2m) on turnover of
£68.7m (1999 – £48.0m).
– The Commercial businesses
(including FPDSavills Commercial Limited, FPDSavills Asia Pacific Limited, Trigon
Limited and the European subsidiaries) continued to perform well, increasing
turnover by 40% to £54.9m (1999 – £39.1m) and pre-tax profit by
29% to £9.4m (1999 – £7.3m).
– The property companies
(including the Grosvenor Hill Ventures Group and co-investment companies) generated
a profit of £2.1m on turnover of £14.5m.
– Average staff numbers
increased from 1,238 to 2,311 and, as at the year-end, the total staff number
had increased to 11,508 (1999 – 1,456) largely as a result of the acquisition
of First Pacific Davies. Incentive payments totalled £29.6m compared with
£18.6m last
year, reflecting the outstanding performance in the property services businesses.

The property services subsidiaries, trading under the FPDSavills brand, had
an excellent year with record profits within the two main operating companies.
The international side of the business has also made great strides with the
acquisition in April of First Pacific Davies Limited (now called FPDSavills
Asia Pacific Limited), the holding company for the Asia Pacific business. The
strategic alliance with Trammell Crow Company in the US completed after the
year-end, on 30 June 2000. FPDSavills’ leading position in the UK market was
recognised by topping the Estates Gazette League Table of chartered surveying
businesses; the rapid expansion of our international coverage places us amongst
the handful of companies that can offer genuine integrated services on a world-wide

Summaries of the main practice
areas for our European businesses are set out below and further commentary on
the other international operations is given under a separate heading. Agency
Commercial Agency With a strong focus on the areas of the country where demand
has been highest and consequently where activity and growth in rents has moved
ahead fastest, our business space team in particular had a most successful year,
with West End and regional offices also showing significant increases in profitability.
Highlights included:

Acquisition of the former
Paddington Goods Yard site on behalf of Development Securities Plc, Norwich
Union and Equitable Life for £77m. The scheme has planning permission
for approximately 1.9m sq ft of offices, 70,000 sq ft of retail and 200,000
sq ft of residential. Speculative development of the site will commence in October

Acquisitions by the National
Industrial team, which has been extremely active on new developments and occupier
work across the UK, of: 80,000 sq ft pre-let acquisition in Uxbridge for new
Head Quarters and Distribution Centre for Pizza Express; 80,000 sq ft on a new
industrial scheme at Heathrow for Alpha Catering; and a 106,000 sq ft warehouse
sale in Leicester for Mattel.

Acquisition of 50% interest
in Central Park, Rugby (120 acres); acquisition of 120,000 sq ft JIT facility
for Johnson Controls in Redditch; letting of speculative distribution development
(205,000 sq ft) at Hams Hall, Birmingham; portfolio valuation of University
of Warwick Science Park; and development consultancy and agency on Newcastle
Great Park (2.5m sq ft).

Hotels Our expanding Hotels
team had another good year, completing and formally valuing hotels and serviced
apartments valued at more than £1,100m. The department gave agency and
valuations advice on properties with an overall value of £1,800m.

Healthcare Since the year-end
a specialist team has been recruited to advise on valuation, acquisition and
disposal of nursing and residential homes and other specialist areas.

Retail Warehousing The Retail
Warehouse team performed strongly this year. The planning regime continues to
restrict the supply of new developments thereby increasing the value of existing
out of town locations. The team provided letting advice to Grantchester PLC
on 11 retail parks throughout the UK. Advice was provided to Pillar Property
PLC on two of the country’s leading shopping parks at Fosse Park, Leicester
(415,000 sq ft) and Fort Kinnaird, Edinburgh (580,000 sq ft). At Fosse Park,
pre-lettings were completed with New Look and Sports Soccer at £80 per
sq ft and £81 per sq ft, recording the highest rental levels achieved
to date within the sector.

Development Notable residential
developments in which we have been involved included the Prudential‘s Knightsbridge
Green Estate in London, part of which was sold at what is believed to be a record
price per acre for a residential site in London; and being appointed as sole
agents for Gleeson Homes’ Netherne-on-the-Hill new village development in Surrey,
comprising over 400 units.

Residential Extremely strong
market conditions throughout the year led to a doubling of profits in all regions
and an increase in market share. The market was particularly buoyant for the
very best properties, where prices often exceeded expectations.

In total £1.6bn of
property was sold, an increase of 50% over the previous year. Notable transactions
included Heythrop Park, Oxfordshire (guide price £15m), Mentmore Towers
(guide price £3m – 5m) and the Piccadilly Estate (formerly known as the
In and Out Club). Central London values have risen by about 30% and in the country
by about 19% during the year.

After hectic activity at
the start of the year, the market is well balanced between supply and demand
with prospects for another good year ahead.

Agricultural Agency The
recession in all sectors of the agricultural industry continued during the year.
However, despite falling farm incomes, the amount of land being offered for
sale publicly in 1999 was 25% less than the average for the preceeding four
years and values held up remarkably well. A three tier market developed with
strongest demand being for farms with a quality house, reflecting the strength
of the residential market, whereas values for more commercial farms in areas
with lower amenity softened by between 10% to 20%. Hardest to sell have been
off-lying blocks of commercial land where there is no interest from neighbouring

FPDSavills continued to
dominate the agency market; our in-house agricultural research department estimating
that the company has handled an annual average of one acre in every five advertised
in the Farmers Weekly and Country Life over the last five years.

The most notable transaction
with which FPDSavills was involved during 1999 was the Duchy of Cornwall’s acquisition
of the Prudential’s 28,000 acre rural property portfolio.

Investment Commercial Investment
The commercial investment market has continued its strong run against a background
of historically stable interest rates and steady economic growth, providing
prospects for sustainable rental growth on high quality properties.

The investment team had
an exceptional year with turnover some 50% up on last year. Notable transactions

– Acting on behalf of Morgan
Stanley Dean Witter in the acquisition of a Sainsbury foodstores portfolio in
the sum of £325m, comprising an innovative bond issue.
– The sale on behalf
of Grantchester plc of a retail warehouse portfolio in the sum of £80.3m
– The sale of Kensington
Village Phase I, Avonmore Row, London for MWB to Schroder Exempt Property Unit
Trust, whilst on behalf of Standard Life Investments we sold Port Road Retail
Park, Culverhouse Cross, Cardiff to Legal and General Property Limited for £22.5m.

Fund Management Savills
Fund Management enjoyed another strong year. Discretionary pension fund clients
outperformed their benchmarks by a wide margin in 1999. This performance was
recognised when the team won the Investment Property Databank/Investment Property
Forum (IPD/IPF) Award for the Best Performing Pension Fund over £100m
for the three years to December 1999.

In April 2000 Savills Fund
Management announced the creation of the Charities Property Fund. This is the
first property based common investment fund enabling charities to invest in
commercial property on a pooled basis. The Fund is wholly tax efficient with
investors benefiting from the valuable exemption from Stamp Duty. It is intended
that this Fund will grow to over £100m within 12 months.

Residential Investment The
emerging residential investment market provides FPDSavills with a unique opportunity
to capitalise on the full range of services that we offer in this sector. The
acquisition of an Oxford based residential corporate management business in
October 1999 from Bradford & Bingley Estate Agencies Limited enables us
to provide a comprehensive one stop shop to investors. We intend to consolidate
all our residential portfolio management business and client accounting in one
centre of excellence.

Professional Commercial
Valuation The Commercial Valuation department continues to raise its profile
in the loan security market being voted ‘Top of the Class’ by the Association
of Property Bankers. It is also developing its securitisation advisory business,
which is a major growth area. The department was appointed as the valuer for
the recent Sainsbury’s food superstore securitisation and for Canary Wharf’s
second securitisation, as well as the latter’s earlier flotation. Our turnover
and profit have increased by 33% per annum compound over the last five years.
Building Consultancy Our Building Consultancy department has extended its geographic
coverage with a principal office in London and regional teams in Cambridge,
Chelmsford, Glasgow, Manchester, Norwich and Wimborne. Each team offers a full
range of services with core competencies covering design, building surveying,
project management, acquisition and stock condition surveys. Notable projects
have included the refurbishment of INVESCO Europe Limited’s City offices. The
department is generally recognised to be the market leader in undertaking stock
condition surveys on the housing sector and is currently advising housing authorities
on issues where expenditure is in excess of £1bn.

Landlord and Tenant The
year was the most successful ever for the Landlord and Tenant department. The
key factor in this success has been the concentration on the retail warehousing
sector where a large proportion of rent reviews took place during the year and
where we have acted for nine of the ten top owners. Market share in the office
and industrial sectors has also been increasing where we anticipate dramatic
increases in activity in the short-term as rising rental levels reduce the percentage
of over renting in the market; market conditions for the rent review business
are now the best that they have been for the last ten years.

Planning and Development
A unified national planning structure has been established to capitalise upon
the acquisition of Shaw Cramond Limited last year and our existing spread of
planning expertise. The London based planning team has received a number of
significant new instructions and continues to extend its client base. The teams
in Wimborne, Cambridge, Oxford and Bath have all enjoyed a successful year handling
a wide range of projects including brownfield and residential expansion schemes
throughout the UK.

Our development departments
have been involved in various regeneration schemes with organisations such as
Peabody Trust (Canalside Development project in Kensington) and the Borough
of Hackney (Trowbridge Estate).

Property Management The
property management businesses have shown steady growth. We are in the process
of integrating our various regional teams into a single national business and
intend to expand this business considerably over the next few years.

Land and Farm Management
The acquisition of the lowland consultancy and estate management business of
Clegg Kennedy Drew in January endorsed our commitment to the rural property
business and brought land under our management in the UK to 1.8m acres. In times
of low agricultural return we will concentrate on bringing sound business principles
to the management of rural portfolios and to the development of their ancillary
businesses and assets. We remain committed to the further expansion of our interests
in this sector and our subsidiary Aubourn Farming.

Facilities Management Trigon
has continued to consolidate its position as a leading independent provider
of facilities management services to major corporates. New contracts secured
during the year included a call centre for British Airways. With effect from
30 June 2000, this business forms part of the joint venture with Trammell Crow
Company (see below).

Corporate Services The Corporate
Services team continues to build its business and the major development since
the year-end (as with Facilities Management) is the transfer of this part of
our business into the new joint venture with Trammell Crow Company (see below).

Asia Pacific The acquisition
of First Pacific Davies Limited (now called FPDSavills Asia Pacific Limited)
completed on 7 April 2000 and provided a satisfactory contribution for the month.
Prospects for the business are good as the Asian economies come out of a recent
downturn and look to experience significant growth. As reported in the circular
sent to the shareholders on 17 March 2000, the Directors believe that the expanded
and diversified services and client base from the acquisition provides high
quality and consistent earnings particularly from the high proportion of facility
and property management business. The results of the business so far confirm
our belief that there are good opportunities to expand the business further
throughout Asia Pacific and Australia.

International The acquisition
of First Pacific Davies during the year represented a major development for
our international business which has been further advanced since the year-end
with the completion of the strategic alliance with Trammell Crow Company. In
the space of three years, the Savills Group has moved from an almost exclusively
UK based business to one of the leading international players with, in the future,
close to half our property services turnover generated from international businesses.

The Savills Finance Holdings group made a lower contribution to profits this
year compared with last year, when there were particular large sales both in
Grosvenor Hill Ventures and also of the shareholding in State Securities PLC.

Savills Finance The Schroders
Residential Property Unit Trust (ResPUT) has made its first portfolio acquisitions
and we believe that, although it has taken longer than expected to establish,
it will now rapidly move to a position where it is the leading residential unit
trust in the market. With institutional investors increasingly looking at indirect
means of investing in the property market there is considerable scope to expand
the activities not only of the ResPUT, but also of other similar investment

Savills Private Finance
In only its second full year of operation Savills Private Finance has grown
significantly. Its primary focus has been the development of its mortgage broking
business, now fully established as the UK’s leading broker of larger loans.
During the year the company arranged loans of over £500m. Both the commercial
debt broking and financial planning arms have been strengthened and a personal
insurance broking arm has been launched. The business now operates from five
UK locations including a major new initiative in Manchester since the year-end.
Further growth is planned for the coming period, with an emphasis on expanding
the financial services operation. Of most significance is the launch of NetMortgage,
which is already receiving industry plaudits as the best UK on-line mortgage

Grosvenor Hill Ventures
Grosvenor Hill Ventures Limited, which co-invests as a principal, had another
active year and completed a total of £14.5m of sales. Particularly notable
transactions included the sale of its property in George Street, Edinburgh and
Lord Street, Liverpool. The major acquisition during the year was of the Skopos
Mills factory outlet shopping complex in Batley, Yorkshire, which is now under
major refurbishment and is due to be relaunched in the Autumn as Yorkshire Mill

Venture Capital The 15%
interest in Killik has provided excellent returns this year. JSSPinnacle Group
Limited, having been reorganised, is now positioning itself as the leading provider
of social housing management in the UK and a steady increase in profitability
is expected.


year we completed a number of acquisitions of businesses or interests in ventures,
both in the UK and overseas.

On 1 May 1999 we exercised
our option to acquire the remaining interest in the James Harris Partnership,
an estate agency practice based in Hampshire. On 1 June 1999, the Group acquired
the remaining 50% interest in Trigon Limited for £2.67m (including acquisition
costs). Also on 1 June 1999 the Group increased its interest in the share capital
of Adventis Group PLC from 63% to 71.9% on a pre-emptive basis.

On 3 August 1999 the Group
increased its shareholding in JSSPinnacle Group Limited from 23.9% to 24.14%
on a pre-emptive basis.

On 29 October 1999 the Group
acquired the Oxford based corporate lettings and management business of Bradford
& Bingley Estate Agencies Limited for £150,000 including acquisition

On 4 November 1999 the Group
acquired part of Property Vision Limited’s letting and management business for
£277,000 including acquisition costs.

On 1 January 2000 the Group
acquired the consulting and estate management business of Clegg Kennedy Drew
for £383,000 including acquisition costs.

On 31 March 2000 the Group
acquired 64% of D & T Property Consultants s.p.r.l., a Brussels based real
estate agency and property adviser which had been a member of FPDSavills’ international
network since 1995, for a consideration of £149,000 including acquisition
costs. Also on 31 March 2000, the Group increased its investment in FPDSavills
Nederland B.V. from 20% to 25% on a pre-emptive basis for £40,000 including
acquisition costs.

On 6 April 2000 the Group
acquired Foster Bowden Limited, a firm of general practice surveyors, for a
consideration of £312,000 including acquisition costs.

The acquisition of First
Pacific Davies Limited (now re-named FPDSavills Asia Pacific Limited) from First
Pacific Company was completed on 7 April 2000. The cash consideration comprised
HK$225m (£18.1m) and the allotment to First Pacific Company’s nominee
of 7.8m shares in the Company (valued at £14.4m).

POLICIES The Group’s treasury operations are co-ordinated and managed in accordance
with policies and procedures approved by the Board. They are designed to reduce
the financial risks faced by the Group, which primarily relate to funding and
liquidity, interest rate exposure and currency rate exposures.

The Group’s financial instruments
comprise borrowings, some cash and liquid resources and various other items
such as trade debtors and trade creditors that arise directly from its operations.
The Group does not engage in trades of a speculative nature.

Further details of financial
instruments are provided in Note 17 to the Accounts. The Board reviews and agrees
policies for managing each of the above-mentioned risks. These have remained
unchanged during the period under review and are summarised below.

Interest Rate Risk The Group
finances its operations through a mixture of retained profits and bank borrowings,
at both fixed and floating interest rates. It then uses interest rate caps to
manage its exposure to interest rate fluctuations. At the year-end, 48% of the
Group’s borrowings were at floating rates. The Group has no set policy with
regard to the proportion of debt it maintains at fixed rates of interest.

Liquidity Risk The Group
prepares an annual funding plan approved by the Board which sets out the Group’s
expected financing requirements for the next 12 months. Short-term flexibility
is achieved through overdraft facilities. At the year-end, 1% of the Group’s
borrowings were due to mature in more than five years’ time.

Foreign Currency Risk Approximately
4.4% of the Group’s turnover was derived from Europe and 4.8% from Asia Pacific
in the year. Our policy is for each business to borrow in local currencies where
possible. The Group does not actively seek to hedge risks arising from foreign
currency transactions due to their non-cash nature and the high costs associated
with such hedging. BORROWING The Group retains substantial short-term money
market facilities with its bankers which are currently not utilised. The purpose
of these facilities is to provide working capital for the core Group businesses.
In addition, loan facilities are used within Grosvenor Hill Ventures Limited
to finance specific property projects. These loans are project specific and
without recourse to the parent company.

Net interest receivable increased to £714,000 (1999 – £366,000).

TAXATION The taxation charge
was reduced to 30.6% of the profit before tax compared with 35.6% last year,
largely due to the establishment of a Qualifying Employee Share Trust.

per share amounted to 27.8p, a 38% increase on last year’s 20.1p. This calculation
excludes the shares held by the Employee Benefit Trust and the Qualifying Employee
Share Trust.

The Board is recommending
a final dividend of 4.5p (net), making 7.5p for the full year, a 30% increase
on last year’s 5.75p. The dividend will be paid on 11 September 2000 to shareholders
on the register at 4 August 2000.

year, 7.8m ordinary shares were issued to Selly Oak Holdings Limited in connection
with the acquisition of First Pacific Davies Limited. In addition, 95,340 ordinary
shares were issued to participants in the Savills plc United Kingdom Executive
Share Option Scheme and 5,058 to participants in the Savills Sharesave Scheme.
A further 853,187 shares were issued to the Qualifying Employee Share Trust,
bringing the total number of ordinary shares in issue at 30 April 2000 to 62.5m
(1999 – 53.8m).

Net cash inflow from operating activities totalled £20.1m which, after
allowing for cash flows including taxation, dividends, investments and capital
expenditure (see below), produced a net decrease in cash of £0.5m. At
30 April 2000, prior to the payment of year-end bonuses, the Group’s cash at
bank and in hand amounted to £29.1m. This was deposited with banks and
financial institutions with top credit ratings for periods not exceeding six
months, to match known outgoings.

The Group continues to operate
a centralised treasury function, which is not a separate profit centre but purely
provides a service to the operating companies.

EXPENDITURE Cash outflow from Group investments and capital expenditure amounted
to £34m (before taking account of cash within acquired subsidiaries of
£12.9m) made up as follows:

£’000 £’000
FPDSavills Asia Pacific
Trigon Limited 2,670
Healthcare Development
Services Limited
Foster Bowden Limited 187
Clegg Kennedy Drew
(lowland consulting)
Adventis Group PLC 245
Property Vision Limited 277
Bradford & Bingley
Estate Agencies Limited
FPDSavills Belgium
Managed Office Solutions
(GHV) Limited
Grosvenor Hill (Southampton)
FPDSavills Nederland
JSSPinnacle Group Limited 181
Other 15
Capital Expenditure
Equipment & cars 3,118
Property 128
Assets in the course
of construction
Less: amounts payable
at year end

is attributed in the Group balance sheet to internally generated intangibles
such as brand name or intellectual property rights.

time of the announcement of the acquisition of First Pacific Davies Limited,
the Group indicated that the financial year-end would be changed to 31 December.
It is impractical to retain a 30 April year-end whilst Group businesses outside
the UK operate to a 31 December year-end. We have therefore decided to adopt
a Group-wide accounting year-end of 31 December. Accordingly, we will prepare
accounts for the eight month period from 1 May 2000 to 31 December 2000. An
Interim Report will be prepared for the six months from 1 May 2000 to 31 October

ANNOUNCEMENT OF RESULTS year ended 30 April 2000

Turnover continuing
Year to
Year to
£’000 £’000
Existing operations 133,926 93,059
Acquisitions 8,661 9,888
Less: Share of joint
(651) (587)
Total Group turnover 141,936 102,360
Operating profit
Group existing operations 18,792 13,840
acquisitions 76 154
Operating profit of
parent & subsidiary undertakings
18,868 13,994
Share of operating
profit of joint ventures
4 38
Share of operating
profit of associated undertakings
568 170
Operating profit including
share of joint ventures & associates
19,440 14,202

Loss on disposal
of property

Profit on disposal
of interests in subsidiary undertakings
Profit on disposal
of interests in associated undertakings
Profit before interest 19,462 15,051
Net interest
Group 709 417
Joint ventures 6 1
Associates (1) (52)
Total net interest 714 366
Profit on ordinary
activities before taxation
20,176 15,417
Taxation on profit
on ordinary activities
(6,166) (5,494)
Profit on ordinary
activities after taxation
14,010 9,923
Minority interests (344) (155)
Profit for the financial
13,666 9,768
Dividends paid &
(4,008) (2,770)
Profit for the year
transferred to reserves
9,658 6,998
Earnings per share


Diluted earnings per
25.4p 18.9p
Dividend per share 7.5p 5.75p

GROUP BALANCE SHEET at 30 April 2000

30.04.00 30.04.99
£’000 £’000
Intangible assets 33,202 5,987
Tangible assets 21,352 8,881
Investments in joint
Share of gross assets 2,420 1,022
Share of gross liabilities (846) (903)


Investments in associates 1,529 44
Other investments 4,021 3,855
Total investments 7,124 4,018
Fixed assets 61,671 18,886
Working capital 306 3,308
Cash 29,058 26,515
Net current assets 29,364 29,823
Long-term creditors
& provisions
(20,996) (3,385)
Net assets 70,039
Called up equity share
3,127 2,689
– Share premium account 40,845 25,060
– Profit & loss
25,636 17,501
Shareholders’ funds 69,608 45,250
Minority interests 431 74
70,039 45,324

Statement of Total Recognised
Gains and Losses

30.04.00 30.04.99
£’000 £’000
Profit for the financial
13,666 6,663
Currency translation
differences on foreign currency net investments
Total gains and losses
recognised since last annual report
13,869 6,663


Year ended 30 April 2000

Year to
Year to
£’000 £’000
Net cash inflow from
operating activities
20,167 14,771
Dividends received
from joint ventures & associates
445 310
Net cash inflow from
returns on investments & servicing of finance
806 205
Tax paid (6,006) (3,516)
Net cash outflow from
capital expenditure & financial investment
(10,878) (6,296)
Net cash outflow from
acquisitions & disposals
(9,715) (1,716)
Equity dividends paid (3,401) (2,546)
Cash (outflow)/inflow
before use of liquid resources & financing
(8,582) 1,212
Net cash inflow/(outflow)
from management of liquid resources
216 (4,399)
Net cash inflow/(outflow)
from financing
7,894 (1,850)
Decrease in cash for
the year
(472) (5,037)

1. The financial information above does not amount to full accounts within the
meaning of Section 240 of the Companies

2. Segmental analysis Commercial
Resedential Financial
to 30.04.00 Services

(Group & joint
55,537 68,698 3,849
Less share of joint
54,899 68,698 3,849
Operating profit/(loss) 8,985 9,006 (286)
Share of
joint ventures
Share ofassociated
undertaking operating profit
8 560
Profit ondisposal interest
in subsidiary undertaking
Profit/(loss) before
interest & taxation
9,997 9,006 274
Net interest 438 254 (56)
Profit/(loss) before
8,435 9,260 218
Net assets


12,389 1,441
Year to30.04.99 7,329 5,188 920
Profit/(loss) beforetaxation.
Turnover (Group &
joint ventures)
14,503 142,587
Less share of joint
(13) (651)
14,490 141,936
Operating profit/(loss) 2,744 (1,581) 18,868
Share of joint ventures 4
Share of associated
Profit on disposal
interest in subsidiary undertaking
l 22 22
Profit/(loss )before
interest & taxation
2,766 (1,581) 19,462
Net interest (678) 756 714
Profit/(loss) before
2,088 (825) 20,176
Net assets


22,177 70,039
Year to 30.04.99 2,127 (147) 15,417
Profit before taxation

3. In the above segmental
analysis, the turnover for Commercial includes that for the European offices,
Trigon Limited and the Asian operations.

4. An interim dividend of
3.0p (net) per share was paid. A final dividend of 4.5p (net) per share is recommended
and, assuming approval at the Annual General Meeting, will be paid on 11 September
2000 to shareholders on the register as at 4 August 2000.

5. The earnings per share
have been calculated using the weighted average number of shares in issue of
49,139,000 (1999 – 48,580,000) and excludes the shares held by The Savills plc
1992 Employee Benefit Trust (EBT) and the Qualifying Employee Share Trust (QUEST).
The calculation of fully diluted earnings per share is based on a weighted average
number of shares in issue of 53,731,000 (1999 – 51,777,000).

6. Information relating
to the year to 30 April 1999 is an abridged version of the full Group accounts
for that year which have been filed with the Registrar of Companies and upon
which the Auditors, KPMG Audit Plc, gave an unqualified opinion.

7. Copies of this statement
are being sent to shareholders and are available from the registered office
at: Savills plc, 20 Grosvenor Hill, Berkeley Square, London W1K 3HQ Telephone:
020 7409 9920 Fax: 020 7409 1800 Contact: Lizzie Jackson

The information is also
available on the Company’s website on:

8. The Annual General Meeting
will be held at: 25 Finsbury Circus, London EC2M 7EE on 7 September 2000 at
12 noon.