UK-listed property adviser Savills booked underlying losses of £8.8 mln in 2011 (2010: £4.3 mln loss) on its European transaction business after revenue from its Continental European commercial unit contracted by 14% to £26 mln in 2011 from £30.2 mln the year before. After two years of restructuring, Savills made further cuts in Italy, Spain and the Netherlands last year, giving rise to a small restructuring charge and impairment provision.
Premium subscriber content – please log in to read more or take a free trial.
