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UK-based property adviser Savills reported a pre-tax loss of £7.7 mln in 2008 on revenue down at £568.5 mln. In 2007, the firm booked a pre-tax profit of £85.9 mln.

In a press release, the company said underlying profit before tax came to £33.2 mln. Underlying profit is calculated by adjusting reported pre-tax profit before exceptional items by profit on disposals of £0.5 mln (2007: £0.7mln), share based payment adjustment of £3.3 mln (2007: (£4.8mln)) and amortisation of intangibles and impairment of goodwill and available-for-sale investments of £4.2 mln (2007: £5.1 mln).

Jeremy Helsby, CEO of Savills, described the results as 'a resilient performance in unprecedented global property markets'. 'The results demonstrate the strength of our business model and ability to deliver value for shareholders in both strong and weak markets.'

Helsby said 2009 looked set to be another challenging year, but that the company's 'robust' balance sheet and committed bank facilities until October 2011 are 'a major strength'. 'The steps we are taking to reduce costs combined with our strategy of reducing dependence on transactional income will continue to serve us well. A return to higher levels of activity will depend on how quickly confidence returns to the financial markets. However, we remain well positioned to seize opportunities as, and when, they arise.'