Operating profits at Savills main Irish unit last year increased by 26% to €6.89m as the property firm benefited from a post pandemic bounce.
New accounts filed by Savills Commercial (Ireland) Ltd show that the business recorded the increase in operating profits as revenues rose by 12% from €36.44m to €40.83m.
Numbers employed increased from 248 to 284 as staff costs rose from €27.12m to €29.66m.
The company last year paid out dividends of €7m and this followed a dividend payout of €14.5m in 2021.
According to the directors, "the company experienced continued post Covid trading recovery in 2022 despite real estate markets in Ireland and globally being challenged by geopolitical events, macro-economic issues and the associated policy responses".
They add that "notwithstanding this, most business lines experienced a significant uplift in activity during the year with year on year revenue increasing by 12%".
They state that "the company's overall performance was supported by the strength of its less transactional sectors, particularly property management and residential leasing".
The firm operates across a range of real estate advisory services covering all the key elements of office, retail, industrial, hotel, residential property and mixed use development schemes.
The directors state that the company started 2023 against a backdrop of ongoing increases in actual and anticipated debt costs and this, together with inflationary pressures, is expected to adversely impact on transitional activity from which the company earns a substantial percentage of its revenue.
They state: "Nonetheless, it is estimated that the first half of 2023 will be more difficult than its 2022 comparison, but a gradual recovery through the second half of the year is anticipated and the business is expected to be profitable in 2023 and 2024."
The accounts - signed off on November 9 - show that the firm's pre-tax profits for last year at €6.94m were down 16% on the pre-tax profits of €8.27m for 2021.
However, the 2021 pre-tax profits of €8.27m were skewed by an exceptional gain of €2.83m concerning the write back of an historical provision against an amount due from a fellow subsidiary.
A breakdown of numbers employed show that headcount in sales rose from 97 to 115 while numbers employed in administration increased from 151 to 169.
The company's employment costs of €29.66m for last year included €252,311 in share-based payments and €86,094 in severance and redundancy costs.
Pay to directors last year increased from €1.59m to €1.6m comprising remuneration of €1.24m, long term incentive scheme benefits of €208,616 and pension contributions of €151,995.
The profit also took account last year of non-cash depreciation costs of €229,599 and lease costs of €759,846.
The firm last year recorded post tax profits of €6.02m after incurring a corporation tax charge of €921,061.
At the end of December last, the firm was sitting on shareholder funds of €12.6m that included accumulated profits of €9.44m. The company's cash funds increased from €14.36m to €16.32m.
In a post balance sheet event, the directors state that in 2023, the company entered into a new lease agreement relating to a change of office in Cork and the initial annual rent on the 15 year lease is €117,000.
Reporting by Gordon Deegan
