Pre-tax profits at the main Irish arm of property advisory firm Savills last year increased by 34.5% to €5.5m.
Recently filed accounts for Savills Commercial (Ireland) Ltd show that the business recorded the increase in profits after revenues rose by 12% from €34.24m to €38.35m.
The directors state that the company delivered "a robust performance in 2024" supported by resilient earnings of its less transactional service lines and the early stages of a rebound in transactional markets.
The firm paid out a €4.1m dividend to parent firm Anatao Ltd last year and this followed a dividend payout of €3.75m.
The directors state that the company's 12% revenue increase reflected new business wins and improved market sentiment in the second half of the year.
They state that the post tax profit of €4.71m with an underlying profit margin of 12% compared to 10% in 2023.
The directors state that "this improvement was in line with expectations as most real estate markets entered 2025 in recovery mode, notwithstanding ongoing certainty".
"The upswing was driven by a gradual return of investor and occupier activity and the inherent operating leverage in the business as volumes picked up," they say.
The directors also state that they are cautiously optimistic that market activity will further strengthen and the business is expected to remain profitable in 2025 and through 2026.
Numbers employed last year increased from 280 to 287 and staff costs rose from €26.62m to €29.76m.
The headcount in sales rose from 127 to 135 while numbers employed in administration declined from 153 to 152.
The company's employment costs of €29.66m for last year included €249,078 in share-based payments and €166,122 in severance and redundancy costs.
Pay to directors last year totalled €1.95m comprising remuneration of €1.12m, long term incentive scheme benefits of €442,133and pension contributions of €386,608.
The profit also took account last year of non-cash depreciation costs of €103,764 and lease costs of €1.03m.
The firm last year recorded post tax profits of €4.7m after incurring a corporation tax charge of €787,750.
At the end of December last, the firm was sitting on shareholder funds of €13.3m that included accumulated profits of €10.13m. The company's cash funds increased from €13.4m to €14m.
Separate accounts filed by parent firm Anatao Ltd show that it acquired well established Belfast-based commercial property agent Osborne King and Megran for up to £3.5m in April of this year.
The £3.5m includes deferred consideration which is contingent on customary earn out provisions but excludes direct costs of £232,258.
The directors for Anatao state that the acquisition will bring significant expertise in commercial leasing, sales and property management adding further depth to Savills service offering in Northern Ireland.
The directors state that the initial consideration of £1.35m was paid in cash with subsequent contingent considerable payable on the first, second and third anniversary of acquisition.
Reporting by Gordon Deegan
