Savills plc - Investor relations

2003 Turnover by Region 2003 Turnover by SegmentThe Healthcare department continued to expand and during the year over£420m of health related properties were valued or sold.Key transactions in the sector include:• the Healthcare department were retained by The Medical PropertyInvestment Fund to provide valuation advice on medical centres followingthe successful launch of a fund, which raised £400m of equity; and• we are also advising on five LIFT projects (public, private partnerships inprimary healthcare) where developments are planned with a combinedvalue in excess of £250m.Fund Management2003 was an important year for Fund Management seeing the departmentbreak the £1bn barrier for funds under management for the first time.A highlight of the period was the progress of the Charities Property Fundwhich now stands at £136m with over 308 investors. The team has beenstrengthened by further recruitment and John Partridge, formerly GlobalDirector of Property, Henderson Global Investors, was appointed during theyear to head the team. We intend to expand this business substantially in thenext two years.ConsultancyOur Consultancy business generates fee income from a wide range ofprofessional property services including valuation, building consultancy, landlordand tenant, rating, planning, strategic projects and research. Profit beforeinterest and tax for the year was £7.6m (2002 - £6.3m) on turnover of £49.1m(2002 - £43.0m).ValuationThe Residential Valuation team continued to broaden its areas of operation,both geographically and by property type. The team undertook anumber of different and varied valuations during the year including: thevaluation of several sites in the Home Counties and South West ownedby Beechcroft Ltd; a mixed development site, for loan securitypurposes, of private and affordable housing and retail space adjacentto the Royal Free Hospital in north west London and a substantialnumber of ground rent portfolios across the Country. The team arealso advising Westminster City Council in connection with its interest inDolphin Square, London SW1, a well-known block of over 1,000 flats andcommercial property.The Commercial Valuation department had another successful yearexpanding the existing team in Manchester and establishing a newCommercial Valuation team in Edinburgh, providing clients with a morecomprehensive national coverage. During the year we assisted in thebidding process for the potential takeover of the Canary Wharf Group.The core business of the department continues to be valuations for lendersfor loan security purposes, for which we provided advice to over 50 lendingorganisations during the year.15