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Gloucestershire Business News

Strong Savills results "reflect progressive recovery in global real estate markets"

International property firm Savills Plc has announced its unaudited results for the six months ending June 30, revealing a jump in profits.

The company's pre-tax underlying profit increased by £52.9m, from £13.2m for the same period in 2020, to £66.1m this year.

As demand for Savills' transaction advisory services rose 30 per cent, it's revenue also climbed to £932.9m during the period, up from £141.2m.

Savills said these results "reflect progressive recovery in global real estate markets", with property and facilities management revenue also up six per cent and consultancy revenue up 20 per cent.

Industry experts believe the jump is a result of house buyers rushing to beat the stamp duty holiday deadline, reflected in a record 97 per cent jump in revenues for UK residential transaction advisory performance for Savills.

Group chief executive Mark Ridley said: "I am delighted that our strategy of maintaining full operating strength and high levels of client service through the pandemic has proven successful through the progressive recovery of many markets in which we operate. We have a strong balance sheet and are focused on continuing to develop our global businesses through the recovery period, maintaining a first-class service to our clients and safeguarding our staff.

"Our Transactional businesses have benefited from improving sentiment in most markets, although travel restrictions still represent an obstacle to cross-border capital deployment. Our Residential Transaction business delivered an exceptionally strong performance in the first half albeit we expect activity to return to more normal levels, particularly in the UK, during the second half of the year compared with a strong comparative period in H2 2020.

"Our Consultancy business has performed well, and our Less Transactional service lines as a whole provide a strong platform for the Group, in which we continue to invest.

"In summary, the combination of strong trading in the less transactional service lines, improving transactional markets (including the completion of previously delayed transactions) alongside continued cost management, has resulted in a record first half performance for the Group."

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