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Gloucestershire Business News

Successful year for Savills

In a year that has seen many estate agents struggle, Savills has announced a big increase in sales and profit for 2018.

The international real estate advisor, which has offices in Cheltenham, Cirencester and Stow-on-the-Wold, saw group revenue up 10 per cent to £1.76bn and underlying profit up two per cent to £143.7m.

This was boosted by strong growth from Europe and the Middle East, including the integration of Aguirre Newman in Spain and the acquisition of Cluttons Middle East in May 2018.

North America also delivered significant growth in the occupier-focused business, with revenue up 18 per cent and underlying profit up 64 per cent.

Mark Ridley, group chief executive, said: "Savills delivered both revenue and underlying profit growth in 2018, driven by a robust second half of the year. In addition to maintaining or growing our share of transactional markets, the performance of our less transactional business lines was key to this performance.

"We have made a solid start to 2019; however, the year ahead is overshadowed by macro-economic and political uncertainties across the world. It is difficult accurately to predict the impact of these issues on corporate expansionary activity and investor demand for real estate. At this stage, we expect to see declines in transaction volumes in a number of markets and growth in our less transactional business lines; accordingly we retain our expectations for the group's performance in 2019."

Photo credit: Mike Blackburn Google 2017

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