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‘Resilient’ UK market helps Savills post 27% profits rise

  • 10/08/2017
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‘Resilient’ UK market helps Savills post 27% profits rise
Estate agency and lettings group Savills plc has announced group profits before tax for the first half of the year rose 27% compared to the same period in 2016 to reach £32.4m.

Revenues over the period increased 15% to £714.4m from £622.7m in the first half of 2016.

Jeremy Helsby, group chief executive, pointed to strong growth in Asia and a “resilient performance”in the UK as big factors behind the increase in profits.

The firm revealed that transaction fee income from UK residential sales fell by 4% over the period to 55%, while overall volumes were also smaller. In the second hand market, transaction volumes were down by 3% in London and 6% in the country market.

What’s more, sales of new development stock fell by 6% during the first six months of the year, while the average unit value dropped by 4% to £750,000. Overall, underlying profits from Savills’ UK residential transaction business fell by more than a quarter to £5.4m from £7.4m.

In its statement, Savills said: “Increased levels of political and economic uncertainty created by the General Election and the ongoing negotiations to leave the EU make it difficult to predict market volumes for the rest of the year.”

These difficulties were offset by much stronger performance elsewhere; in Asia Pacific for example commercial transaction fee income jumped by 39% to £67.6m.

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