<\/p>\n
Savills posted a strong first half but UK sentiment weakened (pic: DB Media Services)<\/p>\n
Property agent Savills reported a strong first half performance despite investment in the UK declining.<\/p>\n
Group revenue rose by 9% to \u00a31.2 billion in the six months to the end of June and underlying profit was up 47% to \u00a334.3 million.<\/p>\n
Reported profit before tax fell by 56% to \u00a37m, impacted by one-off acquisition costs related to Eastdil Secured, which was completed on 31 July.<\/p>\n
The US market has been the key driver of growth, with H1 investment volumes up 24% while in continental Europe investment rose by 2% and in Asia Pacific by 31%, with the office sector in particular back in focus.<\/p>\n
Sentiment in the UK market was more affected by the escalation of the Middle East conflict and its impact on interest rates. After a positive Q1, activity slowed as investors assessed its implications and latterly those of anticipated political change in the UK. <\/p>\n
In aggregate, H1 investment in the UK declined by 12%. Transaction timeframes remained elongated and investor demand selective, with strong pipelines but limited new stock coming to the market.<\/p>\n
The company declared an interim dividend of 7.8p per share, a 5% increase from the previous year. Despite market volatility, the board\u2019s expectations for the enlarged group for 2026 remain unchanged.<\/p>\n
Simon Shaw, group chief executive, said: \u201cLooking forward, the enlarged group\u2019s pipelines are strong, and although transaction timelines are hard to predict in the current environment, I am confident that we are well positioned to deliver value to our clients, colleagues and shareholders.\u201d<\/p>\n
\t #Savills #sees #strong #growth #slump #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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