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(Sharecast News) - Shares in Savills plunged nearly 12% on Thursday after the real estate advisor said it is cutting its forecasts for the financial year after a tough first half which saw profits sink 72%.
Savills is the latest in a string of real estate and housebuilding companies to report challenging operating conditions, owing mainly to higher borrowing costs for mortgage holders, and the wider cost-of-living crisis.
Revenues for the six months ended 30 June were down 3% year-on-year at £1.01bn, but underlying profit sank to just £16.3m from £59.2m the year before.
Elsewhere in the sector, property investor Derwent London also declined after recording a loss of £143.1m before tax in the first half, a drastic shift from the £137.1m profit it noted the year before.
Among the risers was Watches of Switzerland as it posted in-line first-quarter sales and reiterated its full-year guidance amid "robust" demand for luxury watches.
Capita was in demand on the news of its decision to offload its travel and events divisions, Agiito and Evolvi, to Clarity Travel in a deal valued at £36.5m.
OSB Group, the specialist mortgage lender, admitted to a "disappointing" set of first-half results. But the stock gained ground, rebounding after losing a quarter of its value since the start of the year. Broker Shore Capital said while it is likely to revise its price estimate on today's figures, "we still think the shares offer significant fundamental upside from the current level".
FTSE 250 - Risers
Watches of Switzerland Group (WOSG) 710.50p 4.41%
OSB Group (OSB) 390.60p 3.88%
Liontrust Asset Management (LIO) 641.50p 3.47%
Baltic Classifieds Group (BCG) 211.00p 3.18%
Virgin Money UK (VMUK) 170.35p 3.06%
Capita (CPI) 20.08p 2.82%
IWG (IWG) 170.20p 2.35%
Ashmore Group (ASHM) 202.60p 2.27%
Molten Ventures (GROW) 258.00p 2.14%
easyJet (EZJ) 454.80p 2.09%
FTSE 250 - Fallers
Savills (SVS) 875.50p -11.70%
AJ Bell (AJB) 301.80p -5.45%
Vanquis Banking Group 20 (VANQ) 112.20p -4.43%
Domino's Pizza Group (DOM) 406.40p -4.29%
Bakkavor Group (BAKK) 102.00p -3.32%
North Atlantic Smaller Companies Inv Trust (NAS) 3,710.00p -2.88%
FDM Group (Holdings) (FDM) 522.00p -2.61%
CLS Holdings (CLI) 128.00p -2.44%
Mobico Group (MCG) 84.40p -2.37%
Man Group (EMG) 215.20p -2.18%
