Savills backs full-year outlook despite slowdown in second quarter

(Alliance News) - Savills PLC on Thursday reported improved half-year earnings, but noted a strong start to the year was tempered by a subdued transactional market in the second quarter.

"The year started well with Q1 performance comfortably ahead of the prior year, reflecting progressive recovery in most markets. Q2 saw a slowing of transactional activity as occupiers and investors digested the implications of tariffs and geopolitical events," Savills Chief Executive Mark Ridley said.

But Ridley believes the slow-down in core markets will "prove to be temporary", and the company left full-year expectations unchanged.

In response, shares in the London-based real estate company fell 5.6% to 920.28 pence each in London on Thursday.

Pretax profit surged 78% to GBP15.8 million in the six months to June 30 from GBP8.9 million a year prior.

Revenue rose 6.1% on-year to GBP1.13 billion from GBP1.06 billion.

By division, revenue grew by 2% in Transaction Advisory, 20% in Consultancy, 5% in Property and Facilities Management but fell 6% in Investment Management.

By geography, revenue rose 9% in Europe, Middle East & Africa, 5% in Asia but fell 6% in North America.

Savills lifted its interim dividend by 4.2% to 7.4p per share from 7.1p.

By Jeremy Cutler, Alliance News reporter

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