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Last checked at 
17 Oct 2008 09:54
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17thΒ OctoberΒ 2008
SAVILLSΒ PLC
("Savills" or "the Company")
Trading Update andΒ Interim Management Statement
Savills, the international propertyΒ adviser,Β publishes its Interim Management StatementΒ for theΒ second half of the 2008 financial year.
Since we announced our half year results for the period ended 30 June 2008 on 28 August, our Transactional businesses world-wide have been operating in increasingly challenging markets. In recent weeks investor confidence has been severely impacted by the recent turmoil in financial markets, which has led to a sharp reduction in transaction volumes.
While weΒ currentlyΒ expect the full yearΒ to be weighted towards the second half, in light of weaker economic conditionsΒ weΒ expect underlying profit before tax to beΒ below the current range of analyst forecasts.Β
Although not immune to the issues outlined above, our Consultancy and Property Management businessesΒ remain robust andΒ haveΒ continued to experienceΒ good demand for their services. Fund ManagementΒ continuesΒ toΒ benefitΒ from its high quality contracted revenue streams,Β but, given the current economic climate,Β fund raising has been modestΒ and transaction fees lower than planned.
AΒ return to higher levels ofΒ transactionalΒ activityΒ willΒ depend on how quickly confidence returnsΒ to financial markets. The steps weΒ are continuing to takeΒ to reduce costs,Β our strong balance sheet,Β with committed facilities until 2011,Β andΒ our successful strategy of reducing dependence on transactional income will continue to serve us well in these markets.
For further information, contact:
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Savills |
020 7409 8844 |
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Jeremy HelsbyΒ |
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|
Mark DearsleyΒ |
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|
Tulchan |
020 7353 4200 |
|
John Sunnucks |
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|
Paul HarrisΒ |
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