Profits slump at property consultancy

Property consultancy Savills has taken a big hit to its profits and revenues for the six months to June 30.

Turnover dropped by £55.6m to £791.4m over the period, while profits slumped by almost 70% to £7.7m.

The international firm said that commercial deals revenue was down 23% overall over the period.

Victor Ktori, head of office for Savills Nottingham, said: “Despite the uncertainty caused by the ongoing Covid-19 pandemic, the city has continued to see an uptick in investment activity in the first half of 2020.

“Recent transactions including Apex Court, the sale at Ruddington Business Park and Nottingham One all prove that appetite remains for good quality, strong income producing assets, and it is pleasing to see that Nottingham remains attractive to both domestic and international investors alike.

“Looking ahead to the second half of the year, the lack of supply, coupled with sustained rental growth is already generating interest in available investment stock, which we hope will translate into further success.”