Annual profits soar by almost 60% at property specialist Savills

Property specialist, Savills, has recorded a huge jump in annual pre-tax profits, its latest figures have shown.

The group achieved turnover of £2.4bn in the year to December 31, 2024, a seven per cent improvement.

But pre-tax levels soared by 59% to £88.3m.

Net cash also rose by 12% to £176.3m

The improved results will fund a 32% increase in a final dividend of 30.2p per share.

There was a strong performance from global transactional advisory with revenues up 13%. Global residential revenues increased by six per cent and there was a good performance from consultancy and property and facilities management, which grew revenues by eight per cent and five per cent, respectively.

Savills Investment Management revenue decreased 11%, as anticipated. Assets under management decreased slightly to £21.7bn, compared with £22.1bn in 2023, as the effect of new capital raised was outweighed by valuation adjustments during the period.

Group chief executive, Mark Ridley. Said: “Savills’ improved performance in 2024 reflects the robust earnings provided by our less transactional businesses together with the effect of our inherent operating leverage in the early recovery of transactional markets.

“Most markets were in recovery as we entered 2025 and, whilst uncertainty continues, there remains the expectation of reductions in the cost of capital during the year.”

He added: “We expect re-financing-driven activity and the trend towards corporates requiring greater office attendance for staff to continue to be positive for transaction volumes.

“Savills remains well positioned to deliver against the group’s strategic objectives of broadening our offering to clients across geographies and service lines, supported by a strong balance sheet and thus driving profitability as market recovery continues.”

James Evans, head of Savills Manchester, said: “The 350 colleagues within our Manchester office have made a significant contribution to these financial results and we look forward to continuing this success.”