Mixed bag for Savills as revenues rise and profits fall

PROPERTY consultancy Savills, which has an office in Birmingham, has posted better than expected half year results.

For the six months ended June 30, Savills saw group revenue increase by 5% to £353.3m. However, group profit before tax fell by 9% to £18.2m compared to the same period last year.

Savills is increasing its interim divident by 5% to 3.3p per share.

Jeremy Helsby, group chief executive, said: “I am pleased to report a better first half performance than we anticipated as a result of the continued growth of our consultancy and property management businesses around the world, which now represent more than 60% of our income and profits, and the strength of our businesses in key transactional markets in the UK and Asia Pacific.

“Looking to the second half, we currently see no material change in the overall outlook for our business.

“In the UK, the combination of the seasonal summer quiet period and the London Olympics means that it is still too early to predict the trading environment from September onwards.”

Savills’ Birmingham office is headed by Barry Allen.