Real estate giant Savills has this morning posted its half-year results, revealing a 78% surge in reported profits before tax.
For the year up to June 30, Savills reported pre-tax profits of £15.8million, dwarfing its H1 2024 figure of £8.9million.
The figure reflects a "growth in underlying profit and a reduction in exceptional transaction-related costs".
Revenue also rose 6% on last year's H1, to £1.1billion.
Commenting on the results, Mark Ridley, group chief executive of Savills plc, said: "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. Our performance reflects the geographic weighting of our capital markets business towards EMEA and Asia Pacific with our exposure to the recovery seen in capital market transactions in North America relatively low.
"On the basis of ever stronger transactional pipelines, we believe the slow-down in our core markets will prove to be temporary and I am delighted with the performance of our teams worldwide in helping clients navigate these changing dynamics.
"Our less transactional businesses continue to provide a solid platform for the group with a resilient earnings stream. The group's strong balance sheet allows us to pursue business development opportunities in anticipation of market improvement to come.
"Our expectations for the year remain unchanged although the final outturn will clearly depend upon the pace at which our strong pipelines unlock through the second half of the year."
The update to shareholders this morning stated: "In the UK, the impact of actual and potential fiscal change (forthcoming October Budget) had a dampening effect on corporate and private investor activity through Q2 resulting in a 13% reduction in real estate market investment volumes period-on-period."
FTSE 100
The UK's flagship share index, the FTSE 100, was down 41 points at 9,138 shortly after opening this morning.
Brent crude oil futures were up 0.35% at $65.92 a barrel.
Companies reporting today
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- Admiral Group* - Half Year Results
- Aviva* - Half Year Results
- Rank Group - Q4 Results
- Savills - Half Year Results