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Savills’ revenue and profits in UK slip as global income rises to new record

fIXFLO news story

Global property group Savills has announced record results for last year – but revenue in its UK residential business was down 3% to £124.4m.

Profits in the UK residential business slipped 2% to £17.5m.

The volume of exchanges in London was down by 5%, but outside London, Savills saw a 7% rise in completions.

Its average selling price in London was £2.9m, up from £2.8m the year before, while outside London, its average selling price was unchanged at £1.1m.

The group as a whole posted revenue of £1,445.9m for last year, up 13%, with pre-tax profits up 1% at £99.8m.

Group chief executive Jeremy Helsby said: “Overall, Savills delivered another record performance in 2016 despite the geopolitical distractions in some of our markets.

“We benefited from the scale of our operations across the globe, which have grown substantially over recent years, as well as a highly resilient performance in the UK.”

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Source:: Savills’ revenue and profits in UK slip as global income rises to new record