Savills said it traded broadly in line with expectations and ahead of the comparable period last year, against the backdrop of uncertainty, particularly in EMEA and Asia Pacific in Q2.
In the six months to 30 June, the property agency delivered revenue of £1.13 billion, an increase of 6% (8% in constant currency) over the comparable period (H1 2024: £1.06bn).
Underlying profit was £23.3m, 10% higher than the prior period (H1 2024: £21.2m) (9% in constant currency). The group’s underlying profit margin was 2.1% (H1 2024: 2.0%).
Reported profit before tax increased by 78% to £15.8m (H1 2024: £8.9m), reflecting the growth in underlying profit and a reduction in exceptional transaction-related costs.
Mark Ridley, group chief executive, 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.”
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