Savills posts surge in revenue and profits

Savills has posted a surge in pre-tax profits in the past six months.

The real estate services group saw pre-tax profits grow from £7.7m in the first half of 2020 to £63.8m after a record six months for house transactions.

Revenues increased from £141.2m last year to £932.6m.

Mark Ridley, Savills chief executive, said: “Our transactional businesses have benefited from improving sentiment in most markets, although travel restrictions still represent an obstacle to cross-border capital deployment.”

“Looking ahead, we expect some discretionary cost to start to normalise and certain of our markets to moderate in the second half of the year and, while pandemic risks continue including the current lockdowns in a number of Asian markets, we are confident in the group’s ability both to benefit from progressive recovery in transactional markets and to continue to execute our growth strategies.”