| Item | 2015 result (£m) | % change year on year |
|---|---|---|
| Revenue | 560.1 | 11 |
| UK commercial revenue | 98.8 | 17 |
| UK residential revenue | 127.9 | -1 |
| UK residential transaction advisory profit | 17.8 | -10 |
| Group pretax profit | 98.6 | 16 |
Savills has posted record UK results for 2015, with revenue up by 11% to £560.1m driven by strong commercial markets despite a weaker residential performance.
Revenue from UK commercial transactions increased by 17% to £98.8m, which Savills said reflected high activity in both London and the regional markets with continued strong interest from overseas investors.
However, its UK residential business revenue declined by 1% to £127.9m. The company said this was driven by weaker resale volumes that were offset by stronger sales of development projects and bolstered PRS and residential healthcare sectors.
Savills said the prime residential market was hit by tax changes announced in the 2014 Autumn Statement and impact of the General Election, causing a decrease in its overall volume of UK transactions by 1% year on year.
It added that further tax changes announced in the 2015 Autumn Statement had led to an increase in transactions before the changes are implemented in April.
Overall, the UK residential transaction advisory business recorded a 10% decrease in underlying profits to £17.8m.
Across Savills Group, transaction advisory revenues increased by 25%, driven by growth in the US, continental European and Asia markets.
Pretax profit rose by 16% to £98.6m.
Savills will pay out an interim dividend of 14p a share, bringing the total distributions for the year to 26p, a 13% increase from last year.
Group chief executive Jeremy Helsby said: “Overall in 2015, Savills delivered a record performance across the Group. Our US expansion programme continued well and our Asia Pacific business showed resilience in the face of changeable markets. In the UK the strength of our position in the commercial market offset market weakness in the residential sector.
“The continental European business continued to build profitability and Savills Investment Management substantially enhanced its position with the acquisition of SEB Asset Management AG.”
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