Transaction advisory leads growth as Savills’ revenue tops £1bn

Most real estate markets are in an “early recovery phase”, said Savills as it reported positive results for the first half of 2024. The agent posted revenue of just over £1bn in the six months ended 30 June, up by 5% on the same period last year. Pretax profit was up by 48% from £6m to £8.9m. Savills’ transaction advisory business was its best performing segment, with revenue up by 9% to £359.4m. Some 32% of that was generated in the UK. Property and facilities management and consultancy revenue also grew by 5% and 3% respectively. Savills Investment Management’s revenue fell by 10% over the period to £46.4m, reflecting the continued weakness of key markets in continental Europe. Chief executive Mark Ridley said: “Our improved performance in the first half reflects the positive effects of early recovery phases in a number of our markets, as well as the robust and growing earnings provided by our less transactional businesses. While we have seen resilience in prime commercial leasing markets, global capital transaction volumes remain subdued, although activity is recovering in certain markets.” He added: “Against this backdrop, we have continued to invest in growing our business and further enhancing the strength and diversity of the group, including the expansion of our global prime residential services, while improving our net cash position year-on-year. “We have improved transaction pipelines in many locations and, with our core bench strength in place to support clients, Savills is well positioned to benefit as markets progressively recover through the next 12-18 months.”