Savills’ share price rocketed today (12 January) after the real estate agency reported “extraordinarily strong” trading over the past year.
The London-listed company’s value rose 7.95% with shares closing at 1,425p, following predictions that its year-end performance will be “very significantly ahead of expectations”.
Savills publishes its full-year results on 10 March.
The rise caused Savills’ market value to surge past £2bn, as traders jumped on the update. The FTSE 250 real estate giant is up more than 45% over the past 12 months.
In a trading statement published this morning, the agency said the UK and Asia Pacific regions had led the way, while Continental Europe and the Americas had “more than eliminated” their losses of 2020.
It added: “All Savills businesses have exceeded their forecasts, notwithstanding the impact of renewed pandemic-related restrictions in many locations.
“In particular, commercial capital transactions and prime residential agency experienced much stronger completion volumes than previously anticipated. Our less transactional businesses have also outperformed their previous expectations.”
Coupled with the strong performance were “abnormally low levels of discretionary expenditure” over the year.
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