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Savills revenue falls 9%

By BFN News | 08:40 AM | Thursday 11 March, 2021


Group revenue at Savills was down 9% at £1.74 billion as resilient revenues from less transactional services significantly mitigated reduction in transaction volumes. Underlying pre-tax profit for the year was £96.6 million, down from £143.4 million in 2019, while statutory profit before tax was £83.2 million. The company has announced a final dividend of 17p, which it said is a reflection of the 'resilience of the less transactional business performance'. Mark Ridley, group chief executive, said: 'Savills delivered a robust performance in 2020 reflecting the strength and resilience of our global, diversified business. We continued to grow our less transactional service lines and increase our market share, outperforming in many of our transactional markets despite the challenging conditions. Much of this outperformance is due to our strategy of retaining the strength of our teams and focussing resolutely on addressing both the pandemic-related, and longer term, needs of our clients. 'We remain confident in the long term attraction of real estate as an asset class and although macro-economic uncertainty resulting from COVID-19 clearly remains, we see enhanced investor demand for income and improvements in leasing activity as occupiers increasingly seek to address their requirements. Savills has a strong balance sheet and we remain focused on growing our less transactional businesses, increasing our share of the global transactional markets and enhancing the resilience of the business overall. We have made a good start to 2021 and see opportunities for business development emerging during the course of the year.' At 8:40am: (LON:SVS) Savills PLC share price was 0p at 967p Story provided by StockMarketWire.com

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