Property services company Savills PLC (LSE:SVS) increased revenues and profits in the first half of 2024, marking what chief executive Mark Ridley called “the positive effects of early recovery phases in a number of our markets”.
The FTSE 250-listed company's top line grew 5% to £1.06 billion, with profit before tax surging 48% to £8.9 million.
It conceded that certain international markets, chiefly Germany, France and Greater China, “remain subdued with very low transaction volumes”, partially offsetting steady growth in the UK, North America, and other APAC and European regions.
"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," stated Ridley.
The group's underlying profit margin was a flat 2%, up from 1.6% in 2023, driven by reduced losses in its transaction advisory business and growth in property and facilities Management and consultancy earnings.
Savills announced a 7.1p interim dividend, up slightly from the 6.9p announced a year ago.
Shares were down 0.9% on Thursday.