Savills PLC (LSE:SVS) shares fell 7.4% to 917.75p in early trading on Thursday in spite of the estate agent hiking its dividend by almost a third as full-year results landed in line with expectations.
Revenue for 2024 rose 7% to £2.4 billion and underlying profit before tax jumped 38% to £130.4 million.
The dividend was boosted 32% to 30.2p as the group finished the year with net cash of £176 million.
CEO Mark Ridley said: "Savills improved performance in 2024 reflects the robust earnings provided by our less transactional businesses together with the effect of our inherent operating leverage in the early recovery of transactional markets.
"Most markets were in recovery as we entered 2025 and, whilst uncertainty continues, there remains the expectation of reductions in the cost of capital during the year."
For 2025, he said the group expects "re-financing driven activity and the trend towards corporates requiring greater office attendance for staff to continue to be positive for transaction volumes".