Savills plc, the international real estate advisor, today announces its unaudited results for the six months ended 30 June 2014.
Savills plc, the international real estate advisor, today announces its unaudited results for the six months ended 30 June 2014.
Key Financial Information
- Group revenue up 8% to £430.8m (H1 2013: £399.0m)
- Group underlying profit before tax up 16% to £30.1m (H1 2013: £26.0m)
- Group profit before tax up 15% to £24.7m (H1 2013: £21.4m)
- Group underlying pre-tax margin improved to 7.0% (H1 2013: 6.5%)
- Underlying basic earnings per share up 15% to 17.2p (H1 2013: 15.0p)
- Basic earnings per share up 16% to 14.1p (H1 2013: 12.2p)
- Interim dividend increased 7% to 3.75p per share (H1 2013: 3.5p)
Highlights
- Transaction Advisory revenue growth of 12% as strong UK and European performances offset continued weak volumes in Hong Kong, Mainland China and Singapore
- Consultancy revenue up 14% with profit up 33% over H1 2013
- Revenue in the UK improved by 15% with profits up 24%
- Revenue in Continental Europe improved by 18% delivering an underlying profit before tax of £0.1m (H1 2013: £2.6m loss)
- Cordea Savills Investment Management revenue up 12% with significant fund commitments and Assets under Management increased 43% to €6.3bn (H1 2013: €4.4bn)
- Studley acquisition in the US completed on 30 May 2014. The business is performing as anticipated and the integration programme is progressing well
Commenting on the results, Jeremy Helsby, Group Chief Executive of Savills plc, said:
“Savills has delivered a strong first half performance slightly ahead of our expectations as a result of our strength in key transactional markets in the UK, recovery in Continental Europe and the resilience of the Asia Pacific business where the stable foundation of property management represents over 60% of revenue. In addition, we have made a substantial investment in the business through our acquisition of Studley in the US.
Looking to the second half, we currently see no significant change in the overall outlook for our business and the Board remains confident in its expectations for the full year. Many markets continue to be highly demand-driven as a result of the continued substantial capital allocated to real estate around the world and Savills is well placed to act on the opportunities that emerge.”
Tulchan Communications 020 7353 4200
Peter Hewer