Savills plc said that both its group revenue and underlying profit were up in its preliminary results for the full year ended 31 December 2018.
The company said that group revenue rose 10% to reach £1.76bn and underlying profit rose 2% to £143.7m.
Mark Ridley, Group Chief
Executive, said: “Savills delivered both revenue and underlying profit
growth in 2018, driven by a robust second half of the year. In addition to
maintaining or growing our share of transactional markets, the performance of
our less transactional business lines was key to this performance.
“We have made a solid
start to 2019; however, the year ahead is overshadowed by macro-economic and political
uncertainties across the world. It is difficult accurately to predict the
impact of these issues on corporate expansionary activity and investor demand
for real estate. At this stage, we expect to see declines in transaction
volumes in a number of markets and growth in our less transactional business
lines; accordingly we retain our expectations for the Group’s performance in
UK and particularly London-based estate agencies have
been forecasting uncertain future prospects for some time now. However the fact
that Savills – a global real estate advisor – seems to be similarly despondent
about the future is significant.
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