Savills has seen its profit before tax increase more than eight-fold in the past six months, as the firm posted record levels of residential property transactions.
The company raked in revenue of £932.6m in the six months to 30 June, up from £791.4m the year before.
Meanwhile, pretax profit was £63.8m, up from £7.7m in the first half of 2020.
Savills posted a record UK residential transaction advisory performance on the back of the buoyant housing market.
“Our residential transaction business delivered an exceptionally strong performance in the first half albeit we expect activity to return to more normal levels, particularly in the UK, during the second half of the year compared with a strong comparative period in H2 2020,” chief executive Mark Ridley said.
The board said it declared an interim dividend of 6.0 pence a share.
“Assuming no new material disruption the board expects the performance for the year as a whole to be meaningfully ahead of its previous expectations,” Ridley added.
Comments (2)
A quality firm for sure -excellent results
And one of the first out to repay furlough monies. A very strong moral compass in this business, and the same compass is absent in other businesses such as Hunters, Connells and Foxtons with Directors pocketing large cash outs or bonuses from our taxes which could be spent on schools, NHS, social care etc. Foxtons even used taxpayers money to invest in Boomin.
Ridley has come under fire from shareholders in the last few weeks and this does not relate to furlough, it relates to being handed a £350k bonus for missing his performance targets last year. This hasn’t gone down well with shareholders, but all in all he is an experienced pair of hands with a strong moral compass.