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Group revenue up 13% to £399.0m (H1 2012: £353.3m) |
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Underlying Group profit before tax up 40% to £26.0m (H1 2012: £18.6m) |
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Group profit before tax up 25% to £21.4m (H1 2012: £17.1m) |
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Underlying basic earnings per share up 26% to 15.0p (H1 2012: 11.9p) |
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Basic earnings per share up 12% to 12.2p (H1 2012: 10.9p) |
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Interim dividend increased 6% to 3.5p per share (H1 2012: 3.3p) |
Operational Highlights
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Strong growth in Transaction Advisory revenue with profit up 100% over H1 2012 |
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Significant improvements in Consultancy revenue with profit up 40% over H1 2012 |
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Increased revenue in Continental Europe delivers 26% reduction in losses after further reorganisation and recruitment costs |
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Cordea Savills Investment Management raised significant fund commitments and Assets under Management increase 10% to €4.4bn |
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Merged Savills UK business performing well and supported by early indications of a broader UK recovery |
Commenting on the results, Jeremy Helsby, Group Chief Executive of Savills plc, said:
"Savills has delivered a strong first half performance in line with our expectations as a result of our strength in key transactional markets in the UK and Asia Pacific and a continued reduction in losses in Continental Europe. In addition, we have continued to invest in the business through both acquisition and recruitment.
Looking to the second half, we currently see no change in the overall outlook for our business. In Asia, as previously indicated, we anticipate a reduction in activity levels in Hong Kong and Singapore as the latest Government measures affect the transaction pipeline for the second half. In the UK, the benefits of the Savills UK merger are already coming through alongside early indications of a broader recovery in commercial and residential markets. In Continental Europe, we continue to invest in the core markets of Paris and Germany, incurring expansion costs, but maintain our target of materially reducing losses year-on-year. In the US, we have a healthy pipeline of business and continue to investigate opportunities to enhance our operation there."
