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Savills' H1 pretax profit slips 3%

09 August 2016 07:40

Savills said it delivered a strong H1 performance, hiking its interim dividend 10% to 4.4p a share, from 4p, as its pretax profit slipped 3% to £25.5m, from £26.4m.

"The resilience of our less transactionally focused businesses, combined with our geographic diversity, more than offset reductions in transactional activity in certain markets," said CEO Jeremy Helsby in a statement.

"In line with our overall growth strategy, we have continued to build on the Savills Studley platform in the US with significant recruitment and bolt-on acquisition activity across the country. In addition, we continue to investigate selective development opportunities for our businesses worldwide.

"Looking to the second half, at this stage, in the traditionally quieter summer period and so soon after the EU Referendum result, it is not possible to obtain a clear read on the direction of activity in a number of the Group's principal markets, although the fundamental attributes of real estate as an investment class remain strong.

"Our substantial portfolio of less transactional businesses, significant overseas earnings and strong market shares in many of our most important transactional locations position the Group well, not only to withstand short term reductions in local activity, but also to capitalise on the opportunities which we expect to emerge.

"The Board currently has no reason to change its expectations for the full year, although clearly the range of potential outcomes has broadened over recent weeks."

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