Savills PLC AGM Statement (5967E)
May 09 2017 - 5:30AM
UK Regulatory
TIDMSVS
RNS Number : 5967E
Savills PLC
09 May 2017
9 May 2017
SAVILLS PLC
("Savills" or "the Company")
AGM Statement
Savills plc, the international real estate advisor, is today
holding its Annual General Meeting (AGM) at 12 noon, 33 Margaret
Street, London, W1G 0JD, and provides the following AGM
statement.
During the year to date Savills has traded in line with our
expectations and ahead of the corresponding period in 2016, both as
reported and on a constant currency basis.
In the UK commercial markets, Savills has maintained a
significant share of the Prime Central London investment and
leasing markets, although market uncertainty continues to affect
transactional volumes. Outside London, our transactional volumes
and Professional and Development services have grown over the
comparable period in 2016.
As expected, volumes in the UK Prime Residential market have
been lower in the year to date compared with the very strong
comparable period in advance of April 2016's increase in Stamp
Duty. Our UK Rural business has performed better than anticipated.
The period leading up to the UK General Election is expected to
have a short term adverse impact on residential transaction
activity over the next few weeks.
Savills Asia Pacific business has had a very strong start to the
year. We have seen substantial underlying revenue and profit growth
in the year to date, with Hong Kong, Australia and Japan all ahead
of our expectations; in addition, our reported results continue to
benefit from the effect of Sterling weakness.
In the US, Savills Studley has had a slower start to the year
than initially anticipated with some occupier transaction
deferrals. However, the pipeline of activity for the remainder of
the year remains good. In addition we have continued to expand our
footprint with acquisitions and significant recruitment in Southern
California, Denver, Colorado and a Capital Markets team in New
York.
In Continental Europe, to date we have traded in line with our
expectations, with France, the Netherlands, Spain and Italy
experiencing a particularly strong start to the year.
Globally, our Consultancy and Property Management businesses
have delivered continued revenue growth with particular strengths
in the UK and Asia.
Following a strong year in 2016, Savills Investment Management
has grown revenue and profits as anticipated for the period to date
as we near the end of the disposal of assets within the liquidating
German Open Ended Funds under the SEB brand.
While we have started the year well, typically the first four
months represent a disproportionately small element of the expected
outturn for the full year. Against a political and economic
backdrop which demonstrates greater levels of uncertainty than a
few months ago, we continue to anticipate that our performance will
remain in line with our expectations.
For further information, contact:
Savills 020 7409 8934
Jeremy Helsby, Group Chief Executive
Simon Shaw, Group Chief Financial Officer
Tulchan Communications 020 7353 4200
Peter Hewer
This information is provided by RNS
The company news service from the London Stock Exchange
END
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