14th Mar 2024 12:20
(Alliance News) - Savills PLC on Thursday reported some dampened results, as its battled with "challenging market conditions" throughout the year.
The London-based property agent reported that revenue in 2023 fell to GBP2.24 billion from GBP2.30 billion a year earlier.
Pretax profit plummeted GBP55.4 million from GBP153.9 million.
Savills explained that the results are due to the "challenging market conditions during 2023."
"Throughout the year, real estate markets across the globe were challenged by significantly increased interest rates, geopolitical events and, on a more asset-specific level, uncertainties over the future role of offices and the valuation of existing stock in the era of sustainability," it added.
Savills upped its final dividend to 20.8p from 20.0p. This bought the final dividend 36% lower to 22.8p from 35.6p.
Looking ahead, Chief Executive Mark Ridley said: "Current economic and geopolitical conditions remain uncertain and although we expect this to continue for some time, most markets appear to be past the moment of peak uncertainty. There are some early signs of underlying market improvements, which should set the course for a broader recovery during the second half of the year and into 2025."
Shares in Savills rose 2.7% to 965.50p each in London on Thursday around midday.
By Sophie Rose, Alliance News senior reporter
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