Savills delivers 'improved performance' in FY24
By Iain Gilbert
Date: Thursday 16 Jan 2025
(Sharecast News) - Real estate firm Savills said on Thursday that it had delivered an "improved performance" in FY24, in line with internal expectations and "substantially ahead" of the previous year.
Savills said it had delivered a "good performance" in FY24 given "significant volatility in transactional market sentiment" over the course of 2024, which has nevertheless shown recovery in most markets. However, it also noted that the trajectory of that recovery was "somewhat shallower" than anticipated at the start of the year.
The FTSE 250-listed group stated the performance of its EMEA business improved substantially in FY24, with its UK business performing strongly on the back of its prime residential business, its market share in commercial transactions and its "substantial" less transactional service lines.
Savills also delivered a significant year-on-year improvement in performance in North America, despite a number of transactions being deferred into Q125, while in Asia, activity in Greater China remained subdued during the year but Japan and Vietnam performed well and it saw signs of recovery in Australia and Singapore during Q4.
Looking ahead, Savills noted that challenging macro conditions were expected to continue for some time. However, it noted that most markets were in recovery and as it enters 2025, whilst current financial markets were "characterised by uncertainty", sentiment has turned to expectations of progressive reductions in the cost of capital being likely during the year.
"We expect re-financing driven activity, the sustainability agenda and the trend towards corporates requiring greater office attendance for staff, to continue to be positive for transaction volumes. These factors lead us to expect continued improvement through 2025," said Savills.
As of 1030 GMT, Savills shares were up 0.39% at 1,022.0p.
Reporting by Iain Gilbert at Sharecast.com
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