Savills’ numbers delight by exceeding City forecasts
Property consultant Savills cheered healthy London and Hong Kong markets today as it flagged up annual profits fully 25% ahead of City hopes.
Savills has seen strong demand for prime office and retail buildings in the capital, with revenues since July 60% ahead of last year.
Wealthy overseas buyers continued to snap up expensive London residential properties although Savills expects this market to cool in the coming months.
In Hong Kong, the consultant expects a record year as third-quarter business defied management expectations of a slowdown.
The firm expects pre-tax profits above £40 million, well in excess of the £32 million pencilled in by analysts. Shares rose 12p to 358.3p.
Savills advised on the sale of Quintain's Pier Walk development in Greenwich and is also selling a £900 million portfolio of properties on behalf of St Martins — the UK-based real estate investment trust of the Kuwaiti state.
