Savills PLC Pre-close Trading Update (9364B)
January 16 2018 - 1:00AM
UK Regulatory
TIDMSVS
RNS Number : 9364B
Savills PLC
16 January 2018
16 January 2018
SAVILLS PLC
("Savills" or the "Group")
Pre-Close Trading Update
Savills plc, the international real estate advisor, publishes
the following Pre-Close trading update in respect of the year to 31
December 2017.
The Group experienced a stronger than anticipated finish to the
year in a number of our businesses around the world. In addition to
substantial commercial transaction volumes in both the UK and a
number of Asian and European markets, the relative resilience of
Savills UK Residential transaction business, which achieved
year-on-year revenue growth in challenging markets, was of
particular note. Accordingly, the Group now anticipates that
underlying results for the year to 31 December 2017 will be ahead
of our previous expectations.
In the UK, we saw increased market share in commercial
transactions, primarily as a result of relatively robust occupier
demand and continued strong investment interest from the Asia
Pacific region. Our Less Transactional businesses, both in the UK
and globally, performed in line with our expectations.
Our Asia Pacific and Continental European transactional
businesses have performed ahead of our expectations, with
particularly strong results from Hong Kong, China, Australia,
Japan, Ireland, Spain and the Netherlands. Improvements in these
countries and in the UK more than offset a decline in the US
business due, in part, to continued occupier uncertainty
particularly in respect of Government-related transactions, and to
the cost of our newly recruited Capital Markets team in New York as
we build our capability for the longer term.
Savills Investment Management transacted assets of over EUR5.5bn
during 2017, which contributed to a performance in line with our
expectations. Successful fund launches during the period bode well
for the further development of this business in 2018.
In the current year, against the backdrop of heightened
uncertainty over global economic prospects, geopolitical risks and
rising interest rates, we expect some tempering of the strong
transaction volumes of recent times in some markets. Accordingly
our expectations for 2018 remain unchanged.
Savills will report 2017 full year results on 15 March 2018.
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
Jessica Reid
Inside Information
This announcement is being disclosed in accordance with the
Market Abuse Regulation (EU596/2014) and has been determined to
contain inside information in line with the definition therein.
Forward looking statements
Certain statements in this announcement are forward-looking
statements relating to the Group's operations, performance and
financial position based on current expectations of, and
assumptions and forecasts made by, management. They are subject to
a number of risks, uncertainties and other factors which could
cause actual results, performance or achievements of the Group to
differ materially from any outcomes or results expressed or implied
by such forward-looking statements. The Group's principal risks are
described in the 2016 Savills plc Annual Report which can be viewed
online at http://www.savills.com. Such forward looking statements
should therefore be construed in light of such risks, uncertainties
and other factors and undue reliance should not be placed on them.
They are made only as of the date of this announcement and no
representation, assurance, guarantee or warranty is given in
relation to them including as to their accuracy, completeness, or
the basis on which they are made. No obligation is accepted to
publicly revise or update these forward-looking statements or
adjust them as a result of new information or for future events or
developments, except to the extent legally required. Nothing in
this Statement should be construed as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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