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Savills PLC on Thursday reported profit nearly 60% higher for 2024 amid market recovery, and said it expects to see cost reductions in the year ahead. The London-based global real estate advisor said pretax profit for 2024 grew 59% to £88.3 million from £55.4 million in 2023, as revenue rose 7.1% to £2.40 billion from £2.24 billion. Shares in Savills were down 6.6% at 926.00 pence in London on Thursday morning. The stock has fallen 1.5% over the past year. Net finance income also increased 20% to £14.5 million from £12.1 million. Savills declared a total dividend of 30.2p per share, up 32% on-year from 22.8p. ‘Savills improved performance in 2024 reflects the robust earnings provided by our less transactional businesses together with the effect of our inherent operating leverage in the early recovery of transactional markets,’ said Chief Executive Officer Mark Ridley. ‘Most markets were in recovery as we entered 2025 and, whilst uncertainty continues, there remains the expectation of reductions in the cost of capital during the year.’ Restructuring costs of £17.2 million during the year were up 24% from £13.9 million the year before, with around £3.5 million carried over to the first quarter of 2025. Savills had begun its restructuring programme in 2023 ‘to ensure market recovery assumptions remained valid’. CEO Ridley continued: ‘We expect re-financing driven activity and the trend towards corporates requiring greater office attendance for staff to continue to be positive for transaction volumes. Savills remains well positioned to deliver against the group’s strategic objectives of broadening our offering to clients across geographies and service lines, supported by a strong balance sheet and thus driving profitability as market recovery continues.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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