* H1 pretax profit 19.7 mln stg vs 20.6 mln stg yoy
* H1 group revenue up 5 pct to 353.3 mln stg
LONDON, Aug 9 (Reuters) – British property consultancy
Savills said it expects European property markets to
remain unsettled and very subdued in countries like Italy and
Spain, as it reported a 4 percent fall in first-half group
profit before tax.
The company said on Thursday underlying profit before tax
fell to 19.7 million pounds ($30.9 million) in the six months
through June, versus 20.6 million pounds in the same period last
year. Group revenue rose 5 percent to 353.3 million pounds.
It said its first-half performance was better than it had
anticipated due to the growth of its consultancy and property
managemenet business, which now make up 60 percent of its income
and profits. It also said it had cut losses in its continental
European business.
“Looking to the second half, we currently see no material
change in the overall outlook for our business,” Group Chief
Executive Jeremy Helsby said in a statement.
“In Asia, we anticipate an improvement in activity levels in
our principal markets … In Continental Europe, we expect
transaction markets to remain unsettled in core markets and very
subdued in southern Europe,” he said, adding that it was too
early to predict trading in the UK due to the London Olympics.
Savills, which competes globally with CBRE Group and
Jones Lang LaSalle, has been hit by the euro zone debt
crisis and government red tape in Asia which have crimped
property deal activity over the past year.
Shares in Savills closed at 377 pence on Wednesday, valuing
the company at 499 million pounds.
