Savills has reported a double digit drop in profits in the first half of the year as lower commercial property deal volumes in the UK and Asia hit the firm’s bottom line.
Despite posting 5% revenue growth in constant currency terms, Savills reported a 10% fall in underlying profit.
It blamed the decline on the slowdown in higher margin commercial property transaction business. Some other parts of the business saw underlying profits fall as well including Savills Investment Management, which suffered a 56% drop in underlying profits that the firm blamed on reduced transactional revenues.
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