Savills PLC on Thursday said it expects to report strong numbers for 2024 as it anticipates continued gains in 2025.
The London-based global real estate advisor anticipates results in line with its expectations for 2024, with figures ‘substantially ahead’ of the prior year. This is despite ‘significant volatility in transactional market sentiment’ present throughout the year, said the firm.
Savills noted that its Europe, Middle East & Africa business performed significantly better throughout the year, bolstered in the UK - its largest component - by a combination of its prime residential business, its market share in commercial transactions and its Less Transactional service lines.
The firm added that further restructuring in France and Germany supported improved trading in continental Europe and the Middle East.
North America also performed well throughout the period, said Savills, despite some transactions being deferred to the first quarter of 2025.
By contrast, the FTSE 250-listed firm noted that activity in Greater China had remained subdued in 2024 but said it benefitted from its substantial property and facilities management business in the region.
Savills said its investment management division also traded broadly in line with its expectations for the year; ‘that 2024 would be the nadir for ’core’ and ’core plus’ style investment managers’, but noted that the segment managed to raise approximately £2 billion as well as launch two new pooled fund products.
The firm intends to report its full-year results on March 13.
Savills said it expects challenging macroeconomic conditions to persist for ‘quite some time’, but noted that most markets are in recovery going into 2025.
‘We expect re-financing driven activity, the sustainability agenda and the trend towards corporates requiring greater office attendance for staff, to continue to be positive for transaction volumes. These factors lead us to expect continued improvement through 2025’, said the firm.
Shares in Savills were trading flat with the morning’s open at 1,018.00 pence on Thursday afternoon in London.
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