Real estate agency and adviser Savills today reported an 18 per cent fall in first-half pre-tax profit amid increasing investment in the business. Pre-tax profits fell to £26.7m from 32.4m.
“In line with our overall growth strategy, we have continued to invest across the business, which has affected profits in the short term,” Chief Executive Officer Jeremy Helsby said.
Savills also said there has been an influx of non-domestic investors in London’s office market– London’s office market saw transactions worth £9bn in the first half, 71 per cent of which were to non-domestic investors, it added.
“Many of these investors, while they accept that occupational risk has increased due to Brexit, still see the UK as comparatively secure in a global context,” the company added.
The group further said that full-year performance would be in line with its expectations.