Business
Trading update
Trading update.
About this update from Savills Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7182R\n Savills PLC\n 09 November 2021\n \n \n \n \n \n \n \n 9 November 2021 \n \n \n SAVILLS PLC\n \n \n (\"Savills\" or the \"Group\")\n \n \n \n \n \n Trading Update\n \n \n \n \n \n \n \n \n \n \n \n Savills plc, the global real estate advisor, publishes the following trading update in respect of current trading:\n \n \n \n \n \n As indicated with the interim results in August 2021, in the first half the Group experienced a strong period of trading, reflecting both the robustness and geographic diversity of our business and the strategy of maintaining staffing levels throughout the course of the pandemic.\n \n \n \n \n \n Since June, the Group has continued to trade strongly, particularly in the UK and Asia Pacific regions, and we have started to see the anticipated levels of recovery in Continental Europe and the Middle East (\"CEME\") and North America, albeit the latter regions have yet to return to 2019 levels of activity. Savills Investment Management has continued to perform well, somewhat ahead of expectations, bolstered by the early exercise of the option to acquire the remaining interests in DRC Capital LLP and its strong performance since May.\n \n \n \n \n \n The continued strength of UK prime residential markets has exceeded our expectations and the anticipated tapering of market volumes in our segments is now expected to take effect through 2022 rather than significantly affecting performance in H2 2021. This, together with better than anticipated improvements in the UK commercial capital transaction markets, indicates that for the financial year as a whole the UK business is likely to materially exceed both our earlier expectations for 2021 and the outturn for 2019. We also expect outperformance in the Asia Pacific region on both bases.\n \n \n \n \n \n In addition to improved trading, the Group has benefited from a continuation of lower than normal levels of discretionary expenditure which is expected to continue through the remainder of the year. We anticipate that this expenditure will progressively increase through 2022.\n \n \n \n \n \n In summary, strong trading conditions in a number of our businesses and largely non-recurring cost savings indicate that, subject to the impact of further COVID related lockdow...