Savills PLC AGM Statement (3697Y)
08 May 2019 - 7:04PM
UK Regulatory
TIDMSVS
RNS Number : 3697Y
Savills PLC
08 May 2019
8 May 2019
SAVILLS PLC
("Savills" or "the Company")
AGM Statement
Savills plc, the international real estate advisor, is today
holding its Annual General Meeting (AGM) at 12 noon, 33 Margaret
Street, London, W1G 0JD, and provides the following AGM
statement.
During the year to date the Group has traded in line with our
expectations. Globally, our transaction businesses have continued
to maintain strong market shares although, as anticipated, volumes
in certain markets have been subdued as a result of political and
economic uncertainty. Our Consultancy, Property Management and
Investment Management businesses have continued to perform
well.
In the UK, trading has been resilient despite increased
political uncertainty. In our Residential Transaction business
there has been a healthy increase in indicators which are normally
a precursor to increased market activity. Of particular note is
strong double digit increases in new buyers registered and a
year-on-year increase in revenue in the prime Central London
market. The Commercial Transaction business is also proving
resilient, particularly in Central London, however, volumes across
the UK have declined and development activity is relatively
subdued.
In Asia Pacific, Savills has had a good start to the year, with
Hong Kong, Mainland China, Singapore and Vietnam showing
year-on-year revenue growth.
In North America, the business has successfully rebranded to
Savills and continued its strong revenue performance from Q4 2018
through the period, with corporates generally active in relatively
benign market conditions. The New York, Washington and Californian
markets have proved particularly active to date.
In Continental Europe and the Middle East, we have traded in
line with our expectations, with good year-on-year revenue growth
in Ireland, France, the Netherlands and the Czech Republic. In
Sweden, the new Capital markets and leadership team have started
well accumulating a strong pipeline of potential transaction
activity for the second half of the year.
Savills Investment Management has performed as expected. As
previously announced, we successfully concluded the search for a
new CEO for Savills Investment Management , with Alex Jeffrey due
to join the firm later in the year.
Whilst the year has started as expected, the first few months
typically represent a relatively modest proportion of the expected
outturn for the full year. In the UK market, there remains
significant investor demand but commercial transaction activity in
the next few months may continue to be overshadowed by the
prolonged uncertainty over Brexit, the exact impact of which is
difficult to determine at present. We do, however, expect some
strengthening of activity in certain overseas markets and, despite
a greater weighting towards H2 than last year, we continue to
anticipate overall performance for 2019 to be in line with our
expectations.
For further information, contact:
Savills 020 7409 8934
Mark Ridley, Group Chief Executive
Simon Shaw, Group Chief Financial Officer
Tulchan Communications 020 7353 4200
David Allchurch
Elizabeth Snow
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END
AGMLIFIAELITIIA
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