Savills’ earnings per share were 36.4p, up from 3.9p a year ago.
Savills (LON:SVS) on Thursday revealed that profits soared in the first half of its financial year as demand for its transaction advisory services reached an all-time high.
The company’s underlying profit before tax was £66.1m, up £52.9m from £13.2m in the same period last year.
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The company’s revenue followed a similar path, rising to £932.6m in the six months to 30 June from £141.2m a year earlier.
Property advisory firms have announced the results as people rush to buy homes as the stamp duty holiday approaches.
The stamp duty holiday has buoyed the property market during the pandemic, leading to increased demand for properties and soaring house prices.
A survey carried out by property buying firm Goodmove found that 39% of Brits took advantage of the stamp duty holiday when buying a home in the past year. It is estimated that they saved up to £15,000.
Summarizing the results, Mark Ridley, Group Chief Executive Officer of Savills plc, said:
“We are pleased that our strategy to maintain maximum operating strength and high levels of customer service throughout the pandemic has proven successful through the gradual recovery of the many markets in which we operate. We have a strong balance sheet and are focused on continuing to develop our global business, maintaining first-class service to our clients and protecting our staff throughout the recovery period.” said.
“While our transaction business has benefited from improved sentiment in most markets, travel restrictions remain an impediment to cross-border capital deployment. We achieved a very strong performance in the second half of 2020, but we expect activity to return to more normal levels in the second half of 2020, particularly in the UK, compared to a strong comparative period in the second half of 2020.”
Savills shares rose 3.97% in Thursday morning trading, with the company’s earnings per share at 36.4p, up from 3.9p a year earlier.
