Savills has posted record full-year revenue and profit, joining the growing list of agencies to demonstrate a clear recovery from the impact of the Covid-19 pandemic.
In annual results for 2021, the agency posted global revenue of £2.15bn, up by almost a fifth on 2020 and comfortably ahead of its previous high of £1.91bn in 2019.
Pretax profit came in at £200m, more than double that of a year earlier and up by three-quarters on 2019’s £115.6m, the previous record.
The company pinned the performance on recovery across the residential and commercial transactional markets, where divisional revenue grew by 31% and 35% respectively, as well as stronger showings in investment management, property management and consultancy.
Chief executive Mark Ridley said: “The group has started 2022 in line with our expectations and the strength of our balance sheet supports our growth strategy to pursue further complementary acquisitions and significant recruitment across our global business.”
Ridley added that it was “too early” to predict the effect of the war in Ukraine on the real estate markets and broader economy. “Subject to this key uncertainty, we would anticipate real estate transaction volumes and discretionary spend to normalise in the year ahead, alongside the continued recovery of global markets as they emerge from pandemic-related disruptions,” he said.
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