Savills (SVS) H1 2025 earnings summary

Executive summary

• Revenue increased 6.1% year-over-year to £1,128 billion for H1 2025, with underlying profit before tax up nearly 10% to £23.3 million, driven by strong less transactional business lines and resilient EMEA and APAC performance.

• Leadership transition announced: CEO Mark Ridley retiring at year-end, Simon Shaw to succeed.

• Less transactional businesses, now 67% of group revenue, grew 8%, while transactional advisory revenues rose 2%.

• Q2 saw a slowdown in transactional activity due to geopolitical and economic uncertainty, but strong commercial pipelines are expected to support H2 performance.

• Interim dividend increased by over 4% to 7.4p per share.

Financial highlights

• Group revenue increased by 6.1% (8% in constant currency) to £1.128 billion for H1 2025; underlying profit rose to £23.3 million, up just under 10% year-on-year.

• Underlying basic EPS fell 3.3% to 11.7p, while reported basic EPS increased 11.5% to 6.8p year-over-year.

• Net debt at period end was £16.5 million, compared to net cash of £34.0 million a year earlier, reflecting seasonality and acquisition payments.

• Underlying PBT margin improved slightly to 2.1% from 2.0% in H1 2024.

• Cash position moved to small net debt at half-year, but returned to £31 million net cash by end of July.

Outlook and guidance

• Full-year expectations remain unchanged, with strong transactional pipelines and continued growth in less transactional businesses expected to drive H2 performance.

• Recovery in transactional markets expected to accelerate as market volatility subsides.

• Balance sheet strength supports ongoing business development into recovery.