Monday 25 September 2017

Estate agent Savills' profits hindered by Brexit

A man looks at offers at an Savills office at Canary Wharf in London, Britain October 30, 2015. REUTERS/Reinhard Krause
A man looks at offers at an Savills office at Canary Wharf in London, Britain October 30, 2015. REUTERS/Reinhard Krause

Estate agent Savills said profits at its British commercial property business fell 54pc in the first half of the year, hit by a referendum on EU membership, and that the vote and upcoming U.S. presidential election had hit sentiment.

Underlying profit at the firm - which operates in Britain, Asia, continental Europe and the United States - rose 11.5pc to 42.8 million pounds in the six months to the end of June.

But commercial property was one of the first sectors to be hit after the June 23 referendum with investors pulling money from funds, forcing many to be closed.

Savills said it was not changing its full-year expectations but that "the range of potential outcomes has broadened over recent weeks."

Reuters

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