Savills’ profit slides as transactions hit Brexit bumps

Savills has reported a 7% decline in pretax profit to £24.7m in the first six months of 2019. Its underlying profit fell by £4m to £38.4m, with a £9.8m decline in profits from transactions. Profits from transactional advisory dropped 50%, falling from £19.7m to £9.9m in the six months. This was partially offset by a £3.4m increase in profits from property management and small increases in consultancy and investment management. The decline was in line with Savills' forecasts, with group chief executive Mark Ridley pointing to “some challenging transactional market conditions”. Ridley said: “Given the lag effect of significant investment