Preliminary results for the full year ended 31 December 2015

Savills plc, the international real estate advisor, today announces record results as the Group benefits from its broad spread of services across the globe.

Key financial highlights

• Group revenue up 19% to £1,283.5m (£1,271.0m in constant currency, 2014: £1,078.2m)
• Underlying profit up 21% to £121.4m (£120.1m in constant currency, 2014: £100.5m)
• Group profit before tax up 16% to £98.6m (2014: £84.7m)
• Underlying profit margin increased to 9.5% (2014: 9.3%)
• Underlying basic EPS grew 14% to 63.2p (2014: 55.2p)
• Final ordinary and supplementary interim dividends total 22.0p per share (2014: 19.25p) taking the total dividend for the year up 13% to 26.0p per share (2014: 23.0p)

* Underlying profit before tax ('underlying profit') is calculated on a consistent basis in accordance with Note 3 to the preliminary statement.

Key operating highlights

The strength of our commercial market positions and the resilience of our residential businesses underpinned an improved performance for Savills in 2015.

• Transaction Advisory revenues up 25% driven by the contribution from Savills Studley in the US, continued recovery in Continental European markets, market share gains in Asia and a strong performance in the UK
• Record revenue in the UK on the back of continued strength of commercial markets despite weaker Residential performance
• Growth in profits in Continental Europe following improved market conditions and the benefit of management actions taken in recent years
• Further growth from non-transactional services with Consultancy revenue up 6% and Property Management revenue up 15%, with the UK acquisition of Smiths Gore contributing to this increase
• Savills Investment Management more than doubled profits and Assets Under Management ('AUM') with the acquisition of SEB Asset Management

Commenting on the results, Jeremy Helsby, Group Chief Executive, said:

"Overall in 2015, Savills delivered a record performance across the Group. Our US expansion programme continued well and our Asia Pacific business showed resilience in the face of changeable markets. In the UK the strength of our position in the commercial market offset market weakness in the residential sector. The Continental European business continued to build profitability and Savills Investment Management substantially enhanced its position with the acquisition of SEB Asset Management AG.

We have made a good start to 2016 with a solid pipeline of business carried over from last year in many markets, although the impact of global macro-economic and political concerns on real estate markets worldwide is uncertain.

At this stage, we retain a cautious view on some Asian markets, particularly the Tier 2 Chinese cities, and we expect the UK residential and commercial investment markets to be subdued, for the former, as Stamp Duty reforms take effect and, more generally, in the run up to the EU referendum in June.

However, the strength of our enlarged US operation, the increased size of our Investment Management, Property Management and Consultancy businesses and the breadth of our UK business together with further improvement in Continental Europe, all bode well for the future of your Company. Accordingly, the Board's expectations for the year as a whole remain unchanged."

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