Summary results:

^{* Underlying profit before tax ('underlying profit') and underlying basic EPS are alternative performance measures used to assess the performance of the Group. Underlying profit is calculated on a consistently reported basis in accordance with Note 3 to this Preliminary Statement. Underlying EPS is calculated using underlying profit, with the weighted average number of shares remaining the same as the GAAP measure.}

^{** Net cash reflects cash and cash equivalents net of borrowings and overdrafts in the notional pooling arrangement (see Note 8).}

Key highlights:

• Robust performance of the less transactional businesses, representing 65% of Group revenue, which grew 7%, underpinning overall Group performance 
• Property Management and Consultancy businesses performed well with revenues increasing 11% to £899.5m and 4% to £459.8m, respectively 
• Savills Investment Management revenue decreased 6%. Assets under management (‘AUM’) was stable at £22.1bn (2022: £22.1bn). $1bn commitment from Samsung Life largely awaiting deployment
• Global Transactional Advisory revenues, in aggregate 35% of Group revenue, decreased 17%, reflecting significantly reduced capital and leasing market volumes globally
• Global Residential revenues declined 19% as markets normalised, following high levels of post pandemic activity, and adapted to higher interest rates
• Depth and breadth of team retained throughout the Group to maintain high levels of client service
• Strong net cash position provides resilience and enables continued business development activity

 Commenting on the results, Mark Ridley, Group Chief Executive of Savills plc, said:  

“Savills resilient performance in 2023 highlights the diversity and strength of our global business. In the context of extremely challenging real estate markets, which saw the lowest levels of transaction volumes for a decade, our less transactional businesses have provided a solid platform for the Group with a resilient and growing earnings stream. 

“Current economic and geopolitical conditions remain uncertain and although we expect this to continue for some time, most markets appear to be past the moment of peak uncertainty. There are some early signs of underlying market improvements, which should set the course for a broader recovery during the second half of the year and into 2025. 

“Our policy of retaining our core bench strength, enabled by our strong balance sheet, positions the Group well for the future.”