Plus   Neg

Savills Issues Trading Update; Less Transactional Businesses Continues To Perform Well

Savills Plc (SVS.L) said Covid-19 has had a significant impact on the world's real estate markets, and has significantly reduced the volume of transactional activity which could be conducted. The Group's Less Transactional businesses of Consultancy and Property Management have performed well to date, with improved revenue and profitability over the comparable period in 2019 partially mitigating the effect of reduced transactional activity. The Group's overall performance for the year will be highly dependent upon the extent to which regional transactional markets recover in the second half.

Savills reported that its half year net debt position is on course to be substantially reduced from prior year, with substantial unutilised facilities available to the Group as needed.

The Group expects to announce its interim results for the six months to 30 June on 6 August 2020.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Department of Health and Human Services or HHS said it has secured most of the supply of COVID-19 drug remdesivir through September. The deal would allow American hospitals to purchase the antiviral drug in allocated amounts amid the spike in confirmed cases each day. HHS Secretary Alex Azar said, "President Trump has struck an amazing deal to ensure Americans have access to the first..." Novartis AG (NVS) agreed to pay $678 million to settle U.S. government charges it paid illegal kickbacks to doctors to induce them to prescribe its cardiovascular and diabetes drugs, the U.S. Department of Justice said in a statement. PG&E Corp. (PCG) said Wednesday that it has emerged from Chapter 11 bankruptcy protection, after implementing its financial restructuring plan that was previously approved by the U.S. Bankruptcy Court and state regulators.
Follow RTT