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Savills H1 Profit Declines On Weak Revenues - Quick Facts

Savills plc. (SVS.L), a real estate advisor, reported Thursday that its first-half profit before tax fell 69 percent to 7.7 million pounds from last year's 24.7 million pounds.

Basic earnings per share were 3.9 pence, down from 12.8 pence last year.

Underlying profit was 13.2 million pound, 66 percent lower than last year's 38.4 million pounds. Underlying profit margin was 1.7 percent, down from 4.5 percent last year.

Underlying basic earnings per share was 7.0 pence, compared to 20.9 pence last year.

Group revenue declined 7 percent to 791.4 million pounds from 847.0 million pounds a year ago.

Mark Ridley, Group Chief Executive, said, "Looking forward, as a consequence of Covid-19 the economic environment remains highly uncertain, chiefly in respect of expected recovery trajectories across the world and the occurrence of second wave outbreaks causing further lockdowns."

The company said its performance in the second half of 2020 will be highly dependent upon the extent to which recent recovery signs become a sustained recovery for its operating markets.

In view of the lack of certainty over the impact of Covid-19 over the coming months, the 2019 final dividend was canceled and the Board is not declaring an interim dividend.

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