Savills has shared its provisional annual results for 2023, with its group chief executive citing a “resilient performance” despite a poor economic environment.
Group revenue was recorded at £2.24bn, compared with £2.3bn the year prior.
Its property management and consultancy businesses performed well, with revenues increasing 11% to £899.5m and 4% to £459.8m, respectively.
However, its investment management revenue decreased 6% and assets under management (AUM) held stable at £22.1bn.
Its global transactional advisory revenues, in aggregate 35% of total group revenue, decreased by 17%, reflecting significantly reduced capital and leasing market volumes globally.
In addition, its global residential revenues declined 19% as markets normalised, following high levels of post-pandemic activity.
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.”
