Savills says not furloughing staff during Covid has ‘paid off’
Chief Executive says decision meant firm was best placed to take advantage of post lock-down property market bounce back.
Savills says its UK residential business has performed ‘very strongly as it updates investors on the firm’s overall performance, having already reported an ‘astonishing’ recovery earlier this year.
The trading update, which has been issued as shareholders gather for its annual AGM in London, also says the company’s decision to keep it staffing levels at full strength through the pandemic has paid off.
Its update says its strong UK performance has been driven primarily by high levels of activity in the residential markets including build-to-rent, and that it also benefited from a sales delayed during lockdown but which surged into the market once it lifted.
Overall Savills says it has traded better than expected throughout the pandemic, saying: “Residential markets, particularly in the UK and China have continued strongly”.
“I am delighted that our strategy of maintaining full client service through the pandemic continues to prove successful and improving sentiment has enabled much of the business development activity undertaken before and during 2020 to begin to bear fruit,” says Chief Executive Mark Ridley (pictured).
“Our less transactional businesses of consultancy and property management have continued to perform well to date as clients have begun to review longer term strategies once more and management contracts won in 2020 have begun to translate into revenue.”
Savills expects to announce its group Half Year Results for the six months to 30 June on 5 August 2021.
