Savills has reported higher full-year earnings for 2025, with results broadly in line with expectations and activity improving toward the end of the year.
The estate agency said transaction levels picked up in the final quarter after a quieter middle period, when geopolitical uncertainty, US tariffs and the delayed UK Autumn Budget weighed on investor and buyer confidence.
Savills has built strong transactional pipelines across all its markets, ensuring they are well-positioned as “clients’ confidence and appetite to complete transactions improved progressively through Q4, resulting in a strong finish to the year for the group”.
Summary financials
|
£m unless otherwise stated |
FY25 |
FY24 |
Change |
|
Group revenue |
2,551 |
2,404 |
+6.1% |
|
Underlying profit before tax |
145.3 |
130.4 |
+11.4% |
|
Reported profit before tax |
101.0 |
88.3 |
+14.4% |
|
Underlying basic EPS1 |
77.2p |
66.2p |
+16.6% |
|
Reported basic EPS |
52.0p |
39.4p |
+32.0% |
|
Total dividend per share |
33.8p |
30.2p |
+11.9% |
|
Net cash (as at 31 December) |
167.7 |
176.3 |
– 4.9% |
Key highlights
· Strong revenue growth, up 6% (8% in constant currency, with year-on-year growth reported across all four business areas and all three regions:
– Group’s Transactional business, which provides capital and leasing advisory services to commercial and residential owners and occupiers, delivered revenues up 4% (6% in constant currency).
– Group’s Less Transactional businesses, comprising Property and Facilities Management, Consultancy and Investment Management, continued to deliver strong revenue growth, up 8% (9% in constant currency).
· Group’s underlying profit before tax increased 11%, with Transactional profits up 13% and Less Transactional profits up 15% highlighting operational gearing and benefits of prior year restructuring.
· The Board is recommending a final ordinary dividend of 15.7p per share (2024: 14.5p) and a 24% increase in the supplemental dividend to 10.7p per share (2024: 8.6p), giving proposed total dividend per share of 33.8p (2024: 30.2p).
· CEO and CFO succession completed.
· Building on strong foundations, the Group sets out its clear strategic priorities to drive sustainable growth and margin improvement, while maintaining focus on disciplined capital allocation and shareholder value creation (incl. attractive distribution policy).
Outlook
Savills says it is difficult at this stage to assess the potential impact of the conflict in the Middle East, including any broader macroeconomic or geopolitical effects. The Group has approximately 800 colleagues in the region, representing c. 5% of underlying profit before tax in FY25, and our immediate focus has been on ensuring that they remain safe.
Notwithstanding the above, Savills has seen continued momentum across global real estate markets during the first couple of months of 2026 and are expecting progressive growth in investment activity across our key markets in the year. The Group continues to build strong commercial transactional pipelines and expects to see further improvement in Transaction Advisory profitability in 2026 from operational leverage and restructuring benefits. The Group’s strong portfolio of Less Transactional businesses is expected to continue to deliver revenue and profit growth, in line with the Group’s expectations.
Simon Shaw, group chief executive of Savills, said: “Despite the well-rehearsed challenges of tariffs and fiscal uncertainty, the group has delivered a strong performance across the board.
“Whilst our Transaction Advisory business faced more challenging market conditions during Q2 and Q3 in some of our key markets, we continued to build strong transactional pipelines and were well positioned as clients’ confidence and appetite to transact accelerated into Q4, resulting in the strongest Q4 for our Transactional business since 2019.
“Our Less Transactional businesses delivered another year of strong revenue and profit growth and underpinned the strong cash generation, step up in earnings and dividend growth for the Group.”