Savills has reported strong results for last year, with group revenue up 11% at £1.6bn and pre-tax profits up 13% at £112.4m.

The performance came despite what outgoing group chief executive Jeremy Helsby called “challenging conditions in a number of markets”.

Savills, which is active globally, reported substantial commercial transactions in the UK and the “relative resilience” of its UK residential business.

The UK delivered the biggest chunk of Savills’ revenue at £626m, up 8%.

The UK residential business grew its revenue by 4% to £128.9m, despite a 3% fall in the number of sales.

This was offset by house prices rising almost 7%, and a slightly higher average fee.

In London, exchanges were up 4% as house prices fell, whereas outside London, sales were down 5% as prices rose.

In its new homes business, revenue grew by 2%, with values up 3% but exchanges down 7%.

Savills warned that despite a solid start to this year, it anticipates “some tempering” of transaction volumes in some markets.

Helsby steps down at the end of this year after a 39-year career with Savills, 11 of them as group chief executive.

He will be succeeded by Mark Ridley, currently CEO of Savills UK and Europe.

Ridley becomes deputy chief executive on May 1, with a seat on the board.