In the six months to June 2024, the real estate firm recorded a pre-tax profit of £8.9m, in contrast this was £6m in the first half of 2023.

Post-tax profits were also up, increasing to £21.2m from £16.3m respectively.

This rise in profits has been attributed to signs of a market recovery with transaction advisory revenue up 9% over the reporting period.

Improvements in transactions, as well as consultancy services and property and facilities management work, led to revenues increasing 5%. Over the first half of 2024, Savills recorded revenue of £1.1bn.

Elsewhere in the group, Savills Investment Management reported a 10% decrease in revenues which was attributed to continued weakness in key continental European markets.

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"Our improved performance in the first half reflects the positive effects of early recovery phases in a number of our markets, as well as the robust and growing earnings provided by our less transactional businesses,” said Mark Ridley, group CEO of Savills.
 
"We have improved transaction pipelines in many locations and, with our core bench strength in place to support clients, Savills is well positioned to benefit as markets progressively recover through the next 12-18 months. Our expectations for the current year remain unchanged."

These results have led to a healthier cash position. At the end of June 2023, Savills had net cash of £12.8m but this was 166% higher at the same point in 2024 with £34m.

The interim dividend has been increased as a result, from 6.9p to 7.1p.