Savills, the international real estate advisor, has registered a 23% growth in its group revenue for FY 2021 which surged to hit £2.15 billion ($2.85 billion) from £1.74 billion ($2.3 billion) the previous year, thus reflecting the significant recovery in both residential and commercial transactional markets.

Announcing its preliminary results for the year ended December 31, Savills said its underlying profit before tax rose 107% to £200.3 million compared to the previous year's figures of £96.6 million.

Savills' transactional advisory revenues were up 34% in recovering markets and also the commercial transaction revenue rose 35% overall with a strong growth in the UK and Asia Pacific. The residential transaction revenue too posted a 31% growth.

The real estate expert's reported profit before tax was up 120% which rose to £183.1 million in 2021, while its reported basic earnings per share rose 114% to 104.9p, it added.

The group's key operating highlights included:

•Less transactional businesses, in aggregate 58% of group revenue, continue to perform well with revenue up 17%.

•Property and facilities management revenue up 9%, consultancy revenue up 24%.

•Savills Investment Management revenue up, driven by base management fees growth of 30%. Assets under Management (AUM) up 22% at €25.8 billion.

Also Savills entered into a significant strategic partnership with Samsung Life Insurance (SLI) to accelerate the future growth of the Savills Investment Management business.

On the solid results, Group CEO Mark Ridley said: "Savills delivered a record performance in 2021 reflecting the significant recovery in both residential and commercial transactional markets supported by growth in our less transactional Investment Management, Property Management and Consultancy businesses."

"2020’s strategy of maintaining full operating strength and high levels of client service positioned the group well for the progressive recovery in 2021," he added.

On the Ukraine crisis, Ridley said: "At this stage it is too early to predict its economic, including longer term inflationary, impact on the world’s real estate markets. Subject to this key uncertainty, we would anticipate real estate transaction volumes and discretionary spend to normalise in the year ahead, alongside the continued recovery of global markets as they emerge from pandemic-related disruptions."

"The Group has started 2022 in line with our expectations and the strength of our balance sheet supports our growth strategy to pursue further complementary acquisitions and significant recruitment across our global business," he stated.

Middle East CEO Steven Morgan said: "We are proud to have achieved record performance in a year when many of the countries we operate in globally are still retuning to some semblance of normality. Our Middle East business grew significantly with revenue growth in all seven of our regional offices, most notably in Egypt and Saudi Arabia."

"With collaboration from our European and Asia Pacific teams, we have been able to take a global approach to advisory services and are working on some of the region’s most ambitious projects. We are encouraged by the growth we have seen so far this year, which will be aided further by the opening of new regional offices," he added.

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