Global property adviser Savills maintained a cautious outlook for the second half today and foreshadowed a flattening of the economic rebound in many countries as it posted improved first-half results.
"The Chinese government's desire to contain overheating in the residential market, continued concerns over economic growth in many countries and prolonged low levels of debt availability indicate that the recovery is likely to flatten off during the coming months," chief executive Jeremy Helsby said.
Mr Helsby said Savills had maintained a cautious outlook for the second half of 2010 since the last quarter of 2009, and saw no reason to change that given the lingering uncertainties.
Savills booked group revenue of £304.4 million for the six months to June 30th, up 23 per cent from the same period a year ago. Group underlying profit advanced to 17.2 million pounds from 2.5 million pounds.
"We have had a strong first half particularly through the recovery of transaction markets in the UK and Asia Pacific, which are core to the group's success," Helsby said in a statement.
"At the same time we have substantially reduced losses in the Continental European business and are seeing some improvement in the US market."
Savills said it would pay an unchanged interim dividend of 3 pence a share.
Reuters