Savills profits helped by market share gains in China

Savills provides consulting services in connection with residential and commercial properties around the worldReuters

Savills has reported a 1% increase in profits for 2016 on the back of market share gains in China and continental Europe.

The property services provider saw its profit before tax climb to £99.8m ($124.6m) for the year ended 31 December, while revenues were up 13% to £1.45bn.

Transactional advisory revenues advanced 7%, as a slowdown in the UK property market in the aftermath of the Brexit vote was offset by stronger performances in other parts of the globe, especially in China.

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Chief executive Jeremy Helsby said: "Savills delivered another record performance in 2016 despite the geopolitical distractions in some of our markets.

"We benefited from the scale of our operations across the globe, which have grown substantially over recent years, as well as a highly resilient performance in the UK."

Savills said it was optimistic of some improvement in the US property market over the coming months but that it was "more cautious" about sentiment in the UK during the Brexit negotiation period.

The firm raised its full-year dividend to shareholders by 12% to 29p per share.

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