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UK real estate adviser Savills posts sharp profit drop, shares tank

Published 08/10/2023, 06:30 AM
Updated 08/10/2023, 06:35 AM
© Reuters. FILE PHOTO: A woman walks past a Savills estate agent office in south London, Britain September 20, 2016.  REUTERS/Stefan Wermuth/File Photo

(Reuters) - Savills Plc posted a sharp drop in half-yearly profits on Thursday as rising interest rates hit trading volumes, sending the British real estate adviser's shares down nearly 9%.

The company said group underlying profit before tax fell to 16.3 million pounds ($20.8 million) in the six months ended June 30, from 59.2 million pounds in the same period last year.

($1 = 0.7835 pounds)

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