- Savills said that against the backdrop of the Covid-19 pandemic the group has delivered a resilient full-year performance and it expects underlying results for the year to 31 December 2020 to be at the upper end of the board's expectations.

The group said it had seen excellent performances in the UK, Asia Pacific and Savills Investment Management.

The UK prime residential business showed an 'extraordinary rebound' in activity from the end of May, predominantly in the regional markets outside London, the group said.

Savills said it remained in a robust financial position and finished the year with net cash in excess of £160 million, up from £28.5 million last year.

The group said: ‘Looking to the year ahead, with renewed lockdowns and substantial increases in infection rates in most markets, it is too early to predict the direction of market activity in the short term.

‘The pace and efficacy of mass vaccination programmes and consequent reductions in lockdown and travel restrictions will dictate the rate at which transactional markets recover from here to reflect underlying demand.

‘In general terms, we expect transactional activity to remain suppressed in the first half of 2021 with improvement commencing in some individual markets in the second quarter followed by progressive recovery through the second half of the year.’

At 9:17am: [LON:SVS] Savills PLC share price was 0p at 967p

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