Property services firm Savills has warned today it expects its underlying profit before tax this year to be significantly below forecasts, highlighting a slowdown in business through its advisory channels as a contributory factor.
In a statement to the London Stock Exchange, the company noted that, while its main UK residential, UK commercial and Asian businesses are performing as expected, its mortgage broking business, as well as its outfits in Europe and the US, have experienced a significant fall off due to lower transaction levels. "While some deals are completing, we are not seeing the seasonal pick up in activity we have grown to expect," the statement read. "Many pipeline transactions, which were at an advanced stage, have either been delayed or are not proceeding. "A return to higher levels of transact...
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