January 16, 2018 / 7:32 AM / a month ago

UPDATE 1-Estate agents Savills sees 2017 results ahead of expectations ​

(Adds CEO succession)

LONDON, Jan 16 (Reuters) - International estate agents Savills said it will beat underlying expectations for its 2017 results due to high levels of commercial transaction volumes in Britain, Europe and Asia and growth in its British residential business.

It also said its Chief Executive Jeremy Helsby will leave at the end of 2018 after 39 years at the company to be replaced by the firm’s current UK and Europe CEO Mark Ridley from the start of next year.

In Britain, the firm said it had seen year-on-year revenue growth in its residential transaction business and increased market share in commercial transactions, due to continued strong investment interest from Asia.

A strong performance there and in countries such as China, Australia and Japan helped offset a decline in the United States.

“Improvements in these countries and in the UK more than offset a decline in the U.S. business due, in part, to continued occupier uncertainty particularly in respect of Government-related transactions, and to the cost of our newly recruited Capital Markets team in New York,” Savills said.

​ (Reporting by Costas Pitas, Edited by Paul Sandle)

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