Savills

SVS · Main Market · Real Estate · mcap £1,617m · 990.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 13 Aug 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,448m
Owner’s net cash: £150.3m
Net cash / market cap: 10%
EV ex leases: £1,294m
Revenue: £2,649m
Operating profit: £89.6m
Free cash flow after leases: £92.9m
EV / EBIT: 14.4×
FCF yield: 6.4%
Price / tangible book: 5.99×
Net income (owners): £66.2m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 13 Aug 26 · read the results ↗

Source ↗

	Six months to 30 June 2026 (unaudited) £m	Six months to 30 June 2025 (unaudited) £m	Year ended 31 December 2025 (audited) £m
Revenue	1,225.5	1,127.8	2,550.9
Less
Employee benefits expense	(856.1)	(789.8)	(1,803.0)
Depreciation	(36.4)	(33.9)	(69.1)
Amortisation of intangible assets	(7.6)	(7.5)	(15.8)
Impairments	-	(3.0)	(4.6)
Other operating expenses	(315.5)	(287.7)	(575.4)
Increase in provision for expected credit loss	(3.6)	(2.6)	(2.2)
Other net (losses)/gains	(2.5)	4.1	4.5
Share of post-tax profit from joint ventures and associates	3.2	3.5	8.2
Operating profit	7.0	10.9	93.5
Finance income	21.6	24.2	49.4
Finance costs	(21.6)	(19.3)	(41.9)
Net finance income	-	4.9	7.5
Profit before income tax	7.0	15.8	101.0
Income tax expense	(2.0)	(6.1)	(27.4)
Profit for the period	5.0	9.7	73.6
Attributable to
Owners of the parent	4.5	9.2	70.9
Non-controlling interests	0.5	0.5	2.7
Total attributable to	5.0	9.7	73.6
Earnings per share
Basic earnings per share 10(a)	3.3p	6.8p	52.0p
Diluted earnings per share 10(a)	3.1p	6.4p	49.3p

Source ↗

	30 June 2026 (unaudited) £m	30 June 2025 restated* (unaudited) £m	31 December 2025 (audited) £m
Assets: Non-current assets
Property, plant and equipment	71.4	61.4	70.5
Investment property	13.8	-	14.4
Right-of-use assets	209.1	197.2	205.2
Goodwill	472.0	443.7	463.8
Intangible assets	39.9	44.0	42.3
Investments in joint ventures and associates	42.7	40.9	40.7
Deferred income tax assets	74.1	62.0	72.9
Financial assets at FVOCI	4.9	4.8	4.9
Financial assets at fair value through profit and loss ('FVPL')	27.3	28.4	27.8
Defined benefit pension surplus	21.7	17.2	15.9
Contract related assets	0.7	1.1	0.8
Trade and other receivables	83.5	63.1	73.7
Total assets: Non-current assets	1,061.1	963.8	1,032.9
Assets: Current assets
Inventories	0.8	-	1.0
Contract assets	14.9	12.7	10.5
Trade and other receivables	693.2	621.7	769.9
Income tax receivable	14.6	9.5	4.5
Derivative financial instruments	1.4	3.6	0.8
Cash and cash equivalents**	512.7	445.6	531.6
Total assets: Current assets	1,237.6	1,093.1	1,318.3
Liabilities: Current liabilities
Borrowings	234.4	155.6	48.0
Overdrafts in notional pooling arrangement**	193.0	186.7	187.2
Lease liabilities	51.7	52.0	51.0
Derivative financial instruments	2.1	1.7	2.1
Contract liabilities	27.1	24.7	14.4
Trade and other payables	545.9	477.9	759.6
Income tax liabilities	14.6	4.5	17.3
Employee benefit obligations	24.5	26.4	18.7
Provisions	25.3	19.5	29.8
Total liabilities: Current liabilities	1,118.6	949.0	1,128.1
Net current assets	119.0	144.1	190.2
Total assets less current liabilities	1,180.1	1,107.9	1,223.1
Liabilities: Non-current liabilities
Borrowings	128.0	119.8	128.7
Lease liabilities	205.8	197.1	204.4
Derivative financial instruments	27.3	10.8	24.4
Other payables	18.0	11.4	16.0
Employee benefit obligations	29.1	26.5	26.9
Provisions	16.5	14.1	15.4
Deferred income tax liabilities	1.8	2.3	2.9
Total liabilities: Non-current liabilities	426.5	382.0	418.7
Net assets	753.6	725.9	804.4
Equity
Share capital	3.7	3.6	3.7
Share premium	118.4	105.2	116.1
Other reserves	76.9	60.5	71.4
Retained earnings	516.2	525.5	575.2
Equity attributable to owners of the parent	715.2	694.8	766.4
Non-controlling interests	38.4	31.1	38.0
Total equity	753.6	725.9	804.4

Source ↗

	Six months to 30 June 2026 (unaudited) £m	Six months to 30 June 2025 (unaudited) £m	Year ended 31 December 2025 (audited) £m
Cash flows from operating activities
Cash (used in)/generated from operations	(65.0)	(78.4)	202.7
Interest received	21.1	22.7	47.1
Interest paid	(20.3)	(17.8)	(40.6)
Income tax paid	(20.1)	(22.6)	(36.9)
Net cash (used in)/generated from operating activities	(84.3)	(96.1)	172.3
Cash flows from investing activities
Proceeds from sale of property, plant and equipment	0.2	-	0.2
Proceeds from sale of financial assets held at FVOCI and FVPL	3.6	0.8	1.4
Proceeds from sale of interests in joint ventures	-	-	0.2
Dividends received from joint ventures	1.5	1.6	6.0
Dividends received from associates	1.0	0.8	3.5
Dividends received from other parties	0.3	0.3	0.7
Repayment of loans by joint ventures	-	-	0.4
Repayment of loans owed to associates	-	(0.1)	-
Loans to associates	-	(0.9)	(1.2)
Loans to other parties	-	-	(0.1)
Disposal of subsidiaries, net of cash and overdrafts disposed	-	1.9	2.4
Acquisition of subsidiaries, net of cash and overdrafts acquired	(10.3)	(0.7)	(22.4)
Deferred consideration paid in relation to prior year acquisitions	(0.1)	(0.4)	(0.7)
Sublease receipts	0.8	0.9	2.0
Purchase of property, plant and equipment	(9.9)	(10.3)	(27.8)
Purchase of intangible assets	(1.0)	(1.7)	(5.3)
Purchase of financial assets held at FVOCI and FVPL	(3.2)	(1.5)	(1.9)
Purchase of investment in joint ventures	(0.2)	(0.4)	(0.2)
Purchase of investment in associates	(0.5)	(1.2)	(1.1)
Net cash used in investing activities	(17.8)	(10.9)	(43.9)
Cash flows from financing activities
Proceeds from issue of shares	2.3	0.2	11.2
Payments to non-controlling interest holders	(2.3)	-	(0.2)
Proceeds from borrowings	207.1	150.9	137.8
Repayments of borrowings	(28.6)	(36.8)	(135.1)
Payment of finance fees	(1.5)	-	(2.0)
Principal elements of lease payments	(28.7)	(25.5)	(56.0)
Purchase of treasury shares	(42.2)	(17.5)	(17.4)
Dividends paid	(37.4)	(32.1)	(43.2)
Net cash from/(used in) financing activities	68.7	39.2	(104.9)
Net (decrease)/increase in cash, cash equivalents and bank overdrafts	(33.4)	(67.8)	23.5
Cash, cash equivalents and bank overdrafts at beginning of period	341.0	327.4	327.4
Effect of exchange rate fluctuations on cash and cash equivalents held	1.8	(11.5)	(9.9)
Cash, cash equivalents and bank overdrafts at end of period	309.4	248.1	341.0

Source ↗

	2025 £m	2024 restated* £m
Revenue	2,550.9	2,404.0
Less
Employee benefits expense*	(1,803.0)	(1,693.2)
Depreciation	(69.1)	(70.2)
Amortisation of intangible assets	(15.8)	(16.1)
Impairments	(4.6)	(1.9)
Other operating expenses*	(575.4)	(549.5)
Increase in provision for expected credit loss	(2.2)	(8.3)
Other net gains	4.5	1.5
Share of post-tax profit from joint ventures and associates	8.2	7.5
Operating profit	93.5	73.8
Finance income	49.4	57.5
Finance costs	(41.9)	(43.0)
Net finance income	7.5	14.5
Profit before income tax	101.0	88.3
Income tax expense	(27.4)	(35.4)
Profit for the year	73.6	52.9
Attributable to
Owners of the parent	70.9	53.6
Non-controlling interests	2.7	(0.7)
Total attributable to	73.6	52.9
Earnings per share
Basic earnings per share 7(a)	52.0p	39.4p
Diluted earnings per share 7(a)	49.3p	37.2p

Source ↗

	2025 £m	2024 £m
Assets: Non-current assets
Property, plant and equipment	70.5	62.3
Investment property	14.4	-
Right-of-use assets	205.2	183.0
Goodwill	463.8	459.0
Intangible assets	42.3	51.8
Investments in joint ventures and associates	40.7	38.4
Deferred income tax assets	72.9	64.8
Financial assets at fair value through other comprehensive income ('FVOCI')	4.9	4.6
Financial assets at fair value through profit and loss ('FVPL')	27.8	27.3
Defined benefit pension surplus	15.9	13.5
Contract related assets	0.8	1.3
Trade and other receivables	73.7	72.6
Total assets: Non-current assets	1,032.9	978.6
Assets: Current assets
Inventories	1.0	-
Contract assets	10.5	13.0
Trade and other receivables	769.9	718.9
Income tax receivable	4.5	4.0
Derivative financial instruments	0.8	0.3
Cash and cash equivalents*	531.6	536.5
Total assets: Current assets	1,318.3	1,272.7
Liabilities: Current liabilities
Borrowings	48.0	41.3
Overdrafts in notional pooling arrangement*	187.2	199.3
Lease liabilities	51.0	49.7
Derivative financial instruments	2.1	1.3
Contract liabilities	14.4	16.7
Trade and other payables	759.6	729.7
Income tax liabilities	17.3	15.4
Employee benefit obligations	18.7	19.4
Provisions	29.8	19.2
Total liabilities: Current liabilities	1,128.1	1,092.0
Net current assets	190.2	180.7
Total assets less current liabilities	1,223.1	1,159.3
Liabilities: Non-current liabilities
Borrowings	128.7	119.6
Lease liabilities	204.4	183.4
Derivative financial instruments	24.4	12.6
Other payables	16.0	14.8
Employee benefit obligations	26.9	25.1
Provisions	15.4	23.4
Deferred income tax liabilities	2.9	2.6
Total liabilities: Non-current liabilities	418.7	381.5
Net assets	804.4	777.8
Equity
Share capital	3.7	3.6
Share premium	116.1	105.0
Other reserves	71.4	89.3
Retained earnings	575.2	548.9
Equity attributable to owners of the parent	766.4	746.8
Non-controlling interests	38.0	31.0
Total equity	804.4	777.8

Source ↗

	2025 £m	2024 £m
Cash flows from operating activities
Cash generated from operations	202.7	177.3
Interest received	47.1	57.2
Interest paid	(40.6)	(42.0)
Income tax paid	(36.9)	(33.9)
Net cash generated from operating activities	172.3	158.6
Cash flows from investing activities
Proceeds from sale of property, plant and equipment	0.2	0.2
Proceeds from sale of financial assets held at FVOCI and FVPL	1.4	1.0
Proceeds from sale of interests in joint ventures	0.2	0.1
Dividends received from joint ventures	6.0	4.2
Dividends received from associates	3.5	2.8
Dividends received from other parties	0.7	0.5
Repayment of loans by joint ventures	0.4	-
Loans to associates	(1.2)	(0.4)
Loans to other parties	(0.1)	(0.5)
Acquisition of subsidiaries, net of cash and overdrafts acquired	(22.4)	(2.6)
Disposal of subsidiaries, net of cash and overdrafts disposed	2.4	-
Deferred consideration paid in relation prior year acquisitions	(0.7)	(0.9)
Sublease receipts	2.0	2.1
Purchase of property, plant and equipment	(27.8)	(11.7)
Purchase of intangible assets	(5.3)	(9.1)
Purchase of investment in joint ventures	(0.2)	(0.3)
Purchase of investment in associates	(1.1)	-
Purchase of financial assets held at FVOCI and FVPL	(1.9)	(6.1)
Net cash used in investing activities	(43.9)	(20.7)
Cash flows from financing activities
Proceeds from issue of shares	11.2	0.1
Proceeds from transaction with non-controlling interest	-	11.3
Payments to non-controlling interest holders	(0.2)	(5.4)
Proceeds from borrowings	137.8	85.2
Repayments of borrowings	(135.1)	(87.4)
Payment of financing fees	(2.0)	-
Principal elements of lease payments	(56.0)	(59.6)
Purchase of treasury shares	(17.4)	(22.9)
Dividends paid	(43.2)	(33.8)
Net cash used in financing activities	(104.9)	(112.5)
Net increase in cash, cash equivalents and bank overdrafts	23.5	25.4
Cash, cash equivalents and bank overdrafts at beginning of year	327.4	310.1
Effect of exchange rate fluctuations on cash and cash equivalents held	(9.9)	(8.1)
Cash, cash equivalents and bank overdrafts at end of year	341.0	327.4

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	2,648.6	2,550.9	2,404.0
Adjusted operating profit	–	145.3	130.4
Operating profit	89.6	93.5	73.8
Amortisation	(15.9)	(15.8)	(16.1)
Operating profit to net income
Finance costs	(44.2)	(41.9)	(43.0)
Profit before tax	92.2	101.0	88.3
Tax	(23.3)	(27.4)	(35.4)
Net income (owners)	66.2	70.9	53.6
Per share
EPS basic	48.5p	52.0p	39.4p
EPS diluted	46.0p	49.3p	37.2p
Dividend per share	34.2p	33.8p	30.2p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	1,225.5	+9%	1,423.1	1,127.8
Operating profit	7.0	−36%	82.6	10.9
Amortisation	(7.6)	+1%	(8.3)	(7.5)
Operating profit to net income
Finance costs	(21.6)	+12%	(22.6)	(19.3)
Profit before tax	7.0	−56%	85.2	15.8
Tax	(2.0)	−67%	(21.3)	(6.1)
Net income (owners)	4.5	−51%	61.7	9.2
Per share
EPS basic	3.3p	–	45.2p	6.8p
EPS diluted	3.1p	–	42.9p	6.4p
Dividend per share	7.8p	–	26.4p	7.4p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	184.1	172.3	158.6
Interest paid	(43.1)	(40.6)	(42.0)
Tax paid	(34.4)	(36.9)	(33.9)
Investing activities
Capex (PP&E)	(27.4)	(27.8)	(11.7)
Capex (intangibles)	(4.6)	(5.3)	(9.1)
Financing activities
Lease principal paid	(59.2)	(56.0)	(59.6)
Dividends paid	(48.5)	(43.2)	(33.8)
Share buybacks	(42.1)	(17.4)	(22.9)
Shares issued	13.3	11.2	0.1

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	(84.3)	n/m	268.4	(96.1)
Interest paid	(20.3)	+14%	(22.8)	(17.8)
Tax paid	(20.1)	−11%	(14.3)	(22.6)
Investing activities
Capex (PP&E)	(9.9)	−4%	(17.5)	(10.3)
Capex (intangibles)	(1.0)	−41%	(3.6)	(1.7)
Financing activities
Lease principal paid	(28.7)	+13%	(30.5)	(25.5)
Dividends paid	(37.4)	+17%	(11.1)	(32.1)
Share buybacks	(42.2)	+141%	0.1	(17.5)
Shares issued	2.3	n/m	11.0	0.2

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	472.0	463.8	459.0
Other intangibles	39.9	42.3	51.8
Property, plant & equipment	71.4	70.5	62.3
Investment property	13.8	14.4	–
Associates & JVs	42.7	40.7	38.4
Current assets
Inventories	0.8	1.0	–
Trade receivables	693.2	769.9	718.9
Cash	512.7	531.6	536.5
Current assets	1,237.6	1,318.3	1,272.7
Current liabilities
Trade payables	545.9	759.6	729.7
Borrowings, current	234.4	48.0	41.3
Lease liabilities, current	51.7	51.0	49.7
Current liabilities	1,118.6	1,128.1	1,092.0
Non-current liabilities
Borrowings, non-current	128.0	128.7	119.6
Lease liabilities, non-current	205.8	204.4	183.4
Pension surplus / (deficit)	21.7	15.9	13.5
Equity
Non-controlling interests	38.4	38.0	31.0
Total equity	753.6	804.4	777.8
Net cash and other figures
Net cash / (debt) ex leases	(42.7)	167.7	176.3
Undrawn facilities	219.7	414.6	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	472.0	463.8	443.7	459.0
Other intangibles	39.9	42.3	44.0	51.8
Property, plant & equipment	71.4	70.5	61.4	62.3
Investment property	13.8	14.4	–	–
Associates & JVs	42.7	40.7	40.9	38.4
Current assets
Inventories	0.8	1.0	–	–
Trade receivables	693.2	769.9	621.7	718.9
Cash	512.7	531.6	445.6	536.5
Current assets	1,237.6	1,318.3	1,093.1	1,272.7
Current liabilities
Trade payables	545.9	759.6	477.9	729.7
Borrowings, current	234.4	48.0	155.6	41.3
Lease liabilities, current	51.7	51.0	52.0	49.7
Current liabilities	1,118.6	1,128.1	949.0	1,092.0
Non-current liabilities
Borrowings, non-current	128.0	128.7	119.8	119.6
Lease liabilities, non-current	205.8	204.4	197.1	183.4
Pension surplus / (deficit)	21.7	15.9	17.2	13.5
Equity
Non-controlling interests	38.4	38.0	31.1	31.0
Total equity	753.6	804.4	725.9	777.8
Net cash and other figures
Net cash / (debt) ex leases	(42.7)	167.7	(16.5)	176.3
Undrawn facilities	219.7	414.6	283.2	–

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