savills

Estate agency group Savills (LON:SVS) saw shares rise nearly 2 percent on Thursday morning, after reporting a 27 percent rise in profits.

Pre-tax profits hit £32.4 million in the first half of the year, driven by a foreign investment boom in the office market. Savills operate globally and derive two thirds of their revenue from foreign markets.

Underlying profit rose to £32.4 million in the half-year, up from £25.5 million in the same period in 2016. This was driven in part by performance in its Asian markets, alongside better-than-expected results in the UK in the face of economic uncertainty.

In the UK, the company said: “Increased levels of political and economic uncertainty created by the general election and the ongoing negotiations to leave the EU make it difficult to predict market volumes for the rest of the year.”

Savills shares are currently trading up 1.60 percent at 924.50 (1218GMT).

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