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Annual report and accounts
2022
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Group highlights
“ Since the end of Q1 2022, real estate markets across the Globe have been increasingly challenged by geopolitical events, macro-economic issues and policy responses thereto. Despite this the Group performed ahead of its previous expectations for the year and substantially ahead of the 2019 “pre-COVID” comparative period.”
Mark Ridley CEO
Revenue
£2,298.3m
(2021: £2,147.0m)
£2,298.3m
2022
£2,147.0m
2021
Breadth of service
(non-transactional)*
60%
(2021: 58%)
60%
2022
58%
2021
Reported profit after tax
£119.8m
(2021: £146.7m)
£119.8m
2022
£146.7m
2021
Reported earnings per share
87.0p
(2021: 104.9p)
87.0p
2022
104.9p
2021
Underlying profit**
£164.6m
(2021: £200.3m)
£164.6m
2022
£200.3m
2021
Underlying earnings per share*
94.9p
(2021: 116.5p)
94.9p
2022
116.5p
2021
Underlying profit margin**
7.2%
(2021: 9.3%)
7.2%
2022
9.3%
2021
Reported pre-tax profit margin***
6.7%
(2021: 8.5%))
6.7%
2022
8.5%
2021
Operating cash generation
£164.0m
(2021: £302.7m)
£164.0m
2022
£302.7m
2021
Assets under management
£22.1bn
(2021: £21.9bn)
£22.1bn
2022
£21.9bn
2021
Property under management (sq. ft.)
2.5bn
(2021: 2.5bn)
2.5bn
2022
2.5bn
2021
Geographical spread (% non-UK)
58%
(2021: 57%)
58%
2022
57%
2021
Underlying profit**
£164.6m
(2021: £200.3m)
£164.6m
2022
£200.3m
2021
Underlying earnings per share*
94.9p
(2021: 116.5p)
94.9p
2022
116.5p
2021
Underlying profit margin**
7.2%
(2021: 9.3%)
7.2%
2022
9.3%
2021
Reported pre-tax profit margin***
6.7%
(2021: 8.5%))
6.7%
2022
8.5%
2021
Operating cash generation
£164.0m
(2021: £302.7m)
£164.0m
2022
£302.7m
2021
Assets under management
£22.1bn
(2021: £21.9bn)
£22.1bn
2022
£21.9bn
2021
Property under management (sq. ft.)
2.5bn
(2021: 2.5bn)
2.5bn
2022
2.5bn
2021
Geographical spread (% non-UK)
58%
(2021: 57%)
58%
2022
57%
2021

* Defined as the % of Group revenue derived from non-transactional revenue streams. See Non-Financial Key Performance Indicators in the full annual report for further information.

** Underlying profit is an alternative performance measure used to assess the performance of the Group. Underlying profit is calculated by adjusting reported pre-tax profit for profit/loss on disposals, share-based payment adjustments, amortisation and impairment of intangible assets arising from business combinations, impairment of goodwill, significant restructuring costs, transaction-related costs and other items that are considered significant in size or non-operational in nature. Underlying EPS is also an alternative performance measure used to assess the performance of the Group. Underlying EPS is calculated using the underlying profit after tax measure, with the weighted average number of shares remaining the same as the GAAP measure. Refer to Note 2.3 and Note 8 to the financial statements for further explanation of underlying profit measures.

*** Reported pre-tax profit margin is an alternative performance measure calculated by dividing profit before income tax by revenue.

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Savills at a glance

Where our expertise lies

Established in 1855, Savills plc is one of the leading real estate advisors in the world. Our range of expertise covers all the key segments of residential, office, industrial, retail, leisure, healthcare, rural and hotel property, and mixed-use development schemes.

Transaction Advisory

The Transaction Advisory business stream comprises commercial, residential, leisure and agricultural leasing, tenant representation and investment advice on purchases and sales.

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Property and Facilities Management

Management of commercial, residential, leisure and agricultural property for owners. Provision of a comprehensive range of services to occupiers of property, ranging from strategic advice through project management to all services relating to a property.

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Investment Management

Investment management of commercial and residential property portfolios for institutional, corporate or private investors, on a pooled or segregated account basis.

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Consultancy

Provision of a wide range of professional property services including valuation, project management and housing consultancy, environmental consultancy, landlord and tenant, rating, development, planning, strategic projects, corporate services and research.

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Our vision is to be the real estate adviser of choice in the markets we serve. We do not wish to be the biggest, just the best.

Offices and associates
700+
Staff
40,000+

Locations

Our global size and strength

We have an international network of circa 700 offices and associates and circa 40,000 staff throughout the UK, Asia Pacific, the Americas, Continental Europe, Africa and the Middle East, offering a broad range of specialist advisory, management and transactional services to clients all over the world.

United Kingdom
Revenue
£956.3m
(2021: £925.6m)
Offices
130
(2021: 128)
Employees
9,036
(2021: 8,840)
Asia Pacific
Revenue
£669.7m
(2021: £626.5m)
Offices
57
(2021: 59)
Employees
27,462
(2021: 27,813)
Continental Europe and the Middle East
Revenue
£335.0m
(2021: £301.2m)
Offices
57
(2021: 50)
Employees
2,888
(2021: 2,525)
North America
Revenue
£337.3m
(2021: £293.7m)
Offices
43
(2021: 41)
Employees
945
(2021: 912)
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Our business model

The model below illustrates in simple terms how we create Shareholder value through improving the strength of our premium brand, and through the delivery of profits and dividends to Shareholders. We treat every client as an individual and take time to understand what they need and how we can best service them.

1
Our resources & relationships
Outstanding people

Local knowledge Entrepreneurial approach

Intellectual property

Market intelligence
Brand and reputation

Long-term client relationships

Client care programmes
High quality service

Financial

Prudent capital structure
Strong cash generation

2
Our business model
3
Underpinned by
Values
  • Pride in everything we do
  • Take an entrepreneurial approach to business
  • Help our people to be the best they can be and fulfill their potential
  • Always act with integrity
Governance
  • Strong Board and management
  • High standards of governance
Disciplined
approach to risk
  • Risk mitigation to limit exposure to any one market or economy
  • Business and geographic diversification
4
Our value creation
Shareholders
Dividends
35.6p
People
  • Developing talent
  • Employee engagement
  • Diversity and Inclusion
Clients
  • High quality service – Client relationship
  • Client care – Client relationship management team
Reported profit after tax
£119.8m
Underlying profit
£164.6m
Reported earnings per share
87.0p
Underlying earnings per share
94.9p
Community
  • Reducing environmental impact - Carbon emission reduction
  • Community investment – Community engagement programmes
Download Our business model
ESG Key Performance Highlights
Environmental
  • Sustainability
  • Environment
  • Savills Earth
Social
  • Our clients
  • Our people
  • Community
Governance
  • Human Rights
  • Modern Slavery
  • Speak Up
  • TCFD
  • Corporate GHG Emissions disclosures

Expand

  • Asia Pacific business shortlisted for RICS Southeast Asia Sustainability Awards 2022.
  • We have made tangible reductions in carbon, in 2022, our absolute Scope 1 and 2 ‘market-based’ emissions totalled to 6,679 tonnes CO2e, which is a 17.9% reduction against the 2019 base year.
  • We continue to target improvements based on delivering against our nine material Sustainable Development Goals (SDGs). We aim to maximise energy efficiency, minimise environmental impact and work continuously towards net zero carbon targets globally. We recognise the urgency of the climate crisis and, as part of this, we joined the Race To Zero and Business Ambition for 1.5°C Campaigns in 2022 and are working with SBTi (Science based Targets Initiative) to agree our Net Zero Transition Plans for all three scopes.
  • As a Group charitable giving was extensive with £2,125,035 donated by the Group and combined Regional businesses in 2022. Over 16,700 hours were also given by our staff this year for volunteering.
  • We aim to build long-term client relationships and to be a leader in every market we enter.
  • It is our vision to be the real estate advisor of choice in our selected markets to deliver superior financial performance, which can only be achieved through the dedication, commitment and excellence of our people.
  • We believe that the community engagement programmes that we have developed have a positive impact on the areas where our people live and ensure that Savills is firmly engaged with the communities we serve.
  • We implemented Safe-Call, a third party operated whistle-blowing facility, across all markets (except in North America which has a separate third-party operated Speak-up facility).
  • We further developed TCFD reporting in line with the increased requirements.
  • We are committed to doing the right thing in the right way and this is reflected in the Savills Code of Conduct.
  • We have a zero tolerance to discrimination and harassment of any type and the facilitation of financial crime.
Environmental

Click to expand

  • Sustainability
  • Environment
  • Savills Earth
  • Asia Pacific business shortlisted for RICS Southeast Asia Sustainability Awards 2022.
  • We have made tangible reductions in carbon, in 2022, our absolute Scope 1 and 2 ‘market-based’ emissions totalled to 6,679 tonnes CO2e, which is a 17.9% reduction against the 2019 base year.
  • We continue to target improvements based on delivering against our nine material Sustainable Development Goals (SDGs). We aim to maximise energy efficiency, minimise environmental impact and work continuously towards net zero carbon targets globally. We recognise the urgency of the climate crisis and, as part of this, we joined the Race To Zero and Business Ambition for 1.5°C Campaigns in 2022 and are working with SBTi (Science based Targets Initiative) to agree our Net Zero Transition Plans for all three scopes.
Social

Click to expand

  • Our clients
  • Our people
  • Community
  • As a Group charitable giving was extensive with £2,125,035 donated by the Group and combined Regional businesses in 2022. Over 16,700 hours were also given by our staff this year for volunteering.
  • We aim to build long-term client relationships and to be a leader in every market we enter.
  • It is our vision to be the real estate advisor of choice in our selected markets to deliver superior financial performance, which can only be achieved through the dedication, commitment and excellence of our people.
  • We believe that the community engagement programmes that we have developed have a positive impact on the areas where our people live and ensure that Savills is firmly engaged with the communities we serve.
Governance

Click to expand

  • Human Rights
  • Modern Slavery
  • Speak Up
  • TCFD
  • Corporate GHG Emissions disclosures
  • We implemented Safe-Call, a third party operated whistle-blowing facility, across all markets (except in North America which has a separate third-party operated Speak-up facility).
  • We further developed TCFD reporting in line with the increased requirements.
  • We are committed to doing the right thing in the right way and this is reflected in the Savills Code of Conduct.
  • We have a zero tolerance to discrimination and harassment of any type and the facilitation of financial crime.
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