UK property firm Savills's H1 profit jumps on North America strength; warns of uncertainty

Aug 13 (Reuters) - British property firm Savills posted a 47% rise in half-year underlying profit, strengthened by an improvement in North America business and its transactional business, but cautioned about unpredictability in deal timings amid wider economic uncertainty. 

Here are some more details:

• The company's underlying pretax profit rose 47% to £34.3 million ($46.24 million) for the six months ended June 30.

• North America's performance stood out, swinging to an underlying profit of £2.6 million from a £6.5 million loss a year earlier, buoyed by restructuring benefits, strong leasing, and the U.S. driving robust M&A activity.

• Savills completed its $1.1 billion acquisition of U.S. real estate investment bank Eastdil Secured in July, a deal which expanded its U.S. and capital-markets presence.

• Robust investor appetite for data centers, industrial assets and senior living in the United States also offset a hit to sentiment in its other markets.

• The company said the escalation of the Middle East conflict and political change in the UK have left investors wary of higher interest rates, weighing on activity in its key domestic market.

• Savills cautioned that while its transactional pipelines were growing, persistent macroeconomic volatility made it hard to predict when those deals would convert into revenue.

• "...Although transaction timelines are hard to predict in the current environment, I am confident that we are well positioned to deliver value to our clients," CEO Simon Shaw said.

• The firm reaffirmed its 2026 expectations for the enlarged group, including the newly acquired Eastdil Secured.

($1 = 0.7417 pounds)

(Reporting by Simone Lobo in Bengaluru; Editing by Rashmi Aich)