LISTEN Asia will overtake the UK and become the largest part of the Savills business, according to incoming group chief executive Mark Ridley.
In the first half of 2018 the UK turned over £280.5m, accounting for 39% of group revenues. With £250.4m of revenue over the same period, the Asia Pacific region accounted for 34% of turnover.
Speaking on a new EG podcast, Ridley said: “Asia will probably will become the biggest part of our business in the future, in terms of revenue and profit.
“The key is to make sure it’s sustainable growth. Also we like to have a diversified model where we have less transactional alongside transactional and so it will take time. But that’s a real area of focus for me and the team, going forward.”
Ridley said current market “turbulence” – from Brexit to the risk of a US-China trade war – could even benefit the business.
“When we’ve had more difficult markets, sometimes that’s the best time for the business to grow because there are more opportunities.”
He said the UK and Europe would continue to grow, adding that there was “more to do in the US”, where outgoing group chief executive Jeremy Helsby would focus in a consultancy role for the firm.
Speaking on the same podcast, Helsby said Savills was likely to buy businesses in the US: “I think we probably will do two or three what I’d call infill acquisitions in the $5m-15m dollar range.”
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