UK real estate adviser Savills posts sharp profit drop, shares tank – One America News Network

(Reuters) – Savills Plc posted a sharp drop in half-yearly profits on Thursday as rising interest rates hit trading volumes, sending the British real estate adviser’s shares down nearly 9%.

The company said group underlying profit before tax fell to 16.3 million pounds ($20.8 million) in the six months ended June 30, from 59.2 million pounds in the same period last year.

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($1 = 0.7835 pounds)

(Reporting by Eva Mathews in Bengaluru; Editing by Savio D’Souza)