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LONDON-Savills the commercial and residential agent, reported steady profits for the six months to 30 June 2001 on increased turnover. But chairman Richard Jewson reported a slowdown in both the investment and leasing markets.

Turnover for the six months was up 21.4% at £111.2 million ($162 million) while pre-tax profit fell marginally from last year’s £10.3 million ($15.04 million) to £10.1 million ($14.75 million).

Chairman Richard Jewson said: ‘Uncertainty in the financial markets has affected confidence in the UK commercial sector and in Asia-Pacific.’ But he saw this as an opportunity. ‘The current economic climate should provide us with a good opportunity to achieve our strategy of building an international property services business through acquisition and partnerships,’ he said.

On the residential side, Jewson said that the UK market was more active than had been expected, and Savills had more properties sold or under offer than at the same point last year. Earlier this summer, Savills share price fell suddenly after an announcement by rival agent Chesterton that turnover was down.

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