UPDATE 1-Savills says Europe property markets remain subdued | Reuters

UPDATE 1-Savills says Europe property markets remain subdued | Reuters

Aug 9 (Reuters) - British property consultancy Savills said it expects European property markets to remain unsettled and very subdued in countries like Italy and Spain, as it reported a 4 percent fall in first-half group profit before tax.
The company said on Thursday underlying profit before tax fell to 19.7 million pounds ($30.9 million) in the six months through June, versus 20.6 million pounds in the same period last year. Group revenue rose 5 percent to 353.3 million pounds.
It said its first-half performance was better than it had anticipated due to the growth of its consultancy and property managemenet business, which now make up 60 percent of its income and profits. It also said it had cut losses in its continental European business.
"Looking to the second half, we currently see no material change in the overall outlook for our business," Group Chief Executive Jeremy Helsby said in a statement.