Savills bumps up profit hopes and reveals boss will retire

Long-standing Savills boss Jeremy Helsby has revealed plans to retire from the property firm which surprised the City on Tuesday with a profit upgrade, despite clouds hanging over the industry.

Helsby will leave the top job, which he has held for 11 years, at the end of 2018, and will take on an advisory role to help grow the US business.

The 62-year-old, who has spent 39 years at the firm, is paid £275,000 a year.

Savills’ UK and Europe chief Mark Ridley will replace Helsby.

The succession plan was unveiled as Savills upgraded its expectations for 2017 results. It said profits will be ahead of the £134.3 million analysts had pencilled in.

The FTSE-250 firm, which offers everything from estate agent services to advice on selling office skyscrapers, toasted “a stronger-than-anticipated” finish to last year.

It praised the “relative resilience” of its residential transaction business, which saw revenue growth despite “challenging markets”. That contrasts with other estate agents which have warned on stamp duty changes and Brexit uncertainty hitting sales.

The company also benefited from a string of mega-commercial property deals, including advising on the £1.15 billion sale of the Cheesegrater tower in the City.

The shares rose 5p to 970.5p.