Savills plc (LON:SVS), the international real estate advisor, today announces its unaudited results for the six months ended 30 June 2025.
Summary results:
| H1 2025 | H1 2024 | Change | |
| Revenue | £1,127.8m | £1,063.2m | 6% |
| Underlying profit before tax* | £23.3m | £21.2m | 10% |
| Reported profit before tax | £15.8m | £8.9m | 78% |
| Underlying basic earnings per share* | 11.7p | 12.1p | (3%) |
| Reported basic earnings per share | 6.8p | 6.1p | 11% |
| Interim dividend | 7.4p | 7.1p | 4% |
| Net (debt)/cash** | (£16.5m) | £34.0m | n/a |
* Underlying profit before tax (‘underlying profit’) and underlying basic earnings per share (‘underlying EPS’) are alternative performance measures used to assess the performance of the Group. Underlying profit is calculated on a consistently reported basis in accordance with Note 3 and Note 8 to the Interim Financial Statements. Underlying EPS is calculated using underlying profit, with the weighted average number of shares remaining the same as the GAAP measure (see Note 11(b)).
** Net cash reflects cash and cash equivalents net of borrowings and overdrafts in the notional pooling arrangement.
Key highlights:
· Group revenue up 6% (EMEA up 9%, APAC up 5%, North America down 6%) driving underlying profit growth of 10%
· Transaction Advisory revenue up 2%, reflecting strong recovery in Q1 which slowed in Q2 as a result of economic and trade policy uncertainty
· Strong commercial pipelines in place for H2 and beyond
· Less transactional businesses performed well with revenue up 8% in aggregate
o Consultancy revenue up 20%, Property and Facilities Management revenue up 5%
o Savills Investment Management revenue down 6% (AUM stable)
Commenting on the results, Mark Ridley, Group Chief Executive of Savills plc, said:
“The year started well with Q1 performance comfortably ahead of the prior year, reflecting progressive recovery in most markets. Q2 saw a slowing of transactional activity as occupiers and investors digested the implications of tariffs and geopolitical events. Our performance reflects the geographic weighting of our capital markets business towards EMEA and Asia Pacific with our exposure to the recovery seen in capital market transactions in North America relatively low. On the basis of ever stronger transactional pipelines, we believe the slow-down in our core markets will prove to be temporary and I am delighted with the performance of our teams worldwide in helping clients navigate these changing dynamics.
Our less transactional businesses continue to provide a solid platform for the Group with a resilient earnings stream. The Group’s strong balance sheet allows us to pursue business development opportunities in anticipation of market improvement to come. Our expectations for the year remain unchanged although the final outturn will clearly depend upon the pace at which our strong pipelines unlock through the second half of the year.”
The analyst presentation will be held at 9.30am today by webinar. For joining instructions please contact [email protected]. A recording of the presentation will be available from noon at www.ir.savills.com.
Overview
The Group traded broadly in line with our expectations and ahead of the comparable period last year, against the backdrop of uncertainty, particularly in EMEA and Asia Pacific in Q2.
In the six months to 30 June 2025, Savills delivered revenue of £1,127.8m, an increase of 6% (8% in constant currency) over the comparable period (H1 2024: £1,063.2m). Underlying profit was £23.3m, 10% higher than the prior period (H1 2024: £21.2m) (9% in constant currency). The Group’s underlying profit margin was 2.1% (H1 2024: 2.0%).
Reported profit before tax increased by 78% to £15.8m (H1 2024: £8.9m), reflecting the growth in underlying profit and a reduction in exceptional transaction-related costs.
Market conditions
Global capital markets improved in Q1 2025, but were impacted during Q2, particularly outside the US, by heightened volatility driven by geopolitical events, tariff implications and shifting monetary/fiscal policy expectations.
Economic conditions in EMEA remained mixed, with weak manufacturing and falling business sentiment, particularly in France. Germany improved, partly due to the positive sentiment surrounding the Government’s investment intentions in infrastructure and defence. Spain was one of the strongest property markets globally through the period. In the UK, the impact of actual and potential fiscal change (forthcoming October Budget) had a dampening effect on corporate and private investor activity through Q2 resulting in a 13% reduction in real estate market investment volumes period-on-period.
Investment sentiment weakened during the first half of 2025 in the Asia Pacific region, particularly in China where market transaction volumes reduced a further 26% year-on-year. This led to a year-on-year reduction of c. 13% in investment volumes for the region as a whole. At an asset class level, only the residential sector recorded strong growth, supported by resilient demand for the multi-family segment in Japan, Australia and China. The industrial and logistics sector was clearly affected by uncertainty surrounding US trade policies.
The US office market was characterised by early signs of recovery, with capital transactions improving, although economic headwinds somewhat impacted occupiers’ confidence in pursuing leases in respect of larger lot sizes. The US industrial market showed early signs of stabilising in 2025, but shifting trade policies, particularly tariff uncertainty delayed some occupier decisions.
Business development during the period
We continue to develop our business through selective recruitment and acquisitions, supported by a strong balance sheet. During the period, the Group enhanced its presence in Northern Ireland through the acquisition of Osborne King & Megran Limited (‘Osborne King’), a well-established commercial property agency.
In February 2025, our Grosvenor Hill Ventures fund disposed of 51% of its interest in Cureoscity, the platform which connects occupiers, landlords and their managing agents, to SwiftConnect Inc., a provider of complementary identity and access control technology. This generated a profit of £3.8m. We retain a 49% interest in Cureoscity.
Many of our digital businesses continued to perform well. Our market leading auction business continued to perform well in both the UK commercial and residential auction markets, selling over £420m of property during the period, up 8% year-on-year. Workthere, our global business focussed on the flexible office market, almost doubled its revenue. Overall, we continue to support and invest in technology initiatives across the Group, striking a balance between locally led innovation and central initiatives with broad application.
Business review
The following table sets out Group revenue and underlying profit by operating segment:
| Revenue | H1 2025 £m | H1 2024 £m | Change |
| Transaction Advisory | 366.7 | 359.4 | 2% |
| Consultancy | 239.9 | 200.5 | 20% |
| Property and Facilities Management | 477.6 | 456.9 | 5% |
| Investment Management | 43.6 | 46.4 | (6%) |
| Group revenue | 1,127.8 | 1,063.2 | 6% |
| Underlying profit | H1 2025 £m | H1 2024 £m | Change |
| Transaction Advisory | (10.5) | (13.4) | n/a |
| Consultancy | 9.7 | 8.5 | 14% |
| Property and Facilities Management | 20.5 | 23.2 | (12%) |
| Investment Management | 5.6 | 4.3 | 30% |
| Unallocated cost | (2.0) | (1.4) | n/a |
| Group underlying profit | 23.3 | 21.2 | 10% |
As disclosed in the 2024 results in March, in line with the creation of a Europe, Middle East and Africa (‘EMEA’) Board to oversee the business in the region, the previously disclosed segments of UK and Continental Europe and the Middle East (‘CEME’) have been merged to form a single EMEA segment. The following table sets out Group revenue and underlying profit by geographical area:
| Revenue | H1 2025 £m | H1 2024 £m | Change |
| EMEA | 650.0 | 594.5 | 9% |
| Asia Pacific | 344.1 | 326.2 | 5% |
| North America | 133.7 | 142.5 | (6%) |
| Group revenue | 1,127.8 | 1,063.2 | 6% |
| Underlying profit | H1 2025 £m | H1 2024 £m | Change |
| EMEA | 24.7 | 18.5 | 34% |
| Asia Pacific | 7.1 | 4.4 | 61% |
| North America | (6.5) | (0.3) | n/a |
| Unallocated cost | (2.0) | (1.4) | n/a |
| Group underlying profit | 23.3 | 21.2 | 10% |
Revenue performance was driven by 8% growth in the less transactional service lines in aggregate. Of the latter, Consultancy grew revenue by 20%, Property and Facilities Management grew revenue by 5%, and Investment Management revenues declined by 6% as a result of reduced management and performance fees.
Transaction Advisory
| Revenue | H1 2025 £m | H1 2024 £m | Change |
| EMEA | 192.9 | 167.6 | 15% |
| Asia Pacific | 51.9 | 61.7 | (16%) |
| North America | 121.9 | 130.1 | (6%) |
| Total | 366.7 | 359.4 | 2% |
Our Transaction Advisory revenue increased by 2% compared with H1 2024 (4% in constant currency), with leasing- activity continuing to be more resilient than capital transaction volumes. The Transaction Advisory business sustained an underlying loss of £10.5m (H1 2024: loss of £13.4m), a net improvement of 22% year-on-year. In general Transaction market revenues performed robustly in Q1 2025 with revenue up c. 20%, but the post “liberation day” hiatus reduced Q2 transaction revenues by c.10% year-on-year, resulting in growth for the Half Year of 2% overall.
EMEA Commercial
EMEA Commercial Transaction fee income increased overall by 19% to £85.6m (H1 2024: £72.0m), as a result of a 22% improvement in CEME revenues and a 16% increase in the UK.
In the UK, provisional figures for the first half of 2025 indicate that c.£21.5bn of commercial property investments were traded overall, approximately 13% lower than the same period in 2024, with that market decline occurring mainly in Q2. Against that backdrop, Savills capital transaction revenues declined by 7% year-on-year, primarily outside London. The largest year-on-year falls in investment activity were in sectors that performed comparatively strongly last year, notably Institutional Residential and Hotels. The one major sector that experienced an increase in trading volumes was Offices, with £5.1bn traded, a 26% increase on the first half of 2024. The UK occupational markets were robust, with growth of 37%, albeit, through Q2, transaction execution times have extended. Prompted by historically low vacancy rates and robust demand, take-up in the prime central London office market was 14% higher than the same period in 2024.
In CEME, transactional advisory revenue increased by 22% to £40.5m (H1 2024: £33.2m adjusted by the reclassification of £18.8m residential revenues into EMEA Residential) (24% in constant currency). This represented significant growth in Spain, Germany and France and relative stability in other markets. Leasing revenue grew in aggregate by 9%, whilst the beginnings of a recovery in capital transactions from the low point of H1 2024 manifested itself in 53% growth in capital transaction revenues during the period.
The effect of revenue growth and prior period restructuring, particularly in Germany, resulted in a halving of the loss in H1 to £6.4m (H1 2024: £12.6m loss).
EMEA Residential
This is the first reporting period in which residential activity in CEME has been reclassified alongside UK Residential into the EMEA Residential business. The business performed strongly in the period, with revenue up 12% to £107.3m (H1 2024: £95.6m).
In the UK, revenue in re-sales agency reduced by 8% as a result of the impact of actual and potential tax changes on sentiment. Re-sales agency, volumes exchanged were down 1% driven by a reduction of 7% in prime London (1% up outside London). Average values remained broadly stable.
In contrast, UK development sales grew by 13% with volumes exchanged down by 6% year-on-year, but the average value marginally increased. Our institutional residential and student housing revenues increased by 32% in the period.
The overall impact of these movements was a reduction of 2% in UK residential revenue for the period.
In CEME, 74% growth in residential revenue largely derived from significant year-on-year growth in the Middle East, where the roster of brokers had increased to over 180 by the end of the period, together with stronger year-on-year performances across the other markets, most notably in Switzerland, Ireland, Portugal and Italy. Underlying losses were substantially reduced period-on-period despite the short-term impact of growth costs in Spain, Italy and Portugal in particular.
As a result of these growth costs, underlying profits in the EMEA residential transaction business were broadly flat at £3.4m (H1 2024: £3.5m), reflecting an underlying profit margin of 3.2% (H1 2024: 3.7%).
Asia Pacific Commercial
Commercial transaction fee income in Asia Pacific decreased by 19% (16% in constant currency) to £43.8m (H1 2024: £54.0m). The majority of the region showed reductions in activity, exacerbated particularly by geopolitical and tariff concerns through Q2. This could be seen in the overall reduction in capital transactions revenue of 36% which was partially mitigated by a 38% increase in leasing revenues. Against this backdrop there was a 45% recovery in revenue in Hong Kong in comparison with the low point in H1 2024 and both South Korea and Taiwan showed overall transactional revenue growth as anticipated.
The performance of these countries, together with the positive impact of 2024’s restructuring in China, largely made up for the effect of reduced activity elsewhere in the region. Meanwhile, the first time consolidation of the Indian commercial transaction business, contributing a small loss for the first half, increased the Asia Pacific commercial transaction business underlying loss to £4.1m for the period (H1 2024: £3.2m loss).
Asia Pacific Residential
Residential transaction fee income in Asia Pacific increased by 5% to £8.1m (H1 2024: £7.7m) (9% in constant currency). A slight reduction in activity in Hong Kong was mitigated by growth in the remainder of the region and the first time consolidation of Residential revenue in Savills India.
The improvement in revenue and the effect of cost savings in China resulted in an underlying profit of £0.3m for the first half of the year (H1 2024: £0.6m loss).
North America Commercial
In North America, where the Group is substantially dependent upon leasing activity by corporate occupiers, revenue decreased by 6% to £121.9m (H1 2024: £130.1m) (4% in constant currency). This was driven by a 7% reduction in leasing and a 1% increase in capital transactions during the period. In Q1, leasing revenues increased by nearly 20% period-on-period. This was negated by a 23% reduction in Q2 as occupiers delayed committing to major transactions as a result of volatility in bond markets and fiscal uncertainty. Overall the Half Year performance was driven by improvements in New York, Boston and Southern California specifically. In most markets, smaller lot size transactions performed well but large complex transactions stalled, although our pipeline of such projects remains strong. In addition, activity under the General Services Administration contract in respect of Federal Government occupational requirements reduced during this period of uncertainty. Although the balance of our sector exposure is improving, a 25% increase in industrial/logistics activity could not outweigh a 4% and 20% decrease in Office and Life Sciences revenue respectively.
As a result of the revenue decrease and investment in Occupier Services, Canada and the Southern States, the North American Transactional business underlying loss increased to £3.7m (H1 2024: £0.5m loss).
Consultancy
| Revenue | H1 2025 £m | H1 2024 £m | Change |
| EMEA | 169.1 | 152.4 | 11% |
| Asia Pacific | 59.0 | 35.7 | 65% |
| North America | 11.8 | 12.4 | (5%) |
| Total | 239.9 | 200.5 | 20% |
Consultancy revenues grew by 20% period-on-period (21% in constant currency). This was boosted by the first time consolidation of Savills India with its significant Building and Project Management consultancy, which enhanced the Asia Pacific Consultancy practice overall.
In EMEA, revenue was 11% ahead of the prior period with growth in our Rural, Licensed Leisure, Building and Project Consultancy and Planning services, with relative stability in other services. Housing consultancy delivered a robust performance with 22% growth versus a quiet pre-election comparative period in the UK. In the CEME business, a 1% revenue reduction (stable in constant currency) was driven by Project Management and Building Consultancy and Valuations services primarily in the Middle East, Czechia and Ireland and which helped offset reductions in the Netherlands, Italy and Portugal.
The Asia Pacific business revenue grew substantially by 65% (73% in constant currency), with the majority coming from the consolidation of the Indian Consultancy business for the first time. Elsewhere, we saw activity decrease in Australia and a small increase in revenue in China after the low period in 2024.
In North America, revenue decreased 5% (2% decrease in constancy currency) with some reduction in project management as a result of timing differences. The effect of set up costs in advance of billing on a major project pushed the business into a loss for the period.
Underlying profit of the Consultancy business increased by 14% (same in constant currency) to £9.7m (H1 2024: £8.5m), reflecting an underlying profit margin of 4.0% (H1 2024: 4.2%).
Property and Facilities Management
| Revenue | H1 2025 £m | H1 2024 £m | Change |
| EMEA | 246.8 | 231.5 | 7% |
| Asia Pacific | 230.8 | 225.4 | 2% |
| Total | 477.6 | 456.9 | 5% |
Our Property and Facilities Management business increased global revenues by 5% (6% in constant currency) to £477.6m (H1 2024: £456.9m). Savills total area under management increased 2% to 2.67bn sq ft (H1 2024: 2.63bn sq ft).
EMEA revenues grew 7% overall (same in constant currency) driven by 7% growth in UK Property Management, 8% growth in UK Facilities Management and 4% growth in residential management with rural management stable year-on-year. In CEME, revenue grew by 15% (18% in constant currency) as a result of increases in Germany, Ireland, the Middle East, Spain and France. Profitability reduced in the period due in part to a reduction in the contribution from treasury operations in a lower interest rate environment than H1 2024.
In Asia Pacific, revenues increased by 2% (5% in constant currency), driven by the strong performance of our Singapore and South Korea businesses, which offset a reduction in mainland China.
Overall, underlying profit for the Property and Facilities Management business decreased by 12% to £20.5m (H1 2024: £23.2m), reflecting an underlying margin of 4.3% (H1 2024: 5.1%).
Investment Management
Revenue from Investment Management decreased by 6% to £43.6m (H1 2024: £46.4m) (5% in constant currency), reflecting reduced management fees based on adjusted valuations through the previous 12 months, performance fees (down 60%) and base management fees (down 6%). The decline in base management fees was in line with expectations as some existing products came to the end of their life whilst new strategies, across both pooled funds and mandates, which were launched in the prior year, will take time to achieve scale.
Base management fees as a proportion of gross revenues remained steady at 89% (H1 2024: 89%). Transaction volumes were ahead of the prior year, by 21%, which is a positive sign, albeit in markets that remain challenging for “core” investment products.
Under INREV reporting standards, Assets Under Management (‘AUM’) remained stable at £22.1bn (H1 2024: £22.1bn), with £0.9bn of capital raised in the first half of the year. As at the most recent measurement date prior to this report, over 70% of discretionary AUM had outperformed its respective targets or benchmark returns since inception.
Underlying profit rose to £5.6m (H1 2024: £4.3m), following favourable fair value movements on co-investment holdings recognised through profit or loss and cost savings achieved from initiatives implemented in 2024.
Unallocated/central revenue and cost
The unallocated cost segment represents other costs, expenses and net interest not directly allocated to the operating activities of the Group’s business segments. The H1 increase in unallocated net costs to £2.0m (H1 2024: £1.4m) primarily reflects lower net interest income on lower average cash balances held centrally by the Group.
Transaction-related and restructuring costs
During the period the Group incurred an aggregate restructuring charge of £5.9m (H1 2024: £0.5m) and transaction-related credit of £1.4m (H1 2024: £8.5m charge).
Restructuring costs in the first half of 2025 included costs of action taken by management to align operations in Australia and North America with market recovery assumptions.
Transaction-related credit in the period primarily represents adjustments to provisions for future consideration payments which are contingent on the continuity of recipients’ employment at the time of payment. The credit in the current period reflects a reversal of amounts previously recognised in relation to the earn-out payment for the Pitmore acquisition in 2022 (£3.0m credit). The largest individual component of this charge in the prior period related to the acquisition during 2021 of the 75% membership interests in DRC Savills Investment Management LLP (the real estate debt investment manager), which the Group did not already then own. The final payment in respect of this acquisition was made in September 2024, hence the period-on-period decrease in transaction-related costs.
Earnings and financial position
The Group’s underlying profit margin in the period remained stable at 2.1% (H1 2024: 2.0%). This reflects the positive impact of reduced transactional losses and an improved margin in investment management during the period.
Basic earnings per share for the six months to 30 June 2025 increased to 6.8p (H1 2024: 6.1p). Underlying basic earnings per share decreased to 11.7p (H1 2024: 12.1p), reflecting an increase in the underlying effective tax rate in comparison to H1 2024.
Cash and cash equivalents, net of overdrafts in notional pooling arrangements and bank overdrafts (see Note 19), at the period end stood at £248.1m (30 June 2024: £261.6m, 31 December 2024: £327.4m). The Group typically has a net outflow of cash in the first half of the year as a result of seasonality in trading and the major cash outflows associated with dividends, profit related remuneration payments and related payroll taxes in the first half of the year.
The Group had borrowings at 30 June 2025 of £275.4m (30 June 2024: £236.6m, 31 December 2024: £160.9m). This includes £120.0m (30 June 2024 and 31 December 2024: £150.0m) of 10 and 12 year fixed rate notes which were issued in June 2018, the 7 year fixed rate notes totalling £30.0m were repaid in June 2025. Borrowings also included £15.7m drawn under a revolving credit facility in North America (30 June 2024: £15.8m, 31 December 2024: £nil). At 30 June 2025, £128.0m of the Group’s UK revolving credit facility (‘RCF’) was drawn (30 June 2024: £59.0m, 31 December 2024: £nil), with a total of £283.2m of borrowing facilities available to the Group (30 June 2024: £340.1m, 31 December 2024: £421.3m).
In summary, net debt, being cash and cash equivalents net of borrowings and overdrafts in notional pooling arrangements, was £16.5m (30 June 2024: £34.0m net cash, 31 December 2024: £176.3m net cash) reflecting the seasonality of our cash flow and the final deferred consideration paid for DRC Capital in September 2024.
The funding level of the UK defined benefit Savills Pension Scheme, which is closed to future service based accrual, increased during the period primarily as a result of a rise in AA-rated corporate bond yields offset in part by lower asset returns reducing the value of the Scheme’s assets. The Scheme was in a surplus position of £12.5m at 30 June 2025 (30 June 2024: £5.3m surplus, 31 December 2024: £9.9m surplus).
Impact of foreign exchange
The Group generates revenues and profits in various territories and currencies because of its international footprint. Those results are translated on consolidation at the foreign exchange rates prevailing at the time. These exchange rates vary from period to period, so the Group presents some of its results on a constant currency basis. This means that the current period results are retranslated using the prior period exchange rates. This eliminates the effect of exchange from the period-on-period comparison of results.
The constant currency effect on revenue, profit and underlying profit is summarised below:
| Six months to 30 June 2025 | Constant currency effect | Six months to 30 June 2025 at constant currency | |
| £m | £m | £m | |
| Revenue | 1,127.8 | (19.8) | 1,147.6 |
| Profit before tax | 15.8 | 0.6 | 15.2 |
| Underlying profit before tax | 23.3 | 0.2 | 23.1 |
Interim Dividend
The Board has declared an interim ordinary dividend of 7.4p (H1 2024: 7.1p). The dividend, which is designed to provide sustainable real income growth and be supported by the less transactional business earnings, will be payable on 29 September 2025 to shareholders on the register at 29 August 2025.
Principal and emerging risks
The key principal and emerging risks relating to the Group’s operations for the next six months were considered to remain consistent with those disclosed in the Group’s Annual Report and Accounts 2024. These are listed below, please refer to pages 32 to 36 thereof or to our investors’ page on www.savills.com.
· Market conditions, macro-economic and geopolitical issues
· Achieving the right market positioning to meet the needs of our clients
· Recruitment and retention of high-calibre staff
· Reputational and brand risk
· Legal risk
· Failure or significant interruption to our IT systems causing disruption to client service
· Operational resilience/business continuity
· Business conduct
· Changes in the regulatory environment/ regulatory breaches
· Acquisition/integration risk
· Environment and sustainability
Summary and outlook
The year started well with Q1 performance comfortably ahead of the prior year, reflecting progressive recovery in most markets. Q2 saw a slowing of transactional activity as occupiers and investors digested the implications of tariffs and geopolitical events. Our performance reflects the geographic weighting of our capital markets business towards EMEA and Asia Pacific with our exposure to the recovery seen in capital market transactions in North America relatively low. On the basis of ever stronger transactional pipelines, we believe the slow-down in our core markets will prove to be temporary and I am delighted with the performance of our teams worldwide in helping clients navigate these changing dynamics.
Our less transactional businesses continue to provide a solid platform for the Group with a resilient earnings stream. The Group’s strong balance sheet allows us to pursue business development opportunities in anticipation of market improvement to come. Our expectations for the year remain unchanged although the final outturn will clearly depend upon the pace at which our strong pipelines unlock through the second half of the year.
Mark Ridley
Group Chief Executive
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The Directors confirm that this condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34, ‘Interim Financial Reporting’, as contained in UK-adopted international accounting standards and that the interim management report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R, namely:
| ● | an indication of important events that have occurred during the first six months and their impact on the condensed consolidated interim financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year; and |
| ● | material related party transactions in the first six months of the financial year and that have materially affected the financial position or the performance of the Company during that period and any material changes in the related party transactions described in the last Annual Report that could have a material effect on the financial position or performance of the Company in the first six months of the current financial year. |
The Directors are responsible for the maintenance and integrity of the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Directors of Savills plc are listed in the Company’s Report and Accounts for the year ended 31 December 2024. A list of current Directors is maintained on the Savills plc website: www.savills.com.
By order of the Board
Mark Ridley, Group Chief Executive
Simon Shaw, Group Chief Financial Officer
13 August 2025
