According to a trading update statement, Savills' faces a number of woes. Its joint venture with Trammell Crow Company, Trammell Crow Savills, had a disappointing start to 2003. Savills and TCC 'continue to review' the future strategy for TCS.
In addition, there have been changes to Savills' Asia management. David Wong, chief executive of FPDSavills Asia Pacific, is to retire from the Company at the end of 2003. He has resigned from the Savills plc board and will relinquish his day-to-day management responsibilities from 31 July. Instead of replacing him immediately, the heads of the main Asian divisions will report directly to the UK through the existing local executive committee, to be chaired by Robert McKellar, Savills plc group finance director.
On a happier note, Savills says it is benefiting from a strong property investment market--in particular retail warehouse investments--and its private client financial services business continues to perform strongly ahead of plan.
Savills has commenced an irrevocable, non-discretionary programme to re-purchase its own shares during the close period. Up to 500,000 shares may be purchased at a price of up to 180p until 2 September 2003.
Savills' interim results for the first half of 2003 are scheduled for release on 3 September 2003.
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