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issue\u00a0by the Board of Directors on 12 March 2026 and were signed on its behalf by:
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"scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00590": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfInterestsInAssociates", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00620": { "value": "1900000.0", "decimals": -5, "dimensions": { "concept": "svs:PurchaseOfFinancialAssetsHeldAtFVOCIAndFVPLClassifiedAsInvestingActivities", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00619": { "value": "6100000.0", "decimals": -5, "dimensions": { "concept": "svs:PurchaseOfFinancialAssetsHeldAtFVOCIAndFVPLClassifiedAsInvestingActivities", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00617": { "value": "-43900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00618": { "value": "-20700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00397": { "value": "11200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00396": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00399": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00398": { "value": "11300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00401": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "svs:PaymentsToNonControllingInterestHoldersClassifiedAsFinancingActivity", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00400": { "value": "5400000.0", "decimals": -5, "dimensions": { "concept": "svs:PaymentsToNonControllingInterestHoldersClassifiedAsFinancingActivity", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00403": { "value": "137800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00402": { "value": "85200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00405": { "value": "135100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00404": { "value": "87400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00406": { "value": "2000000.0", "decimals": -5, "dimensions": { "concept": "svs:PaymentOfFinancingFeesClassifiedAsFinancingActivities", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00407": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "svs:PaymentOfFinancingFeesClassifiedAsFinancingActivities", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00592": { "value": "56000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00591": { "value": "59600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00594": { "value": "17400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00593": { "value": "22900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00622": { "value": "43200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00621": { "value": "33800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00624": { "value": "-104900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00623": { "value": "-112500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00409": { "value": "23500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00408": { "value": "25400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00411": { "value": "327400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00410": { "value": "310100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00413": { "value": "-9900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00412": { "value": "-8100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00415": { "value": "341000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800WXICGMBWHTA933", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00414": { "value": "327400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00422": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00426": { "value": "1. General information
Savills plc (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) is a global real
estate services group. The Group operates through a network of o\ufb03ces in the UK,
Europe, Asia Paci\ufb01c, North America, Africa and the Middle East. Savills plc is listed
on the London Stock Exchange and employed a monthly average of 42,863 sta\ufb00
worldwide during 2025.
These consolidated \ufb01nancial statements were approved for issue by the Board of
Directors on 12 March 2026. The Board of Directors have the power to amend the
\ufb01nancial statements after issue.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00421": { "value": "Savills plc (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) is a global real estate services group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00416": { "value": "Savills plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00419": { "value": "Savills plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00424": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00417": { "value": "UK, Europe, Asia Paci\ufb01c, North America, Africa and the Middle East.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00427": { "value": "employed a monthly average of 42,863 sta\ufb00 worldwide during 2025.12.2 Sta\ufb00 numbers
The monthly average number of employees (including Directors) for the year was:
\u00a0
2025
2024
EMEA
13,675
13,041
Asia Paci\ufb01c
28,189
28,430
North America
999
980
\u00a0
42,863
42,451
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00428": { "value": "2. Basis of preparation
The consolidated \ufb01nancial statements have been prepared in accordance with UK
adopted international accounting standards (\u2018IFRS\u2019) and with the provisions of the
Companies Act 2006. The consolidated \ufb01nancial statements are prepared on a going
concern basis (refer to Note 3) and under the historical cost convention as modi\ufb01ed
by the revaluation of loans receivable, equity investments held at FVOCI, \ufb01nancial
assets held at FVPL and derivative \ufb01nancial instruments held at fair value.
In preparing the \ufb01nancial statements management has considered the impact of
climate change, taking into account the relevant disclosures in the Strategic Report,
including those made in accordance with the recommendations of the Taskforce
on Climate-related Financial Disclosure. These considerations included the limited
exposure in terms of tangible assets, including in our investment management
business where we do not own the properties, as well as our current assessment
that the transition costs to a low-carbon economy will be outweighed by alternative
business opportunities, therefore not impacting the recoverability of our intangible
assets. On this basis, we concluded that climate change did not have a material
impact on the \ufb01nancial reporting judgements and estimates, consistent with the
assessment that this is not expected to have a signi\ufb01cant impact on the Group\u2019s
going concern or viability assessment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00429": { "value": "The consolidated \ufb01nancial statements have been prepared in accordance with UK
adopted international accounting standards (\u2018IFRS\u2019) and with the provisions of the
Companies Act 2006.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00430": { "value": "3. Going concern
The Group\u2019s business activities, together with the factors likely to a\ufb00ect its future
development, performance and position are set out in the Strategic Report. The
\ufb01nancial position of the Group, its cash \ufb02ows and liquidity position are described in
the Financial Review, with details of the Group\u2019s treasury activities and exposure to
\ufb01nancial risk included in Note 6 to the consolidated \ufb01nancial statements.
The Group has prepared its going concern assessment for the period to the end
of June 2027. As in prior years, the Board undertook a strategic business review in
the current year, taking account of the Group\u2019s current position and prospects, the
Group\u2019s strategic plan, and the Group\u2019s principal risks and the management of those
risks, as detailed in the Annual Report and the Board\u2019s risk appetite as detailed in
the Strategic Report. Sensitivity analysis was also undertaken, including \ufb01nancing
projections, to \ufb02ex the \ufb01nancial forecasts under several severe downside scenarios,
which involved applying di\ufb00erent assumptions to the underlying forecasted revenues,
costs and underlying pro\ufb01ts both individually and in aggregate. These scenarios
assess the potential impact from several macro-economic risks, including a severe
global economic downturn. The results of this sensitivity analysis showed that the
Group would retain liquidity and maintain signi\ufb01cant available facility and covenant
headroom to be able to withstand the impact of such scenarios over the period
of the \ufb01nancial forecast, as a result of the resilience and diversity of the Group,
underpinned by a strong balance sheet.
Based on the Group\u2019s positive net cash position of \u00a3167.7m (cash and cash
equivalents less overdrafts in notional pooling arrangements and borrowings) and
undrawn borrowing facilities of \u00a3414.6m available to the Group at the year-end, as
described in the Financial Review, combined with the assessment explained above,
the Directors have formed the judgement at the time of approving the \ufb01nancial
statements, that there is a reasonable expectation that the Group has adequate
resources to continue as a going concern for a period of at least 12 months from
the date of the approval of the \ufb01nancial statements until at least June 2027. For this
reason, they continue to adopt the going concern basis of accounting in preparing
the consolidated \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00431": { "value": "4. Material accounting policies that apply to the consolidated
\ufb01nancial statements
The material accounting policies applied in the preparation of these consolidated
\ufb01nancial statements are set out below. Other material accounting policies applicable
to a particular area are disclosed in the most relevant note.
They can be identi\ufb01ed by the following symbol:
These policies have been consistently applied to all the years presented.
4.1 Consolidation
The consolidated \ufb01nancial statements include those of the Company and its
subsidiary undertakings, together with the Group\u2019s share of results of its associates
and joint ventures.
(a) Subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls
an entity when the Group is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to a\ufb00ect those returns through its
power over the entity. Subsidiaries are fully consolidated from the date on which
control is transferred to the Group.
Intercompany transactions, balances and unrealised gains and losses on transactions
between Group companies are eliminated. Pro\ufb01ts and losses resulting from
intercompany transactions that are recognised in assets are also eliminated.
Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group.
(b) Acquisition of subsidiaries
The Group applies the acquisition method of accounting to account for business
combinations. The consideration transferred for the acquisition of a subsidiary is the fair
value of the assets transferred, the liabilities incurred and the equity interests issued by
the Group. Identi\ufb01able assets acquired and liabilities and contingent liabilities assumed in
a business combination are measured initially at their fair values at the acquisition date.
The Group recognises any non-controlling interest in the acquiree on an acquisition-by-
acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate
share of the recognised amounts of the acquiree\u2019s identi\ufb01able net assets.
Any contingent consideration to be transferred by the Group is recognised at fair
value at the acquisition date. Contingent consideration only applies to situations
where contingent payments are not dependent on future employment of vendors.
Subsequent changes to the fair value of the contingent consideration that is deemed
to be an asset or liability is recognised in pro\ufb01t or loss. Contingent consideration that is
classi\ufb01ed as equity is not remeasured, and its subsequent settlement is accounted for
within equity. Payments dependent on future employment are expensed to the income
statement over the relevant period of employment as required by IFRS 3 (revised).
Acquisition-related costs are expensed as incurred.
(c) Changes in ownership interests in subsidiaries without change of control
Transactions with non-controlling interests that do not result in loss of control are
accounted for as equity transactions, that is, as transactions with the owners in their
capacity as owners. The di\ufb00erence between fair value of any consideration paid and
the relevant share acquired of the carrying value of net assets of the subsidiary is
recorded in equity. Gains or losses on disposals to non-controlling interests are also
recorded in equity.
(d) Associates and joint ventures
Investments in associates and joint ventures are accounted for using the equity
method of accounting.
Under the equity method, the investment is initially recognised at cost, and the
carrying amount is increased or decreased to recognise the investor\u2019s share of the
pro\ufb01t or loss of the investee after the date of acquisition. The Group\u2019s investment in
associates includes goodwill (net of any accumulated impairment loss) identi\ufb01ed on
acquisition (see Note 20).
The Group\u2019s share of its associates\u2019 and joint ventures\u2019 post-acquisition pro\ufb01ts or losses
is recognised in the income statement with a corresponding adjustment to the carrying
amount of the investment. Dividends received or receivable from associates and joint
ventures are recognised as a reduction in the carrying amount of the investment.
When the Group\u2019s share of losses in an associate or joint venture equals or exceeds its
interest in the associate or joint venture (which includes any long-term interests that,
in substance, form part of the Group\u2019s net investment in the associate or joint venture)
the Group does not recognise further losses unless it has incurred legal or constructive
obligations or made payments on behalf of the associate or joint venture.
Unrealised gains on transactions between the Group and its associates and joint
ventures are eliminated to the extent of the Group\u2019s interest in the associate or
joint venture. Unrealised losses are also eliminated unless the transaction provides
evidence of an impairment of the asset transferred. Accounting policies of associates
and joint ventures have been changed where necessary to ensure consistency with
the policies adopted by the Group.
The carrying amount of associates and joint ventures is tested for impairment in
accordance with the policy described in Note 17.
Pro\ufb01t or loss on disposal of associates and joint ventures is recognised in pro\ufb01t or
loss as other gains/(losses).
(e) Investment management funds
The Investment Management business enters into strategic partnerships and
mandates to provide asset management or investment advisory services to external
clients, and in certain instances also has an interest in the fund general partner or
in co-investment schemes (the Savills Investment Management funds). In its role as
fund manager, the Investment Management business is considered by management
to be acting as an agent which does not have control under IFRS 10 and therefore
the Savills Investment Management funds are not consolidated as part of the Group.
4.2 Foreign currency translation
(a) Functional and presentation currency
Items included in the \ufb01nancial statements of each of the Group\u2019s entities are
measured using the currency of the primary economic environment in which the
entity operates (\u2018the functional currency\u2019). The consolidated \ufb01nancial statements are
presented in sterling, which is also the Company\u2019s functional currency.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using
the exchange rates prevailing at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities denominated
in foreign currencies are recognised in the income statement, except when deferred
in other comprehensive income as qualifying cash \ufb02ow hedges.
Translation di\ufb00erences on non-monetary \ufb01nancial assets and liabilities are reported as
part of the fair value gain or loss and are recognised in the income statement, except
for \ufb01nancial assets held at FVOCI, which are recognised in other comprehensive
income. Non-monetary items carried at historical cost are reported using the
exchange rate at the date of the transaction.
(c) Group entities
The assets and liabilities of foreign operations, including goodwill and fair value
adjustments arising on consolidation, are translated to the Group\u2019s presentational
currency at foreign exchange rates ruling at the reporting date. Exchange
di\ufb00erences arising from this translation of foreign operations are recognised in
other\u00a0comprehensive income and taken to the foreign exchange reserve.
The income and expenses of foreign operations are translated at an average rate for
the year where this rate approximates to the foreign exchange rates ruling at the
dates of the transactions.
4.3 Adoption of standards, amendments and interpretations
to\u00a0standards
Standards, amendments and interpretations adopted for use in the United Kingdom
and mandatorily e\ufb00ective for the \ufb01rst time for the \ufb01nancial year beginning 1 January
2025 that are not relevant nor considered to have a signi\ufb01cant impact on the Group
and its \ufb01nancial statements include the following:
\u00a7
Amendments to IAS 21: Lack of Exchangeability.
There are no other standards that are not yet e\ufb00ective that would be expected to
have a material impact on the Group in the current or future reporting periods and
on foreseeable future transactions with the exception of IFRS 18
Presentation and
Disclosure in Financial Statements
which is e\ufb00ective from 1 January 2027. The Group
has commenced a review of the requirements to ensure the presentation changes
and additional disclosure information can be made in line with the required dates.
The Group will apply the new standard from its mandatory e\ufb00ective date of 1 January
2027. Retrospective application is required, and so the comparative information for the
\ufb01nancial year ended 31 December 2026 will be restated in accordance with IFRS 18.Material accounting policies that apply to segment information
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker. The chief operating
decision-maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identi\ufb01ed as the Group
Executive Board (\u2018GEB\u2019).
A business segment is a group of assets and operations engaged in providing
products or services that are subject to risks and returns that are di\ufb00erent
from those of other business segments. A geographical segment is engaged in
providing products or services within a particular economic environment that is
subject to risks and returns that are di\ufb00erent from those of segments operating
in\u00a0other economic environments.
The GEB primarily manages the business based on the geographic location in
which the Group operates, with the Investment Management business being
managed separately. As the Group is strongly a\ufb00ected by both di\ufb00erences in
the types of services it provides and the geographical areas in which it operates,
the matrix approach of disclosing both the business and geographical segments
format is used.
Revenues and expenses are allocated to segments on the basis that they are
directly attributable or the relevant portion can be allocated on a reasonable basis.
The operating segments are identi\ufb01ed as the following regions: Europe, the Middle
East and Africa (\u2018EMEA\u2019), Asia Paci\ufb01c and North America. The Savills Investment
Management business is also considered a separate operating segment. The
reportable operating segments derive their revenue primarily from property-
related services. Within EMEA and Asia Paci\ufb01c, both commercial and residential
services are provided. Other segments are largely commercial-based.
Refer to the Group overview on page 3 and the segmental reviews on pages 10 to
15 for further information on revenue sources. The GEB also reviews the business
with reference to the nature of the services in each region. Therefore, the Group
has presented its segment analysis below in a matrix with the primary operating
segments based on regions in which the Group operates.
The GEB assesses the performance of operating segments based on a measure of
underlying pro\ufb01t before tax which adjusts reported pre-tax pro\ufb01t by pro\ufb01t/(loss)
on disposals, share-based payment adjustment, signi\ufb01cant restructuring costs,
signi\ufb01cant transaction-related costs, amortisation and impairment of intangible
assets arising from business combinations, impairment of goodwill and other items
that are considered non-operational and material (such as fair value gains/losses
on transaction-related options).Material accounting policies that apply to revenue
The Group recognises revenue from the following major sources:
\u00a7
Residential property transactions
\u00a7
Commercial property transactions
\u00a7
Property consultancy services
\u00a7
Property and facilities management services
\u00a7
Investment management services.
Revenue is measured based on the consideration speci\ufb01ed in a contract with a
customer and excludes amounts collected on behalf of third parties. The Group
recognises revenue when it transfers control of a product or service to a customer.
(a) Residential property transactions
Generally, revenue is recognised at a point in time, when unconditional contracts
are exchanged. Fees are a \ufb01xed consideration or a \ufb01xed percentage of the
transaction value and are invoiced to the client upon completion.
For new home developments revenue is recognised following the terms of the
contract. In some instances revenue is recognised on a staged basis, re\ufb02ecting
the Group\u2019s obligations to \ufb01nd a buyer and to further support the client after
exchange of contracts through to completion of the build and contract, which
can be a number of years later. For these developments, revenue recognition
commences when the underlying contracts are exchanged, with total revenue
from the contract recognised by the date of completion in accordance with
contractual terms. Fees are a \ufb01xed consideration or a \ufb01xed percentage of the
transaction value and are invoiced to the client at each contractual milestone,
in line with the recognition of revenue. In other instances, the revenue will be
recognised when contracts are exchanged and the transaction is unconditional.
In\u00a0these instances no further support is provided to the client after this point.
(b) Commercial property transactions
Generally, revenue is recognised at a point in time on the date of completion
or when unconditional contracts have been exchanged. Fees are a \ufb01xed
consideration or a \ufb01xed percentage of the transaction value and are invoiced
to\u00a0the client upon completion.
(c) Property consultancy services
The Group primarily provides a wide range of professional property services
including valuation, building and housing consultancy, environmental consultancy,
development, planning, research, corporate services, landlord and tenant services
and strategic projects.
Generally, revenue is recognised over a period of time as services are rendered
in accordance with the contract terms. Fee arrangements include \ufb01xed fee
arrangements and fee for service arrangements (\u2018time and materials\u2019).
For \ufb01xed-price contracts, revenue is recognised based on the stage of completion
with reference to the actual services provided to the end of the reporting period
as a proportion of the total services to be provided under the contract. This is
determined on a contract by contract basis with reference to actual costs incurred
in relation to the best estimate of total costs expected for completion of the
contract or using a milestone-based approach, depending on the contract terms.
For fee-for-service contracts, revenue is recognised up to the amount of fees
that the Group is entitled to invoice for services performed to date based on
contracted rates.
Payment arrangements vary between contracts, ranging from monthly retainers,
monthly invoicing, quarterly invoicing, invoicing upon reaching certain milestones
in the contract or payment upon completion of the \ufb01nal performance obligation
in the contract. As a result, services rendered under a contract will often exceed
consideration received from a customer and a contract asset will be recognised.
If\u00a0payments exceed services rendered, a contract liability will be recognised.
In some instances, revenue will be recognised at a point in time upon delivery of
the \ufb01nal report to the client. This is often the case for standalone valuation reports
where the performance obligation is the provision of a property valuation report to
the client. The Group is entitled to invoice the customer when the \ufb01nal report has
been issued, at which point payment will be due.
\n\n\n\n
(d) Property and facilities management services
\n
The Group primarily manages commercial, industrial, residential, leisure and
\n
agricultural property for owners.
\n
The primary performance obligation relates to the ongoing management of
\n
a property where revenue is recognised over a period of time as services are
\n
rendered in accordance with the contract terms. Revenue is recognised over the
\n
life of a contract on a straight-line basis, which is in line with the satisfaction of
\n
the\u00a0performance obligation.
\n
Payment arrangements vary between contracts. The majority of customers
\n
are invoiced monthly or quarterly in advance, with consideration payable upon
\n
the issue of an invoice. Where invoicing is in advance a contract liability will
\n
be\u00a0recognised.
\n
In some property management arrangements, the Group is required to evaluate
\n
whether it is the principal (report revenues on a gross basis) or agent (report
\n
revenues on a net basis). Where the primary performance obligation of the
\n
contract relates to the arrangement of services for a customer rather than the
\n
responsibility to provide the services, the Group is considered the agent and the
\n
mark-up for the sub-contracted services will be recognised as revenue (revenues
\n
reported on a net basis).
\n
For leasing fees and management fees on repairs or other ad hoc property
\n
management services outside of the standard contract terms, revenue is
\n
recognised at a point in time upon completion of the performance obligation.
\n
In these instances, the invoice would be raised to the customer upon completion
\n
of the performance obligation and payment due at this time.
\n
(e) Investment management services
\n
Base management fees are received for the provision of fund and asset
\n
management services. Fund management fees are typically either \ufb01xed or
\n
calculated as a \ufb01xed percentage of the net asset value or gross asset value of the
\n
underlying portfolio of investments on a quarterly basis. Asset management fees
\n
are typically calculated as a \ufb01xed percentage of gross rental income or passing
\n
rents on a quarterly basis. Fees are estimated based on the previous quarter\u2019s
\n
actual values and variances to these estimates are recognised in the following
\n
quarter. Revenue is recognised over a period of time as services are rendered
\n
in accordance with the contract terms. Revenue is recognised over the life of
\n
a contract on a straight-line basis, which is in line with the satisfaction of the
\n
performance obligation. Customers are generally invoiced quarterly in advance
\n
with consideration payable upon the issue of an invoice, as a result a contract
\n
liability will be recognised as the payments received will exceed services rendered.
\n
Transaction fees are received for the coordination and management of the due
\n
diligence in connection with acquisitions and sales of assets for customers.
\n
Transaction fees are calculated as a \ufb01xed percentage on the purchase or sales
\n
price and are recognised at a point in time upon unconditional exchange
\n
of\u00a0contracts.
\n
Performance fees are received when a fund\u2019s performance exceeds a designated
\n
return hurdle rate or pre-de\ufb01ned benchmark or when the sale of individual assets
\n
exceeds a designated return hurdle rate. The Group estimates fees for this variable
\n
fee arrangement using a most likely amount approach on a contract by contract
\n
basis. Variable consideration is included in revenue only to the extent that it is
\n
highly probable that the amount will not be subject to signi\ufb01cant reversal when
\n
the uncertainty is resolved.
\n
(f) Financing components
\n
For contracts where the period between the transfer of the promised goods or
\n
services to the customer and payment by the customer exceeds one year, the
\n
transaction price is adjusted for the time value money. The \ufb01nancing component
\nis\u00a0recognised within \ufb01nance costs or \ufb01nance income in the income statement.Material accounting policies that apply to underlying pro\ufb01t
before tax
The Group believes that the consistent presentation of underlying pro\ufb01t before
tax, underlying e\ufb00ective tax rate, underlying basic earnings per share and
underlying diluted earnings per share provides additional useful information to
Shareholders on the underlying trends and comparable performance of the Group
over time by excluding signi\ufb01cant non-operational costs/income from the GAAP
measures. The \u2018underlying\u2019 measures are also used by the Group for internal
performance analysis and incentive compensation arrangements for employees.
These terms are not de\ufb01ned terms under IFRS and may therefore not be
comparable with similarly-titled pro\ufb01t measures reported by other companies.
They are not intended to be a substitute for, or superior to, GAAP measures.
The\u00a0non-GAAP measures may be materially higher or lower than GAAP measures
and should not be regarded as a complete picture of the Group\u2019s \ufb01nancial
performance. In particular, underlying pro\ufb01t before tax may be materially higher
or\u00a0lower than reported pro\ufb01t before tax as a result of the adjustments.
The term \u2018underlying\u2019 refers to the relevant measure of pro\ufb01t, earnings or taxation
being reported mainly excluding the impact (pre and post-tax where applicable)
of the following items:
\u00a7
the di\ufb00erence between IFRS 2 charges related to outstanding bonus-related
deferred share awards and the estimated value of the current year bonus pool
expected to be allocated to deferred share awards;
\u00a7
amortisation of intangible assets arising from business combinations (this
excludes software or other pre-existing intangible assets of the acquiree);
\u00a7
items that are considered signi\ufb01cant in size and non-operational in nature
including restructuring costs, impairments of goodwill and intangible assets
arising from business combinations and pro\ufb01ts or losses arising on disposals
of\u00a0subsidiaries and other investments; and
\u00a7
signi\ufb01cant transaction-related costs associated with business combinations.
The majority of adjustments made to the GAAP measures to arrive at \u2018underlying\u2019
measures relate to charges arising as a result of business combinations. The nature
of the Group\u2019s business and the businesses that the Group acquires (being \u2018asset
light\u2019 people businesses) require the Group to structure business acquisitions such
that often payment of deferred consideration is linked to recipients\u2019 continuing
and active engagement in the business at the date of the deferred payment, with
these payments required to be expensed to the income statement under IFRS
3. For internal performance analysis and incentive compensation arrangements,
these charges are considered part of the initial cost of acquiring a business,
instead of an ongoing operational cost, and are therefore excluded from the
Group\u2019s \u2018underlying\u2019 measures. The same rationale is applied to the exclusion of
amortisation of intangible assets arising from business combinations (excluding
software or other pre-existing intangible assets of the acquiree), any impairments
of goodwill and the aforementioned intangible assets, signi\ufb01cant transaction-
related costs associated with business combinations and signi\ufb01cant restructuring
costs. These items are not considered to re\ufb02ect the business\u2019s trading
performance and so are adjusted to ensure consistency between periods.
The adjustment for share-based payments relates to the impact of the accounting
standard for share-based compensation. The annual bonus is paid in a mixture of
cash and deferred shares and the proportions can vary from one year to another.
Under IFRS, the deferred share element is amortised to the income statement over
the vesting period whilst the cash element is expensed in the year. The adjustment
above addresses this by adding to or deducting from pro\ufb01t the di\ufb00erence
between the IFRS 2 charge in relation to outstanding bonus-related share awards
and the estimated value of the current year bonus pool to be awarded in deferred
shares. This adjustment is made to align the underlying sta\ufb00 cost in the year with
the revenue recognised in the same period, providing additional information on
the Group\u2019s performance over time with respect to pro\ufb01tability.
The underlying e\ufb00ective tax rate represents the underlying income tax expense
expressed as a percentage of underlying pro\ufb01t before tax. The underlying income
tax expense is the income tax expense excluding the tax e\ufb00ect of the adjustments
made to arrive at underlying pro\ufb01t before tax and other tax e\ufb00ects related to
these adjustments.
Underlying basic earnings per share and underlying diluted earnings per share
both utilise the underlying pro\ufb01t after tax measure instead of GAAP earnings.
The\u00a0weighted average number of shares remain the same as the GAAP measure.
The Group also refers to revenue and underlying pro\ufb01t on a constant currency
basis which are both non-GAAP measures (see Appendices). Constant currency
results are calculated by translating the current year revenue and underlying pro\ufb01t
using the prior year exchange rates. This measure allows the Group to assess the
results of the current year compared to the prior year, excluding the impact of
foreign currency movements.Material accounting policies that apply to taxation
Taxation
The tax expense for the period comprises current and deferred tax. Tax is
recognised in the income statement, except to the extent that it relates to items
recognised in other comprehensive income or directly in equity. In this case, the
tax is also recognised in other comprehensive income or directly in equity.
The current income tax charge is calculated on the basis of the tax laws enacted
or substantively enacted at the year-end date in the countries where the
Company\u00a0and its subsidiaries operate and generate taxable income. Management
periodically evaluates positions taken in tax returns with respect to situations
in which applicable tax regulation is subject to interpretation. It establishes
provisions where appropriate on the basis of amounts expected to be paid to
the\u00a0tax authorities.
Deferred income tax is recognised, using the liability method, on temporary
di\ufb00erences arising between the tax bases of assets and liabilities and their carrying
amounts in the consolidated \ufb01nancial statements. However, deferred tax liabilities
are not recognised if they arise from the initial recognition of goodwill; deferred
income tax is not accounted for if it arises from the initial recognition of an asset or
liability in a transaction other than a business combination that at the time of the
transaction a\ufb00ects neither accounting nor taxable pro\ufb01t or loss and does not give
rise to equal taxable and deductible temporary di\ufb00erences. Deferred income tax
is determined using tax rates (and laws) that have been enacted or substantively
enacted by the year-end date and are expected to apply when the related deferred
income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable
that future taxable pro\ufb01t will be available against which the temporary di\ufb00erences
can be utilised and the carry forward of unused tax credits and unused tax losses
can be utilised, except when the deferred tax asset relating to the deductible
temporary di\ufb00erence arises from the initial recognition of an asset or liability in a
transaction that is not a business combination and, at the time of the transaction,
a\ufb00ects neither the accounting pro\ufb01t nor taxable pro\ufb01t or loss and does not give
rise to equal taxable and deductible temporary di\ufb00erences.
\n\n\n
Deferred income tax is provided on temporary di\ufb00erences arising on investments
\n
in subsidiaries, joint ventures and associates except for deferred income tax
\n
liability where the timing of the reversal of the temporary di\ufb00erence is controlled
\n
by the Group and it is probable that the temporary di\ufb00erence will not reverse in
\n
the foreseeable future. In respect of deductible temporary di\ufb00erences associated
\n
with investments in subsidiaries, joint ventures and associates, deferred tax assets
\n
are recognised only to the extent that it is probable that the temporary di\ufb00erences
\n
will reverse in the foreseeable future and taxable pro\ufb01t will be available against
\n
which the temporary di\ufb00erences can be utilised.
\n
Deferred income tax assets and liabilities are o\ufb00set when there is a legally
\n
enforceable right to o\ufb00set current tax assets against current tax liabilities and
\n
when the deferred income tax assets and liabilities relate to income tax levied by
\n
the same taxation authority on either the same taxable entity or di\ufb00erent taxable
\n
entities where there is an intention to settle the balances on a net basis.
\n
Where a temporary di\ufb00erence arises between the tax base of employee share
\n
options and their carrying value, a deferred tax asset is recognised. To the
\n
extent that the future tax deduction matches the cumulative IFRS 2 expense,
\n
the associated deferred tax is recognised in the Consolidated Income Statement
\n
with any excess recognised directly in equity. To the extent that the current tax
\n
deduction upon exercise matches the cumulative IFRS 2 expense, the associated
\n
current tax is recognised in the Consolidated Income Statement and the excess of
\nthe associated current tax on exercise is recognised in equity.Material accounting policies that apply to dividends
Dividend distributions are recognised as a liability in the Group\u2019s \ufb01nancial statements
in the period in which they are approved by the Company\u2019s Shareholders.Material accounting policies that apply to goodwill and
intangible assets
Goodwill
Goodwill represents the excess of the cost of acquisition of a subsidiary or
associate over the Group\u2019s share of the fair value of identi\ufb01able net
assets\u00a0acquired.
Goodwill is carried at cost less accumulated impairment losses. Separately
recognised goodwill is tested annually for impairment, or more frequently if events
or changes in circumstances indicate potential impairment. An impairment loss is
recognised for the amount by which the carrying value exceeds the recoverable
amount. The recoverable amount is the higher of value-in-use and fair value less
costs of disposal. Impairment losses on goodwill are not reversed.
Goodwill is allocated to cash-generating units for the purpose of impairment
testing. The allocation is made to those cash-generating units (\u2018CGUs\u2019) or groups
of CGUs that are expected to bene\ufb01t from the business combination in which the
goodwill arose. The Group allocates goodwill to each business segment in the
geographical region in which it operates.
Gains and losses on the disposal of an entity include the carrying amount of
goodwill relating to the entity sold.
In respect of associates and joint ventures, goodwill is included in the carrying
value of the investment and is not tested for impairment separately.
Material accounting policies that apply to goodwill and
intangible assets
Intangible assets other than goodwill
Intangible assets arising from business combinations and incremental contract
costs are valued at fair value on acquisition and amortised over the useful
life. Fair\u00a0value on acquisition is determined by third-party valuation where the
acquisition is signi\ufb01cant.
Acquired computer software licences are capitalised on the basis of the costs
incurred to acquire and bring to use the speci\ufb01c software. Costs associated
with maintaining computer software programmes are recognised as an expense
as\u00a0incurred.
Measurement subsequent to initial recognition is at cost less accumulated
amortisation and impairment.
Amortisation charges are spread on a straight-line basis over the period of the
assets\u2019 estimated useful lives as follows:
Customer relationships
3\u201315 years
Order backlogs
2\u20134 years
Contracts \u2013 investment, property management and other
\u00a0
existing\u00a0business contracts
2\u201320 years
Brands
10 years
Computer software
3\u20137 years
\n
Acquired investment management contracts relating to open-ended funds have
been attributed inde\ufb01nite useful lives, re\ufb02ecting the open-ended nature of the
funds, the Group\u2019s intention to continue with the management of the funds and
the expectation that these contracts are expected to generate net cash in\ufb02ows
for\u00a0the Group.
Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite useful lives are not subject to amortisation or
depreciation and are tested annually for impairment or whenever an indicator
of impairment exists. Assets that are subject to amortisation or depreciation
are reviewed for impairment whenever an indicator of impairment exists. An
impairment loss is recognised to the extent that the carrying value exceeds
the higher of the asset\u2019s fair value less cost to sell and its value-in-use. Prior
impairments of non-\ufb01nancial assets (other than goodwill) are reviewed for
possible\u00a0reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an
appropriate discount rate to re\ufb02ect market rates and speci\ufb01c risks associated
with\u00a0the asset.
For the purposes of assessing impairment, assets are grouped at the lowest
levels for which there are separately identi\ufb01able cash \ufb02ows (CGUs). Where it
is not possible to estimate the recoverable amount of an individual asset, the
Group estimates the recoverable amount of the cash-generating unit to which
the\u00a0asset\u00a0belongs. Material accounting policies that apply to PPE and
investment\u00a0property
PPE and investment property are stated at historical cost less accumulated
depreciation and impairment. Historical cost includes expenditure directly
attributable to acquisition.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a
separate asset, as appropriate, only when it is probable that the future economic
bene\ufb01ts associated with the item will \ufb02ow to the Group and the cost of the item
can be measured reliably.
Provision for depreciation is made at rates calculated on a straight-line basis to
write o\ufb00 the assets over their estimated useful lives as follows:
Freehold property
50 years
Investment property
13 years
Short leasehold property
Lower of estimated useful life and
(less than 50 years)
unexpired term of lease
Equipment and motor vehicles
3\u201310 years
\n
Residual values and useful lives are reviewed and adjusted if appropriate at each
reporting date.
An asset\u2019s carrying amount is written down immediately to its recoverable amount
if the asset\u2019s carrying amount is greater than its estimated recoverable amount.Material accounting policies that apply to leases
The Group enters into lease agreements for the use of buildings, equipment and
motor vehicles. Lease terms are negotiated on an individual basis and contain a
wide range of di\ufb00erent terms and conditions. The lease agreements do not impose
any covenants other than the security interests in the leased assets that are held
by the lessor. Leased assets may not be used as security for borrowing purposes.
Leases are recognised as a right-of-use asset and a corresponding lease liability for
future lease payables at the date at which the leased asset is available for use by
the Group. Depreciation of the right-of-use asset will be recognised in the income
statement on a straight-line basis, with interest recognised on the lease liability.
Assets and liabilities arising from a lease are initially measured on a present value
basis. Lease liabilities include the net present value of the following lease payments:
\u00a7
\ufb01xed payments (including in-substance \ufb01xed payments), less any lease
incentives receivable;
\u00a7
variable lease payments that are based on an index or a rate, initially measured
using the index or rate as at the commencement date;
\u00a7
amounts expected to be payable by the Group under residual value guarantees;
\u00a7
the exercise price of a purchase option if the Group is reasonably certain to
exercise that option; and
\u00a7
payments of penalties for terminating the lease, if the lease term re\ufb02ects the
Group exercising that option.
Lease payments to be made under reasonably certain extension options are also
included in the measurement of the liability. The lease payments are discounted
using the interest rate implicit in the lease.
If that rate cannot be readily determined, which is generally the case for leases in
the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the
individual lessee would have to pay to borrow the funds necessary to obtain an
asset of similar value to the right-of-use asset in a similar economic environment
with similar terms, security and conditions.
The Group is exposed to potential future increases in variable lease payments
based on an index or rate, which are not included in the lease liability until they
take e\ufb00ect. When adjustments to lease payments based on an index or rate take
e\ufb00ect, the lease liability is reassessed and adjusted against the right-of-use asset.
Lease payments are allocated between principal and interest cost. The \ufb01nance cost is
charged to the income statement over the lease period so as to produce a constant
periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
\u00a7
the amount of the initial measurement of lease liability;
\u00a7
any lease payments made at or before the commencement date less any lease
incentives received;
\u00a7
any initial direct costs; and
\u00a7
restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset\u2019s
useful life and the lease term on a straight-line basis. If the Group is reasonably
certain to exercise a purchase option, the right-of-use asset is depreciated over
the underlying asset\u2019s useful life. An asset\u2019s carrying amount is written down
immediately to its recoverable amount if the asset\u2019s carrying amount is greater
than its estimated recoverable amount.
Payments associated with short-term leases of equipment and vehicles and all
leases of low value assets are recognised on a straight-line basis as an expense in the
income statement. Short-term leases are leases with a lease term of 12 months or
less. Low-value assets comprise IT equipment and small items of o\ufb03ce furniture.
Extension and termination options are included in a number of property and
equipment leases across the Group. These are used to maximise operational
\ufb02exibility in terms of managing the assets used in the Group\u2019s operations. The
majority of extension and termination options held are exercisable only by the
Group and not by the respective lessor.
Sub-leases
The Group sometimes enters into sub-lease agreements where the underlying
asset is sub-let to a third-party sub-lessee. In a sublease transaction, the lease
between the original lessee and lessor (the head lease) remains in e\ufb00ect.
The Group classi\ufb01es the sub-lease at lease inception as a \ufb01nance lease or
operating lease based on the extent to which risks and rewards incidental to
ownership of the underlying asset lie with the lessor or the lessee.
The Group\u2019s sub-leases are all classi\ufb01ed as \ufb01nance leases. The Group therefore
derecognises the original right-of-use asset relating to the head lease and
continues to account for the original lease liability as it did before commencement
of the sublease. A receivable for the net investment in sub-lease is recognised and
evaluated for impairment annually.
Finance income is recognised over the lease term based on a pattern re\ufb02ecting a
constant periodic rate of return on the net investment in sub-lease.
Any di\ufb00erence between the right-of-use asset and the net investment in the
sublease is recognised in the Income Statement in the relevant period.Material accounting policies that apply to investments in joint ventures and associates Refer to Note 4.1 for the accounting policy with respect to investments in joint ventures and associates.Material accounting policies that apply to investments and
derivative \ufb01nancial instruments
Financial assets held at FVOCI
The Group has made an irrevocable election at initial recognition for equity
investments to be classi\ufb01ed as FVOCI (fair value through other comprehensive
income). Changes in fair value are recognised through other comprehensive
income rather than pro\ufb01t or loss. Dividends from these investments are recognised
in pro\ufb01t or loss as other operating income. When such investments are disposed
or become impaired, the accumulated gains and losses, recognised in other
comprehensive income, are reclassi\ufb01ed to retained earnings and will not be
recycled to the income statement.
Financial assets held at FVPL
The Group holds loans and other debt like \ufb01nancial instruments at fair value with
changes in fair value recognised through pro\ufb01t or loss. Any gains or losses that
arise when such instruments are disposed are recognised in operating pro\ufb01t/(loss)
within the income statement.
Derivative \ufb01nancial instruments
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into and are subsequently remeasured at fair value. Changes in the fair
value of the Group\u2019s derivative instruments are recognised immediately in the
income statement.
The three levels of valuation methodology used are:
Level 1
\u2013 uses quoted active market prices.
Level 2
\u2013 uses observable inputs other than quoted active market prices.
The fair value of derivative \ufb01nancial instruments relating to forward foreign
exchange contracts are determined by using valuation techniques using
observable market data.
Gains and losses on forward foreign exchange contracts are recognised in net
foreign exchange gains and losses in the income statement.
Level 3
\u2013 uses inputs that are not based on observable market data, such as
internal models or other valuation methods.
Financial assets held at FVOCI (unlisted equity investments) included in Level 3
fall under two categories. The \ufb01rst, where cost has been determined as the best
approximation of fair value. Cost is considered the best approximation of fair
value in these instances either due to insu\ufb03cient more recent information being
available and/or there being a wide range of possible fair value measurements due
to the nature of the investments and cost is considered the best estimate of fair
value within the range. The second, where management have determined the fair
value of the unlisted equity security based upon the latest trading performance
of the investments, cash \ufb02ow forecasts of the investments and applying these
to a discounted cash \ufb02ow valuation and/or considering evidence from recent
fundraising initiatives undertaken.
Financial assets held at FVPL included in Level 3 fall under two categories.
The \ufb01rst, where the fair value of investment funds is based on underlying asset
values determined by the Fund Manager\u2019s quarterly \ufb01nancial statements. The
second, where management have determined the fair value of convertible loans
based upon the latest trading performance of the equity investments and cash
\ufb02ow forecasts of the investments and applying these to a discounted cash \ufb02ow
valuation. See Note 21.4 for the terms of these loans.
\n
The fair value of deferred consideration included in Level 3 has been determined by management based upon the latest trading performance and forecasts of the
\n
underlying business and applying these forecasts to the relevant deferred consideration earn-out criteria. The fair value of the expected deferred consideration due to be
\npaid is then discounted to determine the fair value of the deferred consideration payable. Material accounting policies that apply to trade
and other receivables
Trade receivables are recognised initially at their transaction price and
subsequently measured at amortised cost less provision for impairment.
Receivables are discounted where the time value of money is material.
The Group applies the simpli\ufb01ed approach to providing for expected credit losses
prescribed by IFRS 9, which permits the use of the lifetime expected loss provision
for all trade receivables and contract assets. These estimates are based on historic
credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors
and macro-economic and speci\ufb01c country-risk considerations with higher default
rates applied to older balances.
In addition, if speci\ufb01c circumstances exist which would indicate that the receivable
is irrecoverable then a speci\ufb01c provision is made. A provision is made against
trade receivables and contract assets until such time as the Group believes there
to be no reasonable expectation of recovery, after which the trade receivable or
contract\u00a0asset balance is written o\ufb00. Material accounting policies that apply to cash and
cash\u00a0equivalents
Cash and cash equivalents include cash in hand and deposits held on call with
banks, together with other short-term highly liquid investments with original
maturities of three months or less, that are readily convertible to a known amount
of cash and are subject to an insigni\ufb01cant risk of changes in value. Cash and cash
equivalents include cash balances that are operated within a notional cash pooling
arrangement, together with overdraft balances, which are presented separately
in current liabilities in the statement of \ufb01nancial position when IAS 32 o\ufb00setting
requirements are not met. Bank overdrafts are included under borrowings in the
statement of \ufb01nancial position.
For the purpose of the consolidated statement of cash \ufb02ows, cash and cash
equivalents, as de\ufb01ned above, are net of overdraft balances within the notional
cash pooling arrangement and outstanding bank overdrafts as they are considered
an integral part of the Group\u2019s cash management.Material accounting policies that apply to trade and
other\u00a0payables
Trade and other payables are initially measured at fair value and subsequently
measured at amortised cost using the e\ufb00ective interest rate method. Trade
payables and other payables are classi\ufb01ed as current liabilities if payment is due
within one year or less. If not, they are presented as non-current liabilities.Material accounting policies that apply to borrowings
Interest-bearing bank loans, loan notes and overdrafts are initially measured at fair
value, net of transaction costs incurred, and subsequently measured at amortised
cost using the e\ufb00ective interest rate method.Material accounting policies that apply to provisions
Provisions are recognised when the Group has a present legal or constructive
obligation as a result of a past event, it is probable that the Group will be required
to settle that obligation and the amount has been reliably estimated. Provisions
are measured at the Directors\u2019 best estimate of the expenditure required to settle
the obligation at the reporting date and are discounted to present value where the
e\ufb00ect is material, with the unwinding of the discount included in \ufb01nance costs.
Professional indemnity claims
These arise from various legal actions, proceedings and other claims that are
pending against the Group and are based on management\u2019s best estimates of the
most likely outcome, taking into account the opinions of legal counsel. The non-
current portion of these provisions is expected to be utilised within the next two
to \ufb01ve years. Provisions on professional indemnity claims are recognised when it is
probable that the Group will be required to settle claims against it as a result of a
past event and the amount of the obligation can be reliably estimated. The Group
recognises a provision based on the expected settlement amount for the claim,
based on management\u2019s best estimate and taking into account opinions of legal
counsel. The nature of the amounts provided in respect of legal actions, proceedings
and other claims is such that the extent and timing of cash \ufb02ows can be di\ufb03cult to
estimate and the ultimate liability may vary from the amounts provided.
A separate receivable from insurers in relation to professional indemnity claims is
recognised to the extent it is virtually certain of being received. This receivable is
recognised within other receivables.
Dilapidation provisions
The Group is required to perform dilapidation repairs and restore properties
to agreed speci\ufb01cations on leased properties prior to the properties being
vacated at the end of their lease term. Provision for such cost is made where a
legal obligation is identi\ufb01ed and the liability can be reasonably quanti\ufb01ed. The
provisions are reviewed on an annual basis for changes in cost estimates. These
amounts are based on management\u2019s best estimates of repair and restoration
costs at a future date and therefore a degree of uncertainty exists over the value
of future cash out\ufb02ows, given that these are subject to repair and restoration cost
price \ufb02uctuations and the extent of repairs to be completed at the end of the
lease\u00a0term.
Restructuring provisions
A provision is recognised when there is a present constructive obligation to meet
the costs of restructure. This arises when there is a detailed formal plan for the
restructuring, identifying at least the business or part of the business concerned,
principal locations a\ufb00ected and the location, function and approximate number
of employees to be compensated for terminating their services and when the
plan has been communicated to those a\ufb00ected by it, raising an expectation that
the plan will be carried out. These amounts are based on management\u2019s best
estimates and comprise primarily termination payments to employees a\ufb00ected
by\u00a0restructuring.
Other provisions
Other provisions includes obligations relating to sales tax payable and other claims
against the Group (not related to professional indemnity claims). These amounts
are based on reasonable estimates, taking into account the opinions of subject
matter experts and legal counsel. Other provisions also includes provisions for
loss-making contracts, with provision based on management\u2019s estimated losses
over the length of the contract.Types of retirement bene\ufb01t plans
De\ufb01ned bene\ufb01t plans
A de\ufb01ned bene\ufb01t plan is a pension plan that de\ufb01nes an amount of pension bene\ufb01t
that an employee will receive on retirement, usually dependent on one or more
factors, such as age, years of service and compensation.
The asset or liability recognised in the statement of \ufb01nancial position in respect
of de\ufb01ned bene\ufb01t pension plans is the present value of the de\ufb01ned bene\ufb01t
obligations at the reporting date less the fair value of plan assets. The de\ufb01ned
bene\ufb01t obligations are calculated annually by independent actuaries using the
projected unit credit method. The present value of the de\ufb01ned bene\ufb01t obligations
are determined by discounting the estimated future cash out\ufb02ows.
The de\ufb01ned bene\ufb01t scheme charge consists of net interest costs, past service
costs and the impact of any settlements or curtailments and is charged as an
expense as they fall due.
All actuarial gains and losses are recognised immediately in other comprehensive
income in the period in which they arise.
De\ufb01ned contribution plans
A de\ufb01ned contribution plan is a pension plan under which the Group pays \ufb01xed
contributions into a separate entity. The Group has no legal or constructive
obligations to pay further contributions if the fund does not hold su\ufb03cient assets
to pay all employees the bene\ufb01ts relating to employee service in the current and
prior years. Contributions in respect of de\ufb01ned contribution pension schemes
are charged to the income statement when they are payable. The Group has
no further payment obligations once the contributions have been paid. Prepaid
contributions are recognised as an asset to the extent that a cash refund or a
reduction in the future payments is available.Material accounting policies relating to share capital
Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable
\n
to the issue of new shares or options are shown in equity as a deduction, net
\n
of tax, from the proceeds. When share capital is repurchased, the amount of
\n
consideration paid, including directly attributable costs, is recognised as a charge
\n
to equity. Repurchased shares which are not cancelled, or shares purchased for
\n
the Employee Bene\ufb01t Trusts and the Savills Rabbi Trust, are classi\ufb01ed as treasury
\nshares and presented as a deduction from total equity.Material accounting policies relating to share-based
payment\u00a0arrangements
The Group operates equity-settled share-based compensation plans. The fair
value of the employee services received in exchange for the grant of the options
is\u00a0recognised as an expense.
All equity-settled share-based payments are measured at fair value at the date
of grant. Fair value is based on the market value of the underlying shares at the
date of grant of the option or measured by use of the Actuarial Binomial option
pricing model. The fair value determined at the grant date of the equity-settled
share-based payments is expensed on a straight-line basis over the vesting period.
Market performance conditions are re\ufb02ected within the grant date fair value.
Service and non-market performance conditions are included in assumptions
about the number of options that are expected to vest. At the end of each
reporting period, the Group revises its estimate of the number of options that are
expected to vest based on the service and non-market performance conditions.
It recognises the impact of the revision to original estimates, if any, in the income
statement, with a corresponding adjustment to equity.
Any cash proceeds received net of any directly attributable transaction costs are
credited to share capital (nominal value) and share premium when the options
are\u00a0exercised.
Where National Insurance contributions are payable in respect of some of the
share-based payment transactions upon exercise, a liability is accrued in relation
to\u00a0this.
Employee Bene\ufb01t Trust and Savills Rabbi Trust
The Company has established the Savills plc 1992 Employee Bene\ufb01t Trust, the
Savills plc 2025 Employee Bene\ufb01t Trust (collectively the \u2018EBTs\u2019) and the Savills
Rabbi Trust (the \u2018Rabbi Trust\u2019), the purposes of which are to grant awards to
employees, to acquire shares in the Company pursuant to the Savills Deferred
Share Bonus Plan and the Savills Deferred Share Plan and to hold shares in the
Company for subsequent transfer to employees on the vesting of the awards
granted under the schemes. The assets and liabilities of the EBTs and Rabbi Trust
are included in the Group statement of \ufb01nancial position. Investments in the
Group\u2019s own shares are shown as a deduction from equity. The Savills plc 2025
Employee Bene\ufb01t Trust was established during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00509": { "value": "4.1 Consolidation
The consolidated \ufb01nancial statements include those of the Company and its
subsidiary undertakings, together with the Group\u2019s share of results of its associates
and joint ventures.
(a) Subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls
an entity when the Group is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to a\ufb00ect those returns through its
power over the entity. Subsidiaries are fully consolidated from the date on which
control is transferred to the Group.
Intercompany transactions, balances and unrealised gains and losses on transactions
between Group companies are eliminated. Pro\ufb01ts and losses resulting from
intercompany transactions that are recognised in assets are also eliminated.
Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group.
(b) Acquisition of subsidiaries
The Group applies the acquisition method of accounting to account for business
combinations. The consideration transferred for the acquisition of a subsidiary is the fair
value of the assets transferred, the liabilities incurred and the equity interests issued by
the Group. Identi\ufb01able assets acquired and liabilities and contingent liabilities assumed in
a business combination are measured initially at their fair values at the acquisition date.
The Group recognises any non-controlling interest in the acquiree on an acquisition-by-
acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate
share of the recognised amounts of the acquiree\u2019s identi\ufb01able net assets.
Any contingent consideration to be transferred by the Group is recognised at fair
value at the acquisition date. Contingent consideration only applies to situations
where contingent payments are not dependent on future employment of vendors.
Subsequent changes to the fair value of the contingent consideration that is deemed
to be an asset or liability is recognised in pro\ufb01t or loss. Contingent consideration that is
classi\ufb01ed as equity is not remeasured, and its subsequent settlement is accounted for
within equity. Payments dependent on future employment are expensed to the income
statement over the relevant period of employment as required by IFRS 3 (revised).
Acquisition-related costs are expensed as incurred.
(c) Changes in ownership interests in subsidiaries without change of control
Transactions with non-controlling interests that do not result in loss of control are
accounted for as equity transactions, that is, as transactions with the owners in their
capacity as owners. The di\ufb00erence between fair value of any consideration paid and
the relevant share acquired of the carrying value of net assets of the subsidiary is
recorded in equity. Gains or losses on disposals to non-controlling interests are also
recorded in equity.
(d) Associates and joint ventures
Investments in associates and joint ventures are accounted for using the equity
method of accounting.
Under the equity method, the investment is initially recognised at cost, and the
carrying amount is increased or decreased to recognise the investor\u2019s share of the
pro\ufb01t or loss of the investee after the date of acquisition. The Group\u2019s investment in
associates includes goodwill (net of any accumulated impairment loss) identi\ufb01ed on
acquisition (see Note 20).
The Group\u2019s share of its associates\u2019 and joint ventures\u2019 post-acquisition pro\ufb01ts or losses
is recognised in the income statement with a corresponding adjustment to the carrying
amount of the investment. Dividends received or receivable from associates and joint
ventures are recognised as a reduction in the carrying amount of the investment.
When the Group\u2019s share of losses in an associate or joint venture equals or exceeds its
interest in the associate or joint venture (which includes any long-term interests that,
in substance, form part of the Group\u2019s net investment in the associate or joint venture)
the Group does not recognise further losses unless it has incurred legal or constructive
obligations or made payments on behalf of the associate or joint venture.
Unrealised gains on transactions between the Group and its associates and joint
ventures are eliminated to the extent of the Group\u2019s interest in the associate or
joint venture. Unrealised losses are also eliminated unless the transaction provides
evidence of an impairment of the asset transferred. Accounting policies of associates
and joint ventures have been changed where necessary to ensure consistency with
the policies adopted by the Group.
The carrying amount of associates and joint ventures is tested for impairment in
accordance with the policy described in Note 17.
Pro\ufb01t or loss on disposal of associates and joint ventures is recognised in pro\ufb01t or
loss as other gains/(losses).
(e) Investment management funds
The Investment Management business enters into strategic partnerships and
mandates to provide asset management or investment advisory services to external
clients, and in certain instances also has an interest in the fund general partner or
in co-investment schemes (the Savills Investment Management funds). In its role as
fund manager, the Investment Management business is considered by management
to be acting as an agent which does not have control under IFRS 10 and therefore
the Savills Investment Management funds are not consolidated as part of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00510": { "value": "(a) Subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls
an entity when the Group is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to a\ufb00ect those returns through its
power over the entity. Subsidiaries are fully consolidated from the date on which
control is transferred to the Group.
Intercompany transactions, balances and unrealised gains and losses on transactions
between Group companies are eliminated. Pro\ufb01ts and losses resulting from
intercompany transactions that are recognised in assets are also eliminated.
Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group.
(b) Acquisition of subsidiaries
The Group applies the acquisition method of accounting to account for business
combinations. The consideration transferred for the acquisition of a subsidiary is the fair
value of the assets transferred, the liabilities incurred and the equity interests issued by
the Group. Identi\ufb01able assets acquired and liabilities and contingent liabilities assumed in
a business combination are measured initially at their fair values at the acquisition date.
The Group recognises any non-controlling interest in the acquiree on an acquisition-by-
acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate
share of the recognised amounts of the acquiree\u2019s identi\ufb01able net assets.
Any contingent consideration to be transferred by the Group is recognised at fair
value at the acquisition date. Contingent consideration only applies to situations
where contingent payments are not dependent on future employment of vendors.
Subsequent changes to the fair value of the contingent consideration that is deemed
to be an asset or liability is recognised in pro\ufb01t or loss. Contingent consideration that is
classi\ufb01ed as equity is not remeasured, and its subsequent settlement is accounted for
within equity. Payments dependent on future employment are expensed to the income
statement over the relevant period of employment as required by IFRS 3 (revised).
Acquisition-related costs are expensed as incurred.
(c) Changes in ownership interests in subsidiaries without change of control
Transactions with non-controlling interests that do not result in loss of control are
accounted for as equity transactions, that is, as transactions with the owners in their
capacity as owners. The di\ufb00erence between fair value of any consideration paid and
the relevant share acquired of the carrying value of net assets of the subsidiary is
recorded in equity. Gains or losses on disposals to non-controlling interests are also
recorded in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00511": { "value": "(c) Changes in ownership interests in subsidiaries without change of control
Transactions with non-controlling interests that do not result in loss of control are
accounted for as equity transactions, that is, as transactions with the owners in their
capacity as owners. The di\ufb00erence between fair value of any consideration paid and
the relevant share acquired of the carrying value of net assets of the subsidiary is
recorded in equity. Gains or losses on disposals to non-controlling interests are also
recorded in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00512": { "value": "(d) Associates and joint ventures
Investments in associates and joint ventures are accounted for using the equity
method of accounting.
Under the equity method, the investment is initially recognised at cost, and the
carrying amount is increased or decreased to recognise the investor\u2019s share of the
pro\ufb01t or loss of the investee after the date of acquisition. The Group\u2019s investment in
associates includes goodwill (net of any accumulated impairment loss) identi\ufb01ed on
acquisition (see Note 20).
The Group\u2019s share of its associates\u2019 and joint ventures\u2019 post-acquisition pro\ufb01ts or losses
is recognised in the income statement with a corresponding adjustment to the carrying
amount of the investment. Dividends received or receivable from associates and joint
ventures are recognised as a reduction in the carrying amount of the investment.
When the Group\u2019s share of losses in an associate or joint venture equals or exceeds its
interest in the associate or joint venture (which includes any long-term interests that,
in substance, form part of the Group\u2019s net investment in the associate or joint venture)
the Group does not recognise further losses unless it has incurred legal or constructive
obligations or made payments on behalf of the associate or joint venture.
Unrealised gains on transactions between the Group and its associates and joint
ventures are eliminated to the extent of the Group\u2019s interest in the associate or
joint venture. Unrealised losses are also eliminated unless the transaction provides
evidence of an impairment of the asset transferred. Accounting policies of associates
and joint ventures have been changed where necessary to ensure consistency with
the policies adopted by the Group.
The carrying amount of associates and joint ventures is tested for impairment in
accordance with the policy described in Note 17.
Pro\ufb01t or loss on disposal of associates and joint ventures is recognised in pro\ufb01t or
loss as other gains/(losses).Material accounting policies that apply to investments in joint ventures and associates Refer to Note 4.1 for the accounting policy with respect to investments in joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00513": { "value": "(d) Associates and joint ventures
Investments in associates and joint ventures are accounted for using the equity
method of accounting.
Under the equity method, the investment is initially recognised at cost, and the
carrying amount is increased or decreased to recognise the investor\u2019s share of the
pro\ufb01t or loss of the investee after the date of acquisition. The Group\u2019s investment in
associates includes goodwill (net of any accumulated impairment loss) identi\ufb01ed on
acquisition (see Note 20).
The Group\u2019s share of its associates\u2019 and joint ventures\u2019 post-acquisition pro\ufb01ts or losses
is recognised in the income statement with a corresponding adjustment to the carrying
amount of the investment. Dividends received or receivable from associates and joint
ventures are recognised as a reduction in the carrying amount of the investment.
When the Group\u2019s share of losses in an associate or joint venture equals or exceeds its
interest in the associate or joint venture (which includes any long-term interests that,
in substance, form part of the Group\u2019s net investment in the associate or joint venture)
the Group does not recognise further losses unless it has incurred legal or constructive
obligations or made payments on behalf of the associate or joint venture.
Unrealised gains on transactions between the Group and its associates and joint
ventures are eliminated to the extent of the Group\u2019s interest in the associate or
joint venture. Unrealised losses are also eliminated unless the transaction provides
evidence of an impairment of the asset transferred. Accounting policies of associates
and joint ventures have been changed where necessary to ensure consistency with
the policies adopted by the Group.
The carrying amount of associates and joint ventures is tested for impairment in
accordance with the policy described in Note 17.
Pro\ufb01t or loss on disposal of associates and joint ventures is recognised in pro\ufb01t or
loss as other gains/(losses).Material accounting policies that apply to investments in joint ventures and associates Refer to Note 4.1 for the accounting policy with respect to investments in joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00514": { "value": "(d) Associates and joint ventures
Investments in associates and joint ventures are accounted for using the equity
method of accounting.
Under the equity method, the investment is initially recognised at cost, and the
carrying amount is increased or decreased to recognise the investor\u2019s share of the
pro\ufb01t or loss of the investee after the date of acquisition. The Group\u2019s investment in
associates includes goodwill (net of any accumulated impairment loss) identi\ufb01ed on
acquisition (see Note 20).
The Group\u2019s share of its associates\u2019 and joint ventures\u2019 post-acquisition pro\ufb01ts or losses
is recognised in the income statement with a corresponding adjustment to the carrying
amount of the investment. Dividends received or receivable from associates and joint
ventures are recognised as a reduction in the carrying amount of the investment.
When the Group\u2019s share of losses in an associate or joint venture equals or exceeds its
interest in the associate or joint venture (which includes any long-term interests that,
in substance, form part of the Group\u2019s net investment in the associate or joint venture)
the Group does not recognise further losses unless it has incurred legal or constructive
obligations or made payments on behalf of the associate or joint venture.
Unrealised gains on transactions between the Group and its associates and joint
ventures are eliminated to the extent of the Group\u2019s interest in the associate or
joint venture. Unrealised losses are also eliminated unless the transaction provides
evidence of an impairment of the asset transferred. Accounting policies of associates
and joint ventures have been changed where necessary to ensure consistency with
the policies adopted by the Group.
The carrying amount of associates and joint ventures is tested for impairment in
accordance with the policy described in Note 17.
Pro\ufb01t or loss on disposal of associates and joint ventures is recognised in pro\ufb01t or
loss as other gains/(losses).Material accounting policies that apply to investments in joint ventures and associates Refer to Note 4.1 for the accounting policy with respect to investments in joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00515": { "value": "4.2 Foreign currency translation
(a) Functional and presentation currency
Items included in the \ufb01nancial statements of each of the Group\u2019s entities are
measured using the currency of the primary economic environment in which the
entity operates (\u2018the functional currency\u2019). The consolidated \ufb01nancial statements are
presented in sterling, which is also the Company\u2019s functional currency.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using
the exchange rates prevailing at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities denominated
in foreign currencies are recognised in the income statement, except when deferred
in other comprehensive income as qualifying cash \ufb02ow hedges.
Translation di\ufb00erences on non-monetary \ufb01nancial assets and liabilities are reported as
part of the fair value gain or loss and are recognised in the income statement, except
for \ufb01nancial assets held at FVOCI, which are recognised in other comprehensive
income. Non-monetary items carried at historical cost are reported using the
exchange rate at the date of the transaction.
(c) Group entities
The assets and liabilities of foreign operations, including goodwill and fair value
adjustments arising on consolidation, are translated to the Group\u2019s presentational
currency at foreign exchange rates ruling at the reporting date. Exchange
di\ufb00erences arising from this translation of foreign operations are recognised in
other\u00a0comprehensive income and taken to the foreign exchange reserve.
The income and expenses of foreign operations are translated at an average rate for
the year where this rate approximates to the foreign exchange rates ruling at the
dates of the transactions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00516": { "value": "(a) Functional and presentation currency
Items included in the \ufb01nancial statements of each of the Group\u2019s entities are
measured using the currency of the primary economic environment in which the
entity operates (\u2018the functional currency\u2019). The consolidated \ufb01nancial statements are
presented in sterling, which is also the Company\u2019s functional currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00432": { "value": "5. Critical accounting estimates and signi\ufb01cant judgements
The preparation of \ufb01nancial statements in conformity with IFRS requires the use
of accounting estimates and assumptions. It also requires management to exercise
its judgement in the process of applying our accounting policies. We continually
evaluate our estimates, assumptions and judgements based on available information
and experience. As the use of estimates is inherent in \ufb01nancial reporting, actual
results could di\ufb00er from these estimates.
Our critical accounting estimates are those estimates that carry a signi\ufb01cant risk
of resulting in a material adjustment to the carrying amount of assets and liabilities
within the next \ufb01nancial year. Signi\ufb01cant judgements are those made by management
in applying our material accounting policies that have a material impact\u00a0on the
amounts presented in the \ufb01nancial statements.
Our critical accounting estimates and signi\ufb01cant judgements are described in
the following notes to the \ufb01nancial statements.
They can be identi\ufb01ed by the following symbol:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Critical
Signi\ufb01cant
\u00a0
Note
estimate
judgement
Valuation of de\ufb01ned bene\ufb01t pension
\u00a0\u00a0\u00a0
assets and liabilities
28
\ue002
\u00a0
Goodwill impairment
17
\ue002
\u00a0
Debtor recoverability
22
\ue002
\u00a0
Classi\ufb01cation of non-underlying terms*
11
\u00a0
\ue002
Determination of lease terms
19
\u00a0
\ue002
\n
*
Please also refer to the Appendices for the Group\u2019s constant currency analysis, a non-GAAP measure.Signi\ufb01cant judgement
Non-GAAP measures involve the exclusion of items that, in the judgement of
management, need to be disclosed separately in order to provide additional
information with respect to the Group\u2019s operational performance. The items that
are excluded are considered signi\ufb01cant and non-operational in nature, in the
judgement of management.Signi\ufb01cant judgement See Note 11 for further information on the use of non-GAAP measures.Critical accounting estimates made in reviewing goodwill
for impairment
The Group tests goodwill for impairment on an annual basis by comparing the
carrying value of these assets with the value-in-use calculations of the relevant
CGUs. Within this process, the Group makes a number of key assumptions
including discount rates, terminal growth rates and forecast cash \ufb02ows. The
assumptions impact the recoverability of goodwill and the requirement for
impairment charges in the income statement. Additional information is within this
note, which highlights the critical estimates applied in the value-in-use calculations
for those CGUs that are considered most sensitive to changes in key assumptions
and the sensitivity of these critical estimatesSigni\ufb01cant judgement
In determining the lease term, management considers all facts and circumstances
that create an economic incentive to exercise an extension option, or not exercise
a termination option. Extension options (or periods after termination options) are
only included in the lease term if the lease is reasonably certain to be extended (or
not terminated). The judgements made impact the value of the right-of-use assets
and lease liabilities recognised in the statement of \ufb01nancial position upon initial
recognition of a lease.
The assessment is reviewed if a signi\ufb01cant event or a signi\ufb01cant change in
circumstances occurs which a\ufb00ects this assessment and that is within the control
of the lessee.Critical accounting estimate made when reviewing
debtor\u00a0recoverability
Provisions for impairment of trade receivables have been made. In reviewing the
appropriateness of these provisions, consideration has been given to the ageing
of the debt and the potential likelihood of default, taking into account current
and future economic conditions. Impairment analysis is performed by local
management using a provision matrix to measure the expected credit losses,
which is based on historical credit loss experience adjusted for forward-looking
factors speci\ufb01c to the debtors and economic environment.Critical accounting estimates
Determining the value of the future de\ufb01ned bene\ufb01t obligation requires estimation
in respect of the assumptions used to calculate present values. These include
future mortality, discount rate and in\ufb02ation. Management determines these
assumptions in consultation with an independent actuary.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00433": { "value": "6. Financial risk management
The Group\u2019s activities expose it to a variety of \ufb01nancial risks. The Group has in place
a risk management programme that seeks to limit the adverse e\ufb00ects on the \ufb01nancial
performance of the Group.
The Group treasury function is responsible for implementing risk management
policies applied by the Group. The Group treasury function has a policy and
procedures manual that sets out speci\ufb01c guidelines on \ufb01nancial risks and the use
of\u00a0\ufb01nancial instruments to manage these.
6.1 Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risks primarily
with respect to the euro, Hong Kong dollar and US dollar. Foreign exchange risk
arises from future commercial transactions, recognised assets and liabilities and
net investments in foreign operations. When there is a material committed foreign
currency exposure the foreign exchange risk will be hedged. The Group may \ufb01nance
some overseas investments through the use of foreign currency borrowings. The
Group does not actively seek to hedge risks arising from foreign currency translations
due to their non-cash nature and the high costs associated with such hedging.
The sensitivity analysis has been prepared for the major currencies to which
the Group is exposed. Recent historical movements in these currencies have
been considered and it has been concluded that a 5\u201310% movement in rates is a
reasonable benchmark.
For the years ended 31 December, if the average currency conversion rates against
sterling for the year had changed with all other variables held constant, the Group
post-tax pro\ufb01t for the year would have increased or decreased as shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Movement of currency against sterling
\u00a3m
-10.0%
-5.0%
+5.0%
+10.0%
2025
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
Euro
(0.7)
(0.4)
0.4
0.8
Hong Kong dollar
(1.1)
(0.6)
0.6
1.3
US dollar
0.3
0.2
(0.2)
(0.4)
Chinese renminbi
(0.1)
(0.1)
0.1
0.2
Estimated impact on components of equity
\u00a0 \u00a0 \u00a0 \u00a0
Euro
(8.6)
(4.5)
5.0
10.5
Hong Kong dollar
(10.3)
(5.4)
6.0
12.6
US dollar
(16.9)
(8.9)
9.8
20.7
Chinese renminbi
(2.6)
(1.4)
1.5
3.2
\u00a0
Movement of currency against sterling
\u00a3m
-10.0%
-5.0%
+5.0%
+10.0%
2024
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
Euro
0.7
0.4
(0.4)
(0.9)
Hong Kong dollar
(0.1)
(0.1)
0.1
0.1
US dollar
(0.5)
(0.3)
0.3
0.6
Chinese renminbi
(0.2)
(0.1)
0.1
0.2
Estimated impact on components of equity
\u00a0 \u00a0 \u00a0 \u00a0
Euro
3.2
1.7
(1.8)
(3.9)
Hong Kong dollar
(6.7)
(3.5)
3.9
8.2
US dollar
(18.5)
(9.7)
10.7
22.6
Chinese renminbi
(3.9)
(2.1)
2.3
4.8
\n
6.2 Interest rate risk
The Group has both interest-bearing assets and liabilities. The Group \ufb01nances its
operations through a mixture of retained pro\ufb01ts and bank borrowings, at both \ufb01xed
and \ufb02oating interest rates. Borrowings issued at variable rates expose the Group
cash \ufb02ow to interest rate risk, which is partially o\ufb00set by cash held at variable rates.
Borrowings issued at \ufb01xed rates expose the Group to fair value interest rate risk.
Group policy is to maintain at least 70% of its borrowings in \ufb01xed rate instruments.
For the year ended 31 December 2025, if the average interest rate for the year had
changed with all other variables held constant, the Group\u2019s post-tax pro\ufb01t for the
year and equity would have increased or decreased as shown below:
\u00a0
Increase in interest rates
\u00a3m
+0.5%
+1.0%
+1.5%
+2.0%
2025
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t and equity
0.8
1.7
2.5
3.4
2024
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t and equity
1.0
2.0
3.0
4.0
\u00a0
Decrease in interest rates
\u00a3m
-0.5%
-1.0%
-1.5%
-2.0%
2025
\u00a0\u00a0\u00a0\u00a0
Estimated impact on post-tax pro\ufb01t and equity
(0.8)
(1.7)
(2.5)
(3.4)
2024
\u00a0\u00a0\u00a0\u00a0
Estimated impact on post-tax pro\ufb01t and equity
(1.0)
(2.0)
(3.0)
(3.9)
\n
The rationale behind the 2.0% sensitivity analysis is based upon historic trends
in interest rate movements and the short-term expectation that any increase or
decrease greater than 2.0% is unlikely to occur.
6.3 Credit risk
Credit risk arises from cash and cash equivalents, equity investments, loans
receivables, debt-like \ufb01nancial instruments and derivative \ufb01nancial instruments and
deposits with banks and \ufb01nancial institutions, as well as credit exposures to clients,
including outstanding receivables and committed transactions.
The Group has policies that require appropriate credit checks on potential
customers before engaging with them. A risk control framework is used to assess
the credit quality of clients, taking into account \ufb01nancial position, past experience
and other factors. There were no material individual trade receivable balances as
at 31\u00a0December 2025. Refer to Note 22 for information on the credit quality of
trade and\u00a0other receivables and the maximum exposure to credit risk arising on
outstanding receivables from clients.
Individual risk limits for banks and \ufb01nancial institutions are set based on external
ratings and in accordance with limits set by the Board. The utilisation of credit limits
is regularly monitored. As at the reporting date, no signi\ufb01cant credit risk existed
in relation to banking counterparties. No credit limits were exceeded during the
reporting year, and management does not expect any losses from non-performance
by\u00a0these counterparties.
The table below shows the Group\u2019s cash and cash equivalents, overdrafts in notional
pooling arrangements and bank overdrafts, as per the statement of cash \ufb02ows, split
by counterparty ratings as at 31 December:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Counterparty rating (S&P long-term ratings)
\u00a3m
\u00a3m
AA-
9.8
11.6
A+
200.6
182.3
A
60.0
63.7
A-
31.4
29.5
BBB+
10.9
3.9
BBB or below
28.3
36.4
Total
341.0
327.4
\n
6.4 Liquidity risk
The Group maintains appropriate committed facilities to ensure the Group has
su\ufb03cient funds available for operations and expansion. The Group prepares an
annual funding plan approved by the Board which sets out the Group\u2019s expected
\ufb01nancing requirements for the next 12 months.
Management monitors rolling forecasts of the Group\u2019s liquidity reserve comprising
undrawn borrowing facilities (Note 25) and cash and cash equivalents (Note 23 and
Note 23.1) on the basis of expected cash \ufb02ow. This is carried out at local level in the
operating companies of the Group in accordance with Group practice as well as on
a\u00a0Group consolidated basis.
The table below analyses the Group\u2019s \ufb01nancial liabilities and net-settled derivative
\ufb01nancial liabilities into relevant maturity groupings based on the remaining period
from the reporting date to the contractual maturity date.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
\u00a0 \u00a0
Between
Between
\u00a0
contractual
\u00a0
\u00a0
Less than
1 and 2
2 and 5
Over
undiscounted
Carrying
\u00a3m
a year
years
years
5 years
cash \ufb02ows
values
2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
48.2
1.7
123.5
4.0
177.4
176.7
Overdrafts in notional
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
pooling arrangement
187.2
\u2013
\u2013
\u2013
187.2
187.2
Lease liabilities
59.4
67.9
103.9
57.4
288.6
255.4
Derivative \ufb01nancial
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
instruments
2.1
4.2
21.8
13.4
41.5
26.5
Trade and other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
payables
331.7
1.5
6.0
\u2013
339.2
337.9
\u00a0
628.6
75.3
255.2
74.8
1,033.9
983.7
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0
Total
\u00a0
\u00a0\u00a0
Between
Between
\u00a0
contractual
\u00a0
\u00a0
Less than
1 and 2
2 and 5
Over
undiscounted
Carrying
\u00a3m
a year
years
years
5 years
cash \ufb02ows
values
2024
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Borrowings
45.6
3.8
68.7
60.6
178.7
160.9
Overdrafts in notional
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
pooling arrangement
199.3
\u2013
\u2013
\u2013
199.3
199.3
Lease liabilities
59.1
63.5
108.7
41.2
272.5
233.1
Derivative \ufb01nancial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instruments
1.3
1.0
5.4
14.2
21.9
13.9
Trade and other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
payables
347.5
5.0
4.1
\u2013
356.6
355.2
\u00a0
652.8
73.3
186.9
116.0
1,029.0
962.4
\n
6.5 Capital risk management
The Group\u2019s objectives when managing capital are:
\u00a7
to safeguard the Group\u2019s ability to provide returns for Shareholders and bene\ufb01ts
for other stakeholders; and
\u00a7
to maintain an optimal capital structure to reduce the cost of capital.
The Group\u2019s overall strategy remains unchanged from 2024.
Savills plc is not subject to any externally-imposed capital requirements, with
the exception of its regulated entities within the Savills Investment Management
Group and its FCA (Financial Conduct Authority) regulated entity, Savills Capital
Advisors Limited, in the UK. All regulated entities complied with the relevant
capital requirements for the year ended 31 December 2025. The Savills Investment
Management Group has regulated entities in the UK, Luxembourg, Germany,
Italy, Japan, Singapore and Australia. For more information on Savills Investment
Management Group\u2019s regulated entities and regulatory requirements, please visit
www.savillsim.com.
In order to maintain an optimal capital structure, the Group may adjust the amount
of dividends paid to Shareholders, return capital to Shareholders, issue new shares or
sell assets to reduce debt.
The Board has put in place a distribution policy which takes into account the
degree of maintainability of the Group\u2019s di\ufb00erent pro\ufb01t streams and the Group\u2019s
overall exposure to cyclical Transaction Advisory pro\ufb01ts, as well as the requirement
to maintain a certain level of cash resources for working capital and corporate
development purposes.
The Board will recommend an ordinary dividend broadly re\ufb02ecting the pro\ufb01ts
derived from the Group\u2019s less volatile businesses. In addition, when pro\ufb01ts from the
cyclical Transaction Advisory business are strong, the Board will consider and, if
appropriate, recommend the payment of a supplemental dividend alongside the \ufb01nal
ordinary dividend. The value of any such supplemental dividend will vary depending
on the performance of the Group\u2019s Transaction Advisory business and the Group\u2019s
anticipated working capital and corporate development requirements through the
cycle. It is intended that, in normal circumstances, the combined value of the ordinary
and supplemental dividends declared in respect of any year are covered at least
1.5 times by retained earnings and/or at least 2.0 times by underlying pro\ufb01ts after
taxation. The Group complied with this policy throughout the year.
The Group\u2019s policy is primarily to borrow centrally, if required, to meet anticipated
funding requirements. These borrowings, together with cash generated from
operations, are then on-lent or contributed as equity to certain subsidiaries.
The\u00a0Board of Directors monitors a number of debt measures on a rolling forward
12-month basis including: gross cash by location; gross debt by location; cash subject
to restrictions; total debt servicing cost to operating pro\ufb01t; gross borrowings as a
percentage of EBITDA (earnings before interest, tax, depreciation and amortisation);
and forecast headroom against available facilities. These internal measures indicate
the levels of debt that the Group has and are closely monitored to ensure compliance
with banking covenants and to con\ufb01rm that the Group has su\ufb03cient unused facilities.
The Group complied with all banking covenants throughout the year and met all
internal counterparty exposure limits set by the Board.
The capital structure is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Equity
804.4
777.8
Cash and cash equivalents
531.6
536.5
Overdrafts in notional pooling arrangement
(187.2)
(199.3)
Bank overdrafts
(3.4)
(9.8)
Borrowings (gross of transaction costs)
(173.4)
(151.5)
Cash and cash equivalents net of gross borrowings
167.6
175.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00434": { "value": "6. Financial risk management
The Group\u2019s activities expose it to a variety of \ufb01nancial risks. The Group has in place
a risk management programme that seeks to limit the adverse e\ufb00ects on the \ufb01nancial
performance of the Group.
The Group treasury function is responsible for implementing risk management
policies applied by the Group. The Group treasury function has a policy and
procedures manual that sets out speci\ufb01c guidelines on \ufb01nancial risks and the use
of\u00a0\ufb01nancial instruments to manage these.
6.1 Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risks primarily
with respect to the euro, Hong Kong dollar and US dollar. Foreign exchange risk
arises from future commercial transactions, recognised assets and liabilities and
net investments in foreign operations. When there is a material committed foreign
currency exposure the foreign exchange risk will be hedged. The Group may \ufb01nance
some overseas investments through the use of foreign currency borrowings. The
Group does not actively seek to hedge risks arising from foreign currency translations
due to their non-cash nature and the high costs associated with such hedging.
The sensitivity analysis has been prepared for the major currencies to which
the Group is exposed. Recent historical movements in these currencies have
been considered and it has been concluded that a 5\u201310% movement in rates is a
reasonable benchmark.
For the years ended 31 December, if the average currency conversion rates against
sterling for the year had changed with all other variables held constant, the Group
post-tax pro\ufb01t for the year would have increased or decreased as shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Movement of currency against sterling
\u00a3m
-10.0%
-5.0%
+5.0%
+10.0%
2025
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
Euro
(0.7)
(0.4)
0.4
0.8
Hong Kong dollar
(1.1)
(0.6)
0.6
1.3
US dollar
0.3
0.2
(0.2)
(0.4)
Chinese renminbi
(0.1)
(0.1)
0.1
0.2
Estimated impact on components of equity
\u00a0 \u00a0 \u00a0 \u00a0
Euro
(8.6)
(4.5)
5.0
10.5
Hong Kong dollar
(10.3)
(5.4)
6.0
12.6
US dollar
(16.9)
(8.9)
9.8
20.7
Chinese renminbi
(2.6)
(1.4)
1.5
3.2
\u00a0
Movement of currency against sterling
\u00a3m
-10.0%
-5.0%
+5.0%
+10.0%
2024
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
Euro
0.7
0.4
(0.4)
(0.9)
Hong Kong dollar
(0.1)
(0.1)
0.1
0.1
US dollar
(0.5)
(0.3)
0.3
0.6
Chinese renminbi
(0.2)
(0.1)
0.1
0.2
Estimated impact on components of equity
\u00a0 \u00a0 \u00a0 \u00a0
Euro
3.2
1.7
(1.8)
(3.9)
Hong Kong dollar
(6.7)
(3.5)
3.9
8.2
US dollar
(18.5)
(9.7)
10.7
22.6
Chinese renminbi
(3.9)
(2.1)
2.3
4.8
\n
6.2 Interest rate risk
The Group has both interest-bearing assets and liabilities. The Group \ufb01nances its
operations through a mixture of retained pro\ufb01ts and bank borrowings, at both \ufb01xed
and \ufb02oating interest rates. Borrowings issued at variable rates expose the Group
cash \ufb02ow to interest rate risk, which is partially o\ufb00set by cash held at variable rates.
Borrowings issued at \ufb01xed rates expose the Group to fair value interest rate risk.
Group policy is to maintain at least 70% of its borrowings in \ufb01xed rate instruments.
For the year ended 31 December 2025, if the average interest rate for the year had
changed with all other variables held constant, the Group\u2019s post-tax pro\ufb01t for the
year and equity would have increased or decreased as shown below:
\u00a0
Increase in interest rates
\u00a3m
+0.5%
+1.0%
+1.5%
+2.0%
2025
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t and equity
0.8
1.7
2.5
3.4
2024
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t and equity
1.0
2.0
3.0
4.0
\u00a0
Decrease in interest rates
\u00a3m
-0.5%
-1.0%
-1.5%
-2.0%
2025
\u00a0\u00a0\u00a0\u00a0
Estimated impact on post-tax pro\ufb01t and equity
(0.8)
(1.7)
(2.5)
(3.4)
2024
\u00a0\u00a0\u00a0\u00a0
Estimated impact on post-tax pro\ufb01t and equity
(1.0)
(2.0)
(3.0)
(3.9)
\n
The rationale behind the 2.0% sensitivity analysis is based upon historic trends
in interest rate movements and the short-term expectation that any increase or
decrease greater than 2.0% is unlikely to occur.
6.3 Credit risk
Credit risk arises from cash and cash equivalents, equity investments, loans
receivables, debt-like \ufb01nancial instruments and derivative \ufb01nancial instruments and
deposits with banks and \ufb01nancial institutions, as well as credit exposures to clients,
including outstanding receivables and committed transactions.
The Group has policies that require appropriate credit checks on potential
customers before engaging with them. A risk control framework is used to assess
the credit quality of clients, taking into account \ufb01nancial position, past experience
and other factors. There were no material individual trade receivable balances as
at 31\u00a0December 2025. Refer to Note 22 for information on the credit quality of
trade and\u00a0other receivables and the maximum exposure to credit risk arising on
outstanding receivables from clients.
Individual risk limits for banks and \ufb01nancial institutions are set based on external
ratings and in accordance with limits set by the Board. The utilisation of credit limits
is regularly monitored. As at the reporting date, no signi\ufb01cant credit risk existed
in relation to banking counterparties. No credit limits were exceeded during the
reporting year, and management does not expect any losses from non-performance
by\u00a0these counterparties.
The table below shows the Group\u2019s cash and cash equivalents, overdrafts in notional
pooling arrangements and bank overdrafts, as per the statement of cash \ufb02ows, split
by counterparty ratings as at 31 December:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Counterparty rating (S&P long-term ratings)
\u00a3m
\u00a3m
AA-
9.8
11.6
A+
200.6
182.3
A
60.0
63.7
A-
31.4
29.5
BBB+
10.9
3.9
BBB or below
28.3
36.4
Total
341.0
327.4
\n
6.4 Liquidity risk
The Group maintains appropriate committed facilities to ensure the Group has
su\ufb03cient funds available for operations and expansion. The Group prepares an
annual funding plan approved by the Board which sets out the Group\u2019s expected
\ufb01nancing requirements for the next 12 months.
Management monitors rolling forecasts of the Group\u2019s liquidity reserve comprising
undrawn borrowing facilities (Note 25) and cash and cash equivalents (Note 23 and
Note 23.1) on the basis of expected cash \ufb02ow. This is carried out at local level in the
operating companies of the Group in accordance with Group practice as well as on
a\u00a0Group consolidated basis.
The table below analyses the Group\u2019s \ufb01nancial liabilities and net-settled derivative
\ufb01nancial liabilities into relevant maturity groupings based on the remaining period
from the reporting date to the contractual maturity date.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
\u00a0 \u00a0
Between
Between
\u00a0
contractual
\u00a0
\u00a0
Less than
1 and 2
2 and 5
Over
undiscounted
Carrying
\u00a3m
a year
years
years
5 years
cash \ufb02ows
values
2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
48.2
1.7
123.5
4.0
177.4
176.7
Overdrafts in notional
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
pooling arrangement
187.2
\u2013
\u2013
\u2013
187.2
187.2
Lease liabilities
59.4
67.9
103.9
57.4
288.6
255.4
Derivative \ufb01nancial
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
instruments
2.1
4.2
21.8
13.4
41.5
26.5
Trade and other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
payables
331.7
1.5
6.0
\u2013
339.2
337.9
\u00a0
628.6
75.3
255.2
74.8
1,033.9
983.7
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0
Total
\u00a0
\u00a0\u00a0
Between
Between
\u00a0
contractual
\u00a0
\u00a0
Less than
1 and 2
2 and 5
Over
undiscounted
Carrying
\u00a3m
a year
years
years
5 years
cash \ufb02ows
values
2024
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Borrowings
45.6
3.8
68.7
60.6
178.7
160.9
Overdrafts in notional
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
pooling arrangement
199.3
\u2013
\u2013
\u2013
199.3
199.3
Lease liabilities
59.1
63.5
108.7
41.2
272.5
233.1
Derivative \ufb01nancial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instruments
1.3
1.0
5.4
14.2
21.9
13.9
Trade and other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
payables
347.5
5.0
4.1
\u2013
356.6
355.2
\u00a0
652.8
73.3
186.9
116.0
1,029.0
962.4
\n
6.5 Capital risk management
The Group\u2019s objectives when managing capital are:
\u00a7
to safeguard the Group\u2019s ability to provide returns for Shareholders and bene\ufb01ts
for other stakeholders; and
\u00a7
to maintain an optimal capital structure to reduce the cost of capital.
The Group\u2019s overall strategy remains unchanged from 2024.
Savills plc is not subject to any externally-imposed capital requirements, with
the exception of its regulated entities within the Savills Investment Management
Group and its FCA (Financial Conduct Authority) regulated entity, Savills Capital
Advisors Limited, in the UK. All regulated entities complied with the relevant
capital requirements for the year ended 31 December 2025. The Savills Investment
Management Group has regulated entities in the UK, Luxembourg, Germany,
Italy, Japan, Singapore and Australia. For more information on Savills Investment
Management Group\u2019s regulated entities and regulatory requirements, please visit
www.savillsim.com.
In order to maintain an optimal capital structure, the Group may adjust the amount
of dividends paid to Shareholders, return capital to Shareholders, issue new shares or
sell assets to reduce debt.
The Board has put in place a distribution policy which takes into account the
degree of maintainability of the Group\u2019s di\ufb00erent pro\ufb01t streams and the Group\u2019s
overall exposure to cyclical Transaction Advisory pro\ufb01ts, as well as the requirement
to maintain a certain level of cash resources for working capital and corporate
development purposes.
The Board will recommend an ordinary dividend broadly re\ufb02ecting the pro\ufb01ts
derived from the Group\u2019s less volatile businesses. In addition, when pro\ufb01ts from the
cyclical Transaction Advisory business are strong, the Board will consider and, if
appropriate, recommend the payment of a supplemental dividend alongside the \ufb01nal
ordinary dividend. The value of any such supplemental dividend will vary depending
on the performance of the Group\u2019s Transaction Advisory business and the Group\u2019s
anticipated working capital and corporate development requirements through the
cycle. It is intended that, in normal circumstances, the combined value of the ordinary
and supplemental dividends declared in respect of any year are covered at least
1.5 times by retained earnings and/or at least 2.0 times by underlying pro\ufb01ts after
taxation. The Group complied with this policy throughout the year.
The Group\u2019s policy is primarily to borrow centrally, if required, to meet anticipated
funding requirements. These borrowings, together with cash generated from
operations, are then on-lent or contributed as equity to certain subsidiaries.
The\u00a0Board of Directors monitors a number of debt measures on a rolling forward
12-month basis including: gross cash by location; gross debt by location; cash subject
to restrictions; total debt servicing cost to operating pro\ufb01t; gross borrowings as a
percentage of EBITDA (earnings before interest, tax, depreciation and amortisation);
and forecast headroom against available facilities. These internal measures indicate
the levels of debt that the Group has and are closely monitored to ensure compliance
with banking covenants and to con\ufb01rm that the Group has su\ufb03cient unused facilities.
The Group complied with all banking covenants throughout the year and met all
internal counterparty exposure limits set by the Board.
The capital structure is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Equity
804.4
777.8
Cash and cash equivalents
531.6
536.5
Overdrafts in notional pooling arrangement
(187.2)
(199.3)
Bank overdrafts
(3.4)
(9.8)
Borrowings (gross of transaction costs)
(173.4)
(151.5)
Cash and cash equivalents net of gross borrowings
167.6
175.9
\n21. Investments and derivative \ufb01nancial instruments
Material accounting policies that apply to investments and
derivative \ufb01nancial instruments
Financial assets held at FVOCI
The Group has made an irrevocable election at initial recognition for equity
investments to be classi\ufb01ed as FVOCI (fair value through other comprehensive
income). Changes in fair value are recognised through other comprehensive
income rather than pro\ufb01t or loss. Dividends from these investments are recognised
in pro\ufb01t or loss as other operating income. When such investments are disposed
or become impaired, the accumulated gains and losses, recognised in other
comprehensive income, are reclassi\ufb01ed to retained earnings and will not be
recycled to the income statement.
Financial assets held at FVPL
The Group holds loans and other debt like \ufb01nancial instruments at fair value with
changes in fair value recognised through pro\ufb01t or loss. Any gains or losses that
arise when such instruments are disposed are recognised in operating pro\ufb01t/(loss)
within the income statement.
Derivative \ufb01nancial instruments
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into and are subsequently remeasured at fair value. Changes in the fair
value of the Group\u2019s derivative instruments are recognised immediately in the
income statement.
The three levels of valuation methodology used are:
Level 1
\u2013 uses quoted active market prices.
Level 2
\u2013 uses observable inputs other than quoted active market prices.
The fair value of derivative \ufb01nancial instruments relating to forward foreign
exchange contracts are determined by using valuation techniques using
observable market data.
Gains and losses on forward foreign exchange contracts are recognised in net
foreign exchange gains and losses in the income statement.
Level 3
\u2013 uses inputs that are not based on observable market data, such as
internal models or other valuation methods.
Financial assets held at FVOCI (unlisted equity investments) included in Level 3
fall under two categories. The \ufb01rst, where cost has been determined as the best
approximation of fair value. Cost is considered the best approximation of fair
value in these instances either due to insu\ufb03cient more recent information being
available and/or there being a wide range of possible fair value measurements due
to the nature of the investments and cost is considered the best estimate of fair
value within the range. The second, where management have determined the fair
value of the unlisted equity security based upon the latest trading performance
of the investments, cash \ufb02ow forecasts of the investments and applying these
to a discounted cash \ufb02ow valuation and/or considering evidence from recent
fundraising initiatives undertaken.
Financial assets held at FVPL included in Level 3 fall under two categories.
The \ufb01rst, where the fair value of investment funds is based on underlying asset
values determined by the Fund Manager\u2019s quarterly \ufb01nancial statements. The
second, where management have determined the fair value of convertible loans
based upon the latest trading performance of the equity investments and cash
\ufb02ow forecasts of the investments and applying these to a discounted cash \ufb02ow
valuation. See Note 21.4 for the terms of these loans.
\n
The fair value of deferred consideration included in Level 3 has been determined by management based upon the latest trading performance and forecasts of the
\n
underlying business and applying these forecasts to the relevant deferred consideration earn-out criteria. The fair value of the expected deferred consideration due to be
\n
paid is then discounted to determine the fair value of the deferred consideration payable.
\n
21.1 Categories of \ufb01nancial instruments
Financial
Financial
Financial
assets at
Total
assets at
assets at
amortised
carrying
FVPL
FVOCI
cost
amount
\u00a3m
2025
2025
2025
2025
Financial assets at FVOCI
\u2013
4.9
\u2013
4.9
Financial assets at FVPL
27.8
\u2013
\u2013
27.8
Trade and other receivables
\u2013
\u2013
741.4
741.4
Derivative \ufb01nancial instruments
0.8
\u2013
\u2013
0.8
Cash and cash equivalents
\u2013
\u2013
531.6
531.6
Total \ufb01nancial assets
28.6
4.9
1,273.0
1,306.5
Financial
Financial
Financial
assets at
Total
assets at
assets at
amortised
carrying
FVPL
FVOCI
cost
amount
\u00a3m
2024
2024
2024
2024
Financial assets at FVOCI
\u2013
4.6
\u2013
4.6
Financial assets at FVPL
27.3
\u2013
\u2013
27.3
Trade and other receivables
\u2013
\u2013
684.1
684.1
Derivative \ufb01nancial instruments
0.3
\u2013
\u2013
0.3
Cash and cash equivalents
\u2013
\u2013
536.5
536.5
Total \ufb01nancial assets
27.6
4.6
1,220.6
1,252.8
Financial
Financial
liabilities at
Total
liabilities
amortised
carrying
at FVPL
cost
amount
\u00a3m
2025
2025
2025
Borrowings
\u2013
176.7
176.7
Overdrafts in notional pooling arrangements
\u2013
187.2
187.2
Lease liabilities
\u2013
255.4
255.4
Trade and other payables
2.6
335.3
337.9
Derivative \ufb01nancial instruments
26.5
\u2013
26.5
Total \ufb01nancial liabilities
29.1
954.6
983.7
Financial
Financial
liabilities at
Total
liabilities
amortised
carrying
at FVPL
cost
amount
\u00a3m
2024
2024
2024
Borrowings
\u2013
160.9
160.9
Overdrafts in notional pooling arrangements
\u2013
199.3
199.3
Lease liabilities
\u2013
233.1
233.1
Trade and other payables
2.3
352.9
355.2
Derivative \ufb01nancial instruments
13.9
\u2013
13.9
Total \ufb01nancial liabilities
16.2
946.2
962.4
21.2 Fair value hierarchy
\u00a0
Level 2
Level 3
Total
2025
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u00a0 \u00a0 \u00a0
\u2013 Unlisted equity investments
\u2013
4.9
4.9
Financial assets at FVPL
\u2013
27.8
27.8
Derivative \ufb01nancial instruments
0.8
\u2013
0.8
Total assets
0.8
32.7
33.5
Liabilities
\u00a0 \u00a0 \u00a0
Deferred consideration
\u2013
2.6
2.6
Derivative \ufb01nancial instruments
0.5
26.0
26.5
Total liabilities
0.5
28.6
29.1
\u00a0
Level 2
Level 3
Total
2024
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u00a0 \u00a0 \u00a0
\u2013 Unlisted equity investments
\u2013
4.6
4.6
Financial assets at FVPL
\u2013
27.3
27.3
Derivative \ufb01nancial instruments
0.3
\u2013
0.3
Total assets
0.3
31.9
32.2
Liabilities
\u00a0 \u00a0 \u00a0
Deferred consideration
\u2013
2.3
2.3
Derivative \ufb01nancial instruments
1.3
12.6
13.9
Total liabilities
1.3
14.9
16.2
\n
The gross notional principal amounts of the outstanding forward foreign exchange
\n
contracts at 31 December 2025 were \u00a3182.0m (2024: \u00a3135.4m). All contracts mature
\n
within one year and are classed as current.
\n
The following table presents the changes in Level 3 \ufb01nancial (liabilities)/assets for the
\n
period ended 31 December 2025:
\u00a0
Contingent
Derivative
Financial
Financial
\u00a0
deferred
\ufb01nancial
assets at
assets at
\u00a3m
consideration
instruments
FVOCI
FVPL
Opening balance 1 January 2025
(2.3)
(12.6)
4.6
27.3
Additions \u2013 recognised through
\u00a0 \u00a0 \u00a0 \u00a0
reserves
\u2013
(13.8)
\u2013
\u2013
Additions \u2013 recognised through
\u00a0 \u00a0 \u00a0 \u00a0
the\u00a0income statement
\u2013
(1.5)
\u2013
\u2013
Additions
\u2013
\u2013
0.1
1.8
Reclassi\ufb01cation
(0.6)
\u2013
\u2013
\u2013
Disposals
\u2013
\u2013
(0.2)
(1.4)
Settlement
0.2
\u2013
\u2013
\u2013
Conversion of loan
\u2013
\u2013
0.4
\u2013
Remeasurement
0.1
0.9
0.1
0.2
Exchange movement
\u2013
1.0
(0.1)
(0.1)
Closing balance 31 December 2025
(2.6)
(26.0)
4.9
27.8
\n
The derivative \ufb01nancial liabilities classi\ufb01ed as Level 3 relate to put and call options, the
\n
fair value of which is derived from management\u2019s best estimate of the average EBITDA
\n
forecast of the relevant businesses. Subsequent to initial recognition, gains and losses
\n
on these options are recognised in operating pro\ufb01ts in the income statement.
\n
Derivative \ufb01nancial liabilities as at 31 December 2025 include:
\n
\u00a7
\n
A put and call option on the remaining 20% of the AMS group, exercisable in 2027.
\n
The\u00a0option is classi\ufb01ed as non-current.
\n
\u00a7
\n
A put and call option for the remaining 40% shareholding in the LCA group,
\n
exercisable in 2026. The option is classi\ufb01ed as current.
\n
\u00a7
\n
A put and call option for the remaining 45% shareholding in Savills India, exercisable
\n
in \ufb01ve tranches between 2029 and 2034. This option is classi\ufb01ed as non-current.
\u00a7
A put and call option for the remaining 40% shareholding in Savills Projects
Holdings Pte Ltd group (\u2018Merx\u2019) which is exercisable in 2027 of which 11% is
expected to exercise early in 2026. The charge upon initial recognition of the
liability has been recognised in reserves in the current year. The option is split
between current and non-current.
\u00a7
A put and call option for the remaining 30% shareholding in K&T Investment
Pte Ltd group (\u2018Alpina\u2019) which is exercisable in 2031. The charge upon initial
recognition of the liability has been recognised in reserves in the current year.
The\u00a0option is classi\ufb01ed as non-current.
\u00a7
A put and call option for the remaining 65% of KMC Property Consultants Pte
Limited (\u2018KMC\u2019) which is exercisable in 2028 (35%) and 2030 (30%) respectively.
As\u00a0an associate, KMC is not consolidated and the charge upon initial recognition
of\u00a0the liability has been recognised through the consolidated income statement.
This option is classi\ufb01ed as non-current.
21.3 Financial assets at FVOCI
Financial assets at FVOCI comprise the following individual equity investments:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Unlisted securities
\u00a0 \u00a0
Andor Holdco Limited
1.7
1.7
Income Analytics Limited
1.7
1.2
Thirdfort Limited
0.2
0.2
Home Click Pte Limited
0.2
0.2
Other smaller investments
1.1
1.3
\u00a0
4.9
4.6
\n
21.4 Financial assets at FVPL
Financial assets at FVPL comprise instruments held in Savills Investment
Management investment funds.
At 31 December, the Group also held the following conditional commitments to
co-invest in a number of Savills Investment Management funds:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Asia Paci\ufb01c Income and Growth Fund FCP-RAIF
0.5
0.5
Savills IM UK Value Boxes Fund FCP-RAIF
2.3
2.3
DRC European Real Estate Debt Fund IV LP
0.7
0.9
Simply A\ufb00ordable Homes 2 LP
0.2
0.7
Savills IM UK Build to Rent Fund FCP-RAIF
0.1
0.3
Savills IM European Urban Logistics & Industrial
\u00a0 \u00a0
Fund\u00a0FCP-RAIF
0.4
1.2
Savills IM European Living Fund FCP-RAIF
0.3
0.5
\u00a0
4.5
6.4
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00435": { "value": "6.1 Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risks primarily
with respect to the euro, Hong Kong dollar and US dollar. Foreign exchange risk
arises from future commercial transactions, recognised assets and liabilities and
net investments in foreign operations. When there is a material committed foreign
currency exposure the foreign exchange risk will be hedged. The Group may \ufb01nance
some overseas investments through the use of foreign currency borrowings. The
Group does not actively seek to hedge risks arising from foreign currency translations
due to their non-cash nature and the high costs associated with such hedging.
The sensitivity analysis has been prepared for the major currencies to which
the Group is exposed. Recent historical movements in these currencies have
been considered and it has been concluded that a 5\u201310% movement in rates is a
reasonable benchmark.
For the years ended 31 December, if the average currency conversion rates against
sterling for the year had changed with all other variables held constant, the Group
post-tax pro\ufb01t for the year would have increased or decreased as shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Movement of currency against sterling
\u00a3m
-10.0%
-5.0%
+5.0%
+10.0%
2025
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
Euro
(0.7)
(0.4)
0.4
0.8
Hong Kong dollar
(1.1)
(0.6)
0.6
1.3
US dollar
0.3
0.2
(0.2)
(0.4)
Chinese renminbi
(0.1)
(0.1)
0.1
0.2
Estimated impact on components of equity
\u00a0 \u00a0 \u00a0 \u00a0
Euro
(8.6)
(4.5)
5.0
10.5
Hong Kong dollar
(10.3)
(5.4)
6.0
12.6
US dollar
(16.9)
(8.9)
9.8
20.7
Chinese renminbi
(2.6)
(1.4)
1.5
3.2
\u00a0
Movement of currency against sterling
\u00a3m
-10.0%
-5.0%
+5.0%
+10.0%
2024
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
Euro
0.7
0.4
(0.4)
(0.9)
Hong Kong dollar
(0.1)
(0.1)
0.1
0.1
US dollar
(0.5)
(0.3)
0.3
0.6
Chinese renminbi
(0.2)
(0.1)
0.1
0.2
Estimated impact on components of equity
\u00a0 \u00a0 \u00a0 \u00a0
Euro
3.2
1.7
(1.8)
(3.9)
Hong Kong dollar
(6.7)
(3.5)
3.9
8.2
US dollar
(18.5)
(9.7)
10.7
22.6
Chinese renminbi
(3.9)
(2.1)
2.3
4.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00436": { "value": "6.2 Interest rate risk
The Group has both interest-bearing assets and liabilities. The Group \ufb01nances its
operations through a mixture of retained pro\ufb01ts and bank borrowings, at both \ufb01xed
and \ufb02oating interest rates. Borrowings issued at variable rates expose the Group
cash \ufb02ow to interest rate risk, which is partially o\ufb00set by cash held at variable rates.
Borrowings issued at \ufb01xed rates expose the Group to fair value interest rate risk.
Group policy is to maintain at least 70% of its borrowings in \ufb01xed rate instruments.
For the year ended 31 December 2025, if the average interest rate for the year had
changed with all other variables held constant, the Group\u2019s post-tax pro\ufb01t for the
year and equity would have increased or decreased as shown below:
\u00a0
Increase in interest rates
\u00a3m
+0.5%
+1.0%
+1.5%
+2.0%
2025
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t and equity
0.8
1.7
2.5
3.4
2024
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t and equity
1.0
2.0
3.0
4.0
\u00a0
Decrease in interest rates
\u00a3m
-0.5%
-1.0%
-1.5%
-2.0%
2025
\u00a0\u00a0\u00a0\u00a0
Estimated impact on post-tax pro\ufb01t and equity
(0.8)
(1.7)
(2.5)
(3.4)
2024
\u00a0\u00a0\u00a0\u00a0
Estimated impact on post-tax pro\ufb01t and equity
(1.0)
(2.0)
(3.0)
(3.9)
\n
The rationale behind the 2.0% sensitivity analysis is based upon historic trends
in interest rate movements and the short-term expectation that any increase or
decrease greater than 2.0% is unlikely to occur.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00437": { "value": "6.3 Credit risk
Credit risk arises from cash and cash equivalents, equity investments, loans
receivables, debt-like \ufb01nancial instruments and derivative \ufb01nancial instruments and
deposits with banks and \ufb01nancial institutions, as well as credit exposures to clients,
including outstanding receivables and committed transactions.
The Group has policies that require appropriate credit checks on potential
customers before engaging with them. A risk control framework is used to assess
the credit quality of clients, taking into account \ufb01nancial position, past experience
and other factors. There were no material individual trade receivable balances as
at 31\u00a0December 2025. Refer to Note 22 for information on the credit quality of
trade and\u00a0other receivables and the maximum exposure to credit risk arising on
outstanding receivables from clients.
Individual risk limits for banks and \ufb01nancial institutions are set based on external
ratings and in accordance with limits set by the Board. The utilisation of credit limits
is regularly monitored. As at the reporting date, no signi\ufb01cant credit risk existed
in relation to banking counterparties. No credit limits were exceeded during the
reporting year, and management does not expect any losses from non-performance
by\u00a0these counterparties.
The table below shows the Group\u2019s cash and cash equivalents, overdrafts in notional
pooling arrangements and bank overdrafts, as per the statement of cash \ufb02ows, split
by counterparty ratings as at 31 December:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Counterparty rating (S&P long-term ratings)
\u00a3m
\u00a3m
AA-
9.8
11.6
A+
200.6
182.3
A
60.0
63.7
A-
31.4
29.5
BBB+
10.9
3.9
BBB or below
28.3
36.4
Total
341.0
327.4
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00438": { "value": "6.4 Liquidity risk
The Group maintains appropriate committed facilities to ensure the Group has
su\ufb03cient funds available for operations and expansion. The Group prepares an
annual funding plan approved by the Board which sets out the Group\u2019s expected
\ufb01nancing requirements for the next 12 months.
Management monitors rolling forecasts of the Group\u2019s liquidity reserve comprising
undrawn borrowing facilities (Note 25) and cash and cash equivalents (Note 23 and
Note 23.1) on the basis of expected cash \ufb02ow. This is carried out at local level in the
operating companies of the Group in accordance with Group practice as well as on
a\u00a0Group consolidated basis.
The table below analyses the Group\u2019s \ufb01nancial liabilities and net-settled derivative
\ufb01nancial liabilities into relevant maturity groupings based on the remaining period
from the reporting date to the contractual maturity date.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
\u00a0 \u00a0
Between
Between
\u00a0
contractual
\u00a0
\u00a0
Less than
1 and 2
2 and 5
Over
undiscounted
Carrying
\u00a3m
a year
years
years
5 years
cash \ufb02ows
values
2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
48.2
1.7
123.5
4.0
177.4
176.7
Overdrafts in notional
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
pooling arrangement
187.2
\u2013
\u2013
\u2013
187.2
187.2
Lease liabilities
59.4
67.9
103.9
57.4
288.6
255.4
Derivative \ufb01nancial
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
instruments
2.1
4.2
21.8
13.4
41.5
26.5
Trade and other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
payables
331.7
1.5
6.0
\u2013
339.2
337.9
\u00a0
628.6
75.3
255.2
74.8
1,033.9
983.7
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0
Total
\u00a0
\u00a0\u00a0
Between
Between
\u00a0
contractual
\u00a0
\u00a0
Less than
1 and 2
2 and 5
Over
undiscounted
Carrying
\u00a3m
a year
years
years
5 years
cash \ufb02ows
values
2024
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Borrowings
45.6
3.8
68.7
60.6
178.7
160.9
Overdrafts in notional
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
pooling arrangement
199.3
\u2013
\u2013
\u2013
199.3
199.3
Lease liabilities
59.1
63.5
108.7
41.2
272.5
233.1
Derivative \ufb01nancial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instruments
1.3
1.0
5.4
14.2
21.9
13.9
Trade and other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
payables
347.5
5.0
4.1
\u2013
356.6
355.2
\u00a0
652.8
73.3
186.9
116.0
1,029.0
962.4
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00439": { "value": "6.5 Capital risk management
The Group\u2019s objectives when managing capital are:
\u00a7
to safeguard the Group\u2019s ability to provide returns for Shareholders and bene\ufb01ts
for other stakeholders; and
\u00a7
to maintain an optimal capital structure to reduce the cost of capital.
The Group\u2019s overall strategy remains unchanged from 2024.
Savills plc is not subject to any externally-imposed capital requirements, with
the exception of its regulated entities within the Savills Investment Management
Group and its FCA (Financial Conduct Authority) regulated entity, Savills Capital
Advisors Limited, in the UK. All regulated entities complied with the relevant
capital requirements for the year ended 31 December 2025. The Savills Investment
Management Group has regulated entities in the UK, Luxembourg, Germany,
Italy, Japan, Singapore and Australia. For more information on Savills Investment
Management Group\u2019s regulated entities and regulatory requirements, please visit
www.savillsim.com.
In order to maintain an optimal capital structure, the Group may adjust the amount
of dividends paid to Shareholders, return capital to Shareholders, issue new shares or
sell assets to reduce debt.
The Board has put in place a distribution policy which takes into account the
degree of maintainability of the Group\u2019s di\ufb00erent pro\ufb01t streams and the Group\u2019s
overall exposure to cyclical Transaction Advisory pro\ufb01ts, as well as the requirement
to maintain a certain level of cash resources for working capital and corporate
development purposes.
The Board will recommend an ordinary dividend broadly re\ufb02ecting the pro\ufb01ts
derived from the Group\u2019s less volatile businesses. In addition, when pro\ufb01ts from the
cyclical Transaction Advisory business are strong, the Board will consider and, if
appropriate, recommend the payment of a supplemental dividend alongside the \ufb01nal
ordinary dividend. The value of any such supplemental dividend will vary depending
on the performance of the Group\u2019s Transaction Advisory business and the Group\u2019s
anticipated working capital and corporate development requirements through the
cycle. It is intended that, in normal circumstances, the combined value of the ordinary
and supplemental dividends declared in respect of any year are covered at least
1.5 times by retained earnings and/or at least 2.0 times by underlying pro\ufb01ts after
taxation. The Group complied with this policy throughout the year.
The Group\u2019s policy is primarily to borrow centrally, if required, to meet anticipated
funding requirements. These borrowings, together with cash generated from
operations, are then on-lent or contributed as equity to certain subsidiaries.
The\u00a0Board of Directors monitors a number of debt measures on a rolling forward
12-month basis including: gross cash by location; gross debt by location; cash subject
to restrictions; total debt servicing cost to operating pro\ufb01t; gross borrowings as a
percentage of EBITDA (earnings before interest, tax, depreciation and amortisation);
and forecast headroom against available facilities. These internal measures indicate
the levels of debt that the Group has and are closely monitored to ensure compliance
with banking covenants and to con\ufb01rm that the Group has su\ufb03cient unused facilities.
The Group complied with all banking covenants throughout the year and met all
internal counterparty exposure limits set by the Board.
The capital structure is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Equity
804.4
777.8
Cash and cash equivalents
531.6
536.5
Overdrafts in notional pooling arrangement
(187.2)
(199.3)
Bank overdrafts
(3.4)
(9.8)
Borrowings (gross of transaction costs)
(173.4)
(151.5)
Cash and cash equivalents net of gross borrowings
167.6
175.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00440": { "value": "7. Prior year restatement
Presentation of employee bene\ufb01ts expenses associated with property management
contracts within the Income Statement
As part of a systems improvement project within the Group, management identi\ufb01ed
that employment costs of employees associated with the delivery of certain lump
sum property management contracts had been incorrectly classi\ufb01ed as contract
costs within other operating expenses in the Income Statement. In the current year,
these costs have been correctly classi\ufb01ed as part of employee bene\ufb01ts expense
in the income statement. The prior year comparatives have been restated in
accordance\u00a0with IAS 8.
The table below shows the impact of the prior year restatement on the Group\u2019s
primary \ufb01nancial statements:
\u00a0
2024
\u00a0
2024
\u00a0
reported
Restatement
restated
\u00a0
\u00a3m
\u00a3m
\u00a3m
Income Statement
\u00a0 \u00a0 \u00a0
Employee bene\ufb01ts expense
1,581.4
111.8
1,693.2
Other operating expenses
661.3
(111.8)
549.5
\n
This prior year restatement does not have any impact on reported comparative pro\ufb01t
after tax, earnings per share, the Statement of Financial Position or the Statement of
Cash Flows.", "dimensions": { "concept": "svs:DisclosureOfPriorYearRestatementExplanatoryTextBlock", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00441": { "value": "8. Segment information
Material accounting policies that apply to segment information
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker. The chief operating
decision-maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identi\ufb01ed as the Group
Executive Board (\u2018GEB\u2019).
A business segment is a group of assets and operations engaged in providing
products or services that are subject to risks and returns that are di\ufb00erent
from those of other business segments. A geographical segment is engaged in
providing products or services within a particular economic environment that is
subject to risks and returns that are di\ufb00erent from those of segments operating
in\u00a0other economic environments.
The GEB primarily manages the business based on the geographic location in
which the Group operates, with the Investment Management business being
managed separately. As the Group is strongly a\ufb00ected by both di\ufb00erences in
the types of services it provides and the geographical areas in which it operates,
the matrix approach of disclosing both the business and geographical segments
format is used.
Revenues and expenses are allocated to segments on the basis that they are
directly attributable or the relevant portion can be allocated on a reasonable basis.
The operating segments are identi\ufb01ed as the following regions: Europe, the Middle
East and Africa (\u2018EMEA\u2019), Asia Paci\ufb01c and North America. The Savills Investment
Management business is also considered a separate operating segment. The
reportable operating segments derive their revenue primarily from property-
related services. Within EMEA and Asia Paci\ufb01c, both commercial and residential
services are provided. Other segments are largely commercial-based.
Refer to the Group overview on page 3 and the segmental reviews on pages 10 to
15 for further information on revenue sources. The GEB also reviews the business
with reference to the nature of the services in each region. Therefore, the Group
has presented its segment analysis below in a matrix with the primary operating
segments based on regions in which the Group operates.
The GEB assesses the performance of operating segments based on a measure of
underlying pro\ufb01t before tax which adjusts reported pre-tax pro\ufb01t by pro\ufb01t/(loss)
on disposals, share-based payment adjustment, signi\ufb01cant restructuring costs,
signi\ufb01cant transaction-related costs, amortisation and impairment of intangible
assets arising from business combinations, impairment of goodwill and other items
that are considered non-operational and material (such as fair value gains/losses
on transaction-related options).
8.1 Segment revenue and underlying pro\ufb01t
\n\n \n
North
EMEA
Asia Paci\ufb01c
America
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Residential Transactional
274.1
19.5
\u2013
293.6
Commercial Transactional
268.0
113.6
291.0
672.6
Consultancy
389.4
115.8
41.4
546.6
Property Management
480.0
463.3
\u2013
943.3
Investment Management
90.3
4.5
\u2013
94.8
Revenue
1,501.8
716.7
332.4
2,550.9
Underlying pro\ufb01t/(loss) before tax
Residential Transactional
19.6
2.6
\u2013
22.2
Commercial Transactional
16.2
3.1
5.6
24.9
Consultancy
42.7
4.5
0.3
47.5
Property Management
29.7
22.5
\u2013
52.2
Investment Management
13.0
0.9
\u2013
13.9
Unallocated
(15.4)
\u2013
\u2013
(15.4)
Underlying pro\ufb01t/(loss) before tax
105.8
33.6
5.9
145.3
\n\n \n
North
EMEA*
Asia Paci\ufb01c
America
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Residential Transactional
252.5
17.2
\u2013
269.7
Commercial Transactional
245.6
129.8
284.5
659.9
Consultancy
364.1
97.8
30.4
492.3
Property Management
436.5
451.6
\u2013
888.1
Investment Management
87.8
6.2
\u2013
94.0
Revenue
1,386.5
702.6
314.9
2,404.0
Underlying pro\ufb01t/(loss) before tax
Residential Transactional
16.8
(0.9)
\u2013
15.9
Commercial Transactional
15.5
6.7
3.5
25.7
Consultancy
39.6
0.5
(0.2)
39.9
Property Management
26.3
22.9
\u2013
49.2
Investment Management
9.7
0.4
\u2013
10.1
Unallocated
(10.4)
\u2013
\u2013
(10.4)
Underlying pro\ufb01t/(loss) before tax
97.5
29.6
3.3
130.4
\n
*
In line with the creation of an EMEA Board to oversee the business in the region, the previously disclosed
\n
segments of UK and Continental Europe and the Middle East (\u2018CEME\u2019) now form the EMEA segment.
\n
Prior comparatives have been restated to re\ufb02ect this change.
\n
Revenue attributed to the entity\u2019s country of domicile and individual material foreign
\n
countries (excluding Investment Management) are as follows:
\n\n \n
2025
2024
\u00a3m
\u00a3m
United Kingdom
1,021.8
969.0
United States
322.5
305.9
Hong Kong & Macau
285.7
286.0
Underlying pro\ufb01t before tax includes:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
North
\u00a0
\u00a0
EMEA
Asia Paci\ufb01c
America
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Depreciation
(39.6)
(16.7)
(12.8)
(69.1)
Software amortisation
(4.0)
(1.2)
(1.8)
(7.0)
Share of post-tax (loss)/pro\ufb01t from
\u00a0 \u00a0 \u00a0 \u00a0
joint ventures and associates
(0.7)
8.9
\u2013
8.2
Interest income
43.8
2.8
2.8
49.4
Interest expense
(35.7)
(1.9)
(4.3)
(41.9)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
North
\u00a0
\u00a0
EMEA
Asia Paci\ufb01c
America
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Depreciation
(38.9)
(17.7)
(13.6)
(70.2)
Software amortisation
(4.0)
(1.3)
(1.6)
(6.9)
Share of post-tax (loss)/pro\ufb01t from
\u00a0 \u00a0 \u00a0 \u00a0
joint ventures and associates
(0.7)
8.2
\u2013
7.5
Interest income
50.6
4.8
2.1
57.5
Interest expense
(38.2)
(2.0)
(2.8)
(43.0)
\n
The Unallocated segment includes costs and other expenses at holding company and
\n
subsidiary levels, which are not directly attributable to the operating activities of the
\n
Group\u2019s business segments.
\n
A reconciliation of underlying pro\ufb01t before tax to pro\ufb01t before tax is provided in Note 11.
\n
Inter-segmental revenue is not material. No single customer contributed 10% or more
\n
to the Group\u2019s revenue for both 2025 and 2024.
\n
8.2 Non-current assets
\n
Non-current assets attributed to the entity\u2019s country of domicile and individual
\n
material foreign countries are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current assets
\u00a0 \u00a0
United Kingdom
206.9
229.2
United States
282.3
271.2
Other
397.5
345.8
Total non-current assets
886.7
846.2
\n
Non-current assets include goodwill and intangible assets, plant, property and
\n
equipment, right-of-use assets, contract-related assets, non-current non-\ufb01nancial
\n
assets, and investments in joint ventures and associates. De\ufb01ned bene\ufb01t pension
\nsurplus, non-current \ufb01nancial assets and deferred tax assets are not included. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00517": { "value": "Material accounting policies that apply to segment information
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker. The chief operating
decision-maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identi\ufb01ed as the Group
Executive Board (\u2018GEB\u2019).
A business segment is a group of assets and operations engaged in providing
products or services that are subject to risks and returns that are di\ufb00erent
from those of other business segments. A geographical segment is engaged in
providing products or services within a particular economic environment that is
subject to risks and returns that are di\ufb00erent from those of segments operating
in\u00a0other economic environments.
The GEB primarily manages the business based on the geographic location in
which the Group operates, with the Investment Management business being
managed separately. As the Group is strongly a\ufb00ected by both di\ufb00erences in
the types of services it provides and the geographical areas in which it operates,
the matrix approach of disclosing both the business and geographical segments
format is used.
Revenues and expenses are allocated to segments on the basis that they are
directly attributable or the relevant portion can be allocated on a reasonable basis.
The operating segments are identi\ufb01ed as the following regions: Europe, the Middle
East and Africa (\u2018EMEA\u2019), Asia Paci\ufb01c and North America. The Savills Investment
Management business is also considered a separate operating segment. The
reportable operating segments derive their revenue primarily from property-
related services. Within EMEA and Asia Paci\ufb01c, both commercial and residential
services are provided. Other segments are largely commercial-based.
Refer to the Group overview on page 3 and the segmental reviews on pages 10 to
15 for further information on revenue sources. The GEB also reviews the business
with reference to the nature of the services in each region. Therefore, the Group
has presented its segment analysis below in a matrix with the primary operating
segments based on regions in which the Group operates.
The GEB assesses the performance of operating segments based on a measure of
underlying pro\ufb01t before tax which adjusts reported pre-tax pro\ufb01t by pro\ufb01t/(loss)
on disposals, share-based payment adjustment, signi\ufb01cant restructuring costs,
signi\ufb01cant transaction-related costs, amortisation and impairment of intangible
assets arising from business combinations, impairment of goodwill and other items
that are considered non-operational and material (such as fair value gains/losses
on transaction-related options).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00442": { "value": "9. Revenue
Material accounting policies that apply to revenue
The Group recognises revenue from the following major sources:
\u00a7
Residential property transactions
\u00a7
Commercial property transactions
\u00a7
Property consultancy services
\u00a7
Property and facilities management services
\u00a7
Investment management services.
Revenue is measured based on the consideration speci\ufb01ed in a contract with a
customer and excludes amounts collected on behalf of third parties. The Group
recognises revenue when it transfers control of a product or service to a customer.
(a) Residential property transactions
Generally, revenue is recognised at a point in time, when unconditional contracts
are exchanged. Fees are a \ufb01xed consideration or a \ufb01xed percentage of the
transaction value and are invoiced to the client upon completion.
For new home developments revenue is recognised following the terms of the
contract. In some instances revenue is recognised on a staged basis, re\ufb02ecting
the Group\u2019s obligations to \ufb01nd a buyer and to further support the client after
exchange of contracts through to completion of the build and contract, which
can be a number of years later. For these developments, revenue recognition
commences when the underlying contracts are exchanged, with total revenue
from the contract recognised by the date of completion in accordance with
contractual terms. Fees are a \ufb01xed consideration or a \ufb01xed percentage of the
transaction value and are invoiced to the client at each contractual milestone,
in line with the recognition of revenue. In other instances, the revenue will be
recognised when contracts are exchanged and the transaction is unconditional.
In\u00a0these instances no further support is provided to the client after this point.
(b) Commercial property transactions
Generally, revenue is recognised at a point in time on the date of completion
or when unconditional contracts have been exchanged. Fees are a \ufb01xed
consideration or a \ufb01xed percentage of the transaction value and are invoiced
to\u00a0the client upon completion.
(c) Property consultancy services
The Group primarily provides a wide range of professional property services
including valuation, building and housing consultancy, environmental consultancy,
development, planning, research, corporate services, landlord and tenant services
and strategic projects.
Generally, revenue is recognised over a period of time as services are rendered
in accordance with the contract terms. Fee arrangements include \ufb01xed fee
arrangements and fee for service arrangements (\u2018time and materials\u2019).
For \ufb01xed-price contracts, revenue is recognised based on the stage of completion
with reference to the actual services provided to the end of the reporting period
as a proportion of the total services to be provided under the contract. This is
determined on a contract by contract basis with reference to actual costs incurred
in relation to the best estimate of total costs expected for completion of the
contract or using a milestone-based approach, depending on the contract terms.
For fee-for-service contracts, revenue is recognised up to the amount of fees
that the Group is entitled to invoice for services performed to date based on
contracted rates.
Payment arrangements vary between contracts, ranging from monthly retainers,
monthly invoicing, quarterly invoicing, invoicing upon reaching certain milestones
in the contract or payment upon completion of the \ufb01nal performance obligation
in the contract. As a result, services rendered under a contract will often exceed
consideration received from a customer and a contract asset will be recognised.
If\u00a0payments exceed services rendered, a contract liability will be recognised.
In some instances, revenue will be recognised at a point in time upon delivery of
the \ufb01nal report to the client. This is often the case for standalone valuation reports
where the performance obligation is the provision of a property valuation report to
the client. The Group is entitled to invoice the customer when the \ufb01nal report has
been issued, at which point payment will be due.
(d) Property and facilities management services
\n
The Group primarily manages commercial, industrial, residential, leisure and
\n
agricultural property for owners.
\n
The primary performance obligation relates to the ongoing management of
\n
a property where revenue is recognised over a period of time as services are
\n
rendered in accordance with the contract terms. Revenue is recognised over the
\n
life of a contract on a straight-line basis, which is in line with the satisfaction of
\n
the\u00a0performance obligation.
\n
Payment arrangements vary between contracts. The majority of customers
\n
are invoiced monthly or quarterly in advance, with consideration payable upon
\n
the issue of an invoice. Where invoicing is in advance a contract liability will
\n
be\u00a0recognised.
\n
In some property management arrangements, the Group is required to evaluate
\n
whether it is the principal (report revenues on a gross basis) or agent (report
\n
revenues on a net basis). Where the primary performance obligation of the
\n
contract relates to the arrangement of services for a customer rather than the
\n
responsibility to provide the services, the Group is considered the agent and the
\n
mark-up for the sub-contracted services will be recognised as revenue (revenues
\n
reported on a net basis).
\n
For leasing fees and management fees on repairs or other ad hoc property
\n
management services outside of the standard contract terms, revenue is
\n
recognised at a point in time upon completion of the performance obligation.
\n
In these instances, the invoice would be raised to the customer upon completion
\n
of the performance obligation and payment due at this time.
\n
(e) Investment management services
\n
Base management fees are received for the provision of fund and asset
\n
management services. Fund management fees are typically either \ufb01xed or
\n
calculated as a \ufb01xed percentage of the net asset value or gross asset value of the
\n
underlying portfolio of investments on a quarterly basis. Asset management fees
\n
are typically calculated as a \ufb01xed percentage of gross rental income or passing
\n
rents on a quarterly basis. Fees are estimated based on the previous quarter\u2019s
\n
actual values and variances to these estimates are recognised in the following
\n
quarter. Revenue is recognised over a period of time as services are rendered
\n
in accordance with the contract terms. Revenue is recognised over the life of
\n
a contract on a straight-line basis, which is in line with the satisfaction of the
\n
performance obligation. Customers are generally invoiced quarterly in advance
\n
with consideration payable upon the issue of an invoice, as a result a contract
\n
liability will be recognised as the payments received will exceed services rendered.
\n
Transaction fees are received for the coordination and management of the due
\n
diligence in connection with acquisitions and sales of assets for customers.
\n
Transaction fees are calculated as a \ufb01xed percentage on the purchase or sales
\n
price and are recognised at a point in time upon unconditional exchange
\n
of\u00a0contracts.
\n
Performance fees are received when a fund\u2019s performance exceeds a designated
\n
return hurdle rate or pre-de\ufb01ned benchmark or when the sale of individual assets
\n
exceeds a designated return hurdle rate. The Group estimates fees for this variable
\n
fee arrangement using a most likely amount approach on a contract by contract
\n
basis. Variable consideration is included in revenue only to the extent that it is
\n
highly probable that the amount will not be subject to signi\ufb01cant reversal when
\n
the uncertainty is resolved.
\n
(f) Financing components
\n
For contracts where the period between the transfer of the promised goods or
\n
services to the customer and payment by the customer exceeds one year, the
\n
transaction price is adjusted for the time value money. The \ufb01nancing component
\n
is\u00a0recognised within \ufb01nance costs or \ufb01nance income in the income statement.
9.1 Revenue from contracts with customers
Revenue of \u00a32,550.9m (2024: \u00a32,404.0m) in the income statement relates solely to
revenue arising from contracts with customers.
The Group derives revenue from the transfer of services over time and at a point
in time in the major product lines and geographical regions as highlighted in the
Group\u2019s segment analysis (Note 8).
9.2 Contract-related assets and liabilities
Contract-related assets and liabilities are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Asset recognised for costs incurred to obtain a contract \u2013
\u00a0 \u00a0
investment management contracts
0.8
1.3
Contract assets \u2013 consulting contracts
10.5
13.0
Accrued income (Note 22)
90.2
70.9
Total contract-related assets
101.5
85.2
Current
100.7
83.9
Non-current
0.8
1.3
\u00a0
101.5
85.2
Deferred revenue
14.4
16.7
Total contract liabilities \u2013 current
14.4
16.7
\n
No material impairment loss on contract assets has been recognised in the current
or\u00a0prior year.
The increase in contract-related assets year-on-year largely relates to acquisitions of
subsidiaries in the year.
Amortisation on investment management contract costs recognised in the income
statement amounted to \u00a30.6m (2024: \u00a30.6m).
All material consulting contracts are for periods of one year or less. As permitted
under IFRS 15, the transaction price allocated to these unsatis\ufb01ed contracts is
not\u00a0disclosed.
Revenue recognised in the year that was included in the contract liability balance at
the beginning of the period totalled \u00a316.2m (2024: \u00a311.9m).
There was no revenue recognised in the year from performance obligations satis\ufb01ed
in previous years.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00518": { "value": "Material accounting policies that apply to revenue
The Group recognises revenue from the following major sources:
\u00a7
Residential property transactions
\u00a7
Commercial property transactions
\u00a7
Property consultancy services
\u00a7
Property and facilities management services
\u00a7
Investment management services.
Revenue is measured based on the consideration speci\ufb01ed in a contract with a
customer and excludes amounts collected on behalf of third parties. The Group
recognises revenue when it transfers control of a product or service to a customer.
(a) Residential property transactions
Generally, revenue is recognised at a point in time, when unconditional contracts
are exchanged. Fees are a \ufb01xed consideration or a \ufb01xed percentage of the
transaction value and are invoiced to the client upon completion.
For new home developments revenue is recognised following the terms of the
contract. In some instances revenue is recognised on a staged basis, re\ufb02ecting
the Group\u2019s obligations to \ufb01nd a buyer and to further support the client after
exchange of contracts through to completion of the build and contract, which
can be a number of years later. For these developments, revenue recognition
commences when the underlying contracts are exchanged, with total revenue
from the contract recognised by the date of completion in accordance with
contractual terms. Fees are a \ufb01xed consideration or a \ufb01xed percentage of the
transaction value and are invoiced to the client at each contractual milestone,
in line with the recognition of revenue. In other instances, the revenue will be
recognised when contracts are exchanged and the transaction is unconditional.
In\u00a0these instances no further support is provided to the client after this point.
(b) Commercial property transactions
Generally, revenue is recognised at a point in time on the date of completion
or when unconditional contracts have been exchanged. Fees are a \ufb01xed
consideration or a \ufb01xed percentage of the transaction value and are invoiced
to\u00a0the client upon completion.
(c) Property consultancy services
The Group primarily provides a wide range of professional property services
including valuation, building and housing consultancy, environmental consultancy,
development, planning, research, corporate services, landlord and tenant services
and strategic projects.
Generally, revenue is recognised over a period of time as services are rendered
in accordance with the contract terms. Fee arrangements include \ufb01xed fee
arrangements and fee for service arrangements (\u2018time and materials\u2019).
For \ufb01xed-price contracts, revenue is recognised based on the stage of completion
with reference to the actual services provided to the end of the reporting period
as a proportion of the total services to be provided under the contract. This is
determined on a contract by contract basis with reference to actual costs incurred
in relation to the best estimate of total costs expected for completion of the
contract or using a milestone-based approach, depending on the contract terms.
For fee-for-service contracts, revenue is recognised up to the amount of fees
that the Group is entitled to invoice for services performed to date based on
contracted rates.
Payment arrangements vary between contracts, ranging from monthly retainers,
monthly invoicing, quarterly invoicing, invoicing upon reaching certain milestones
in the contract or payment upon completion of the \ufb01nal performance obligation
in the contract. As a result, services rendered under a contract will often exceed
consideration received from a customer and a contract asset will be recognised.
If\u00a0payments exceed services rendered, a contract liability will be recognised.
In some instances, revenue will be recognised at a point in time upon delivery of
the \ufb01nal report to the client. This is often the case for standalone valuation reports
where the performance obligation is the provision of a property valuation report to
the client. The Group is entitled to invoice the customer when the \ufb01nal report has
been issued, at which point payment will be due.
\n\n\n\n
(d) Property and facilities management services
\n
The Group primarily manages commercial, industrial, residential, leisure and
\n
agricultural property for owners.
\n
The primary performance obligation relates to the ongoing management of
\n
a property where revenue is recognised over a period of time as services are
\n
rendered in accordance with the contract terms. Revenue is recognised over the
\n
life of a contract on a straight-line basis, which is in line with the satisfaction of
\n
the\u00a0performance obligation.
\n
Payment arrangements vary between contracts. The majority of customers
\n
are invoiced monthly or quarterly in advance, with consideration payable upon
\n
the issue of an invoice. Where invoicing is in advance a contract liability will
\n
be\u00a0recognised.
\n
In some property management arrangements, the Group is required to evaluate
\n
whether it is the principal (report revenues on a gross basis) or agent (report
\n
revenues on a net basis). Where the primary performance obligation of the
\n
contract relates to the arrangement of services for a customer rather than the
\n
responsibility to provide the services, the Group is considered the agent and the
\n
mark-up for the sub-contracted services will be recognised as revenue (revenues
\n
reported on a net basis).
\n
For leasing fees and management fees on repairs or other ad hoc property
\n
management services outside of the standard contract terms, revenue is
\n
recognised at a point in time upon completion of the performance obligation.
\n
In these instances, the invoice would be raised to the customer upon completion
\n
of the performance obligation and payment due at this time.
\n
(e) Investment management services
\n
Base management fees are received for the provision of fund and asset
\n
management services. Fund management fees are typically either \ufb01xed or
\n
calculated as a \ufb01xed percentage of the net asset value or gross asset value of the
\n
underlying portfolio of investments on a quarterly basis. Asset management fees
\n
are typically calculated as a \ufb01xed percentage of gross rental income or passing
\n
rents on a quarterly basis. Fees are estimated based on the previous quarter\u2019s
\n
actual values and variances to these estimates are recognised in the following
\n
quarter. Revenue is recognised over a period of time as services are rendered
\n
in accordance with the contract terms. Revenue is recognised over the life of
\n
a contract on a straight-line basis, which is in line with the satisfaction of the
\n
performance obligation. Customers are generally invoiced quarterly in advance
\n
with consideration payable upon the issue of an invoice, as a result a contract
\n
liability will be recognised as the payments received will exceed services rendered.
\n
Transaction fees are received for the coordination and management of the due
\n
diligence in connection with acquisitions and sales of assets for customers.
\n
Transaction fees are calculated as a \ufb01xed percentage on the purchase or sales
\n
price and are recognised at a point in time upon unconditional exchange
\n
of\u00a0contracts.
\n
Performance fees are received when a fund\u2019s performance exceeds a designated
\n
return hurdle rate or pre-de\ufb01ned benchmark or when the sale of individual assets
\n
exceeds a designated return hurdle rate. The Group estimates fees for this variable
\n
fee arrangement using a most likely amount approach on a contract by contract
\n
basis. Variable consideration is included in revenue only to the extent that it is
\n
highly probable that the amount will not be subject to signi\ufb01cant reversal when
\n
the uncertainty is resolved.
\n
(f) Financing components
\n
For contracts where the period between the transfer of the promised goods or
\n
services to the customer and payment by the customer exceeds one year, the
\n
transaction price is adjusted for the time value money. The \ufb01nancing component
\nis\u00a0recognised within \ufb01nance costs or \ufb01nance income in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00443": { "value": "9.1 Revenue from contracts with customers
Revenue of \u00a32,550.9m (2024: \u00a32,404.0m) in the income statement relates solely to
revenue arising from contracts with customers.
The Group derives revenue from the transfer of services over time and at a point
in time in the major product lines and geographical regions as highlighted in the
Group\u2019s segment analysis (Note 8).", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00444": { "value": "9.2 Contract-related assets and liabilities
Contract-related assets and liabilities are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Asset recognised for costs incurred to obtain a contract \u2013
\u00a0 \u00a0
investment management contracts
0.8
1.3
Contract assets \u2013 consulting contracts
10.5
13.0
Accrued income (Note 22)
90.2
70.9
Total contract-related assets
101.5
85.2
Current
100.7
83.9
Non-current
0.8
1.3
\u00a0
101.5
85.2
Deferred revenue
14.4
16.7
Total contract liabilities \u2013 current
14.4
16.7
\n
No material impairment loss on contract assets has been recognised in the current
or\u00a0prior year.
The increase in contract-related assets year-on-year largely relates to acquisitions of
subsidiaries in the year.
Amortisation on investment management contract costs recognised in the income
statement amounted to \u00a30.6m (2024: \u00a30.6m).
All material consulting contracts are for periods of one year or less. As permitted
under IFRS 15, the transaction price allocated to these unsatis\ufb01ed contracts is
not\u00a0disclosed.
Revenue recognised in the year that was included in the contract liability balance at
the beginning of the period totalled \u00a316.2m (2024: \u00a311.9m).
There was no revenue recognised in the year from performance obligations satis\ufb01ed
in previous years.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "value": "10. Operating pro\ufb01t
Operating pro\ufb01t is stated after charging/(crediting):
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
In employee bene\ufb01t expense
\u00a0 \u00a0
\u2013 Restructuring costs
28.0
15.5
\u2013 Transaction-related costs
4.9
13.3
In depreciation
\u00a0 \u00a0
\u2013 Depreciation of right-of-use assets \u2013 leasehold properties
47.1
48.0
\u2013 Depreciation of right-of-use assets \u2013 equipment and
\u00a0 \u00a0
motor vehicles
3.9
3.8
In other operating expenses
\u00a0 \u00a0
\u2013 Net foreign exchange (gains)/losses (including net losses
\u00a0 \u00a0
on forward foreign exchange contracts)
(1.7)
3.1
\u2013 Restructuring costs
2.5
1.7
\u2013 Transaction-related costs
(1.3)
2.1
\u2013 Impairments
4.6
1.9
\u2013 Expense relating to short-term leases
0.7
0.6
\u2013 Gain on disposal of leases (including sub-lets)
(0.2)
(0.2)
In other net gains
\u00a0 \u00a0
\u2013 Dividends from \ufb01nancial assets held at FVPL
(0.7)
(0.5)
\u2013 Pro\ufb01t on disposal of subsidiaries
(4.5)
\u2013
\u2013 Fair value gain on step acquisition of subsidiaries
\u00a0 \u00a0
previously classi\ufb01ed as associates
\u2013
(4.4)
\u2013 Net fair value loss on transaction-related derivative
\u00a0 \u00a0
\ufb01nancial instruments
0.7
3.4
\n
Other operating expenses includes \u00a3192.2m of contract costs in relation to property
and facilities management contracts (2024: \u00a3170.6m, see Note 7 for details on the
prior year restatement). There are no other cost categories within other operating
expenses that are individually material.
10.1 Fees payable to the Company\u2019s auditors, Ernst & Young LLP, and
its\u00a0associates
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Audit services
\u00a0 \u00a0
Fees payable to the Company\u2019s auditors for the audit of the
\u00a0 \u00a0
parent Company and the consolidated \ufb01nancial statements
0.9
1.0
Fees payable to the Company\u2019s auditors and its associates
\u00a0 \u00a0
for the audit of the Company\u2019s subsidiaries
3.7
3.4
\u00a0
4.6
4.4
Audit-related assurance services
0.4
0.4
Total
5.0
4.8
\n
Audit-related assurance services relate to the work performed in connection with the
Group\u2019s interim \ufb01nancial statements and regulatory audits.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00446": { "value": "
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
In employee bene\ufb01t expense
\u00a0 \u00a0
\u2013 Restructuring costs
28.0
15.5
\u2013 Transaction-related costs
4.9
13.3
In depreciation
\u00a0 \u00a0
\u2013 Depreciation of right-of-use assets \u2013 leasehold properties
47.1
48.0
\u2013 Depreciation of right-of-use assets \u2013 equipment and
\u00a0 \u00a0
motor vehicles
3.9
3.8
In other operating expenses
\u00a0 \u00a0
\u2013 Net foreign exchange (gains)/losses (including net losses
\u00a0 \u00a0
on forward foreign exchange contracts)
(1.7)
3.1
\u2013 Restructuring costs
2.5
1.7
\u2013 Transaction-related costs
(1.3)
2.1
\u2013 Impairments
4.6
1.9
\u2013 Expense relating to short-term leases
0.7
0.6
\u2013 Gain on disposal of leases (including sub-lets)
(0.2)
(0.2)
In other net gains
\u00a0 \u00a0
\u2013 Dividends from \ufb01nancial assets held at FVPL
(0.7)
(0.5)
\u2013 Pro\ufb01t on disposal of subsidiaries
(4.5)
\u2013
\u2013 Fair value gain on step acquisition of subsidiaries
\u00a0 \u00a0
previously classi\ufb01ed as associates
\u2013
(4.4)
\u2013 Net fair value loss on transaction-related derivative
\u00a0 \u00a0
\ufb01nancial instruments
0.7
3.4
\n
Other operating expenses includes \u00a3192.2m of contract costs in relation to property
and facilities management contracts (2024: \u00a3170.6m, see Note 7 for details on the
prior year restatement). There are no other cost categories within other operating
expenses that are individually material. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00447": { "value": "
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
In employee bene\ufb01t expense
\u00a0 \u00a0
\u2013 Restructuring costs
28.0
15.5
\u2013 Transaction-related costs
4.9
13.3
In depreciation
\u00a0 \u00a0
\u2013 Depreciation of right-of-use assets \u2013 leasehold properties
47.1
48.0
\u2013 Depreciation of right-of-use assets \u2013 equipment and
\u00a0 \u00a0
motor vehicles
3.9
3.8
In other operating expenses
\u00a0 \u00a0
\u2013 Net foreign exchange (gains)/losses (including net losses
\u00a0 \u00a0
on forward foreign exchange contracts)
(1.7)
3.1
\u2013 Restructuring costs
2.5
1.7
\u2013 Transaction-related costs
(1.3)
2.1
\u2013 Impairments
4.6
1.9
\u2013 Expense relating to short-term leases
0.7
0.6
\u2013 Gain on disposal of leases (including sub-lets)
(0.2)
(0.2)
In other net gains
\u00a0 \u00a0
\u2013 Dividends from \ufb01nancial assets held at FVPL
(0.7)
(0.5)
\u2013 Pro\ufb01t on disposal of subsidiaries
(4.5)
\u2013
\u2013 Fair value gain on step acquisition of subsidiaries
\u00a0 \u00a0
previously classi\ufb01ed as associates
\u2013
(4.4)
\u2013 Net fair value loss on transaction-related derivative
\u00a0 \u00a0
\ufb01nancial instruments
0.7
3.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "value": "
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
In employee bene\ufb01t expense
\u00a0 \u00a0
\u2013 Restructuring costs
28.0
15.5
\u2013 Transaction-related costs
4.9
13.3
In depreciation
\u00a0 \u00a0
\u2013 Depreciation of right-of-use assets \u2013 leasehold properties
47.1
48.0
\u2013 Depreciation of right-of-use assets \u2013 equipment and
\u00a0 \u00a0
motor vehicles
3.9
3.8
In other operating expenses
\u00a0 \u00a0
\u2013 Net foreign exchange (gains)/losses (including net losses
\u00a0 \u00a0
on forward foreign exchange contracts)
(1.7)
3.1
\u2013 Restructuring costs
2.5
1.7
\u2013 Transaction-related costs
(1.3)
2.1
\u2013 Impairments
4.6
1.9
\u2013 Expense relating to short-term leases
0.7
0.6
\u2013 Gain on disposal of leases (including sub-lets)
(0.2)
(0.2)
In other net gains
\u00a0 \u00a0
\u2013 Dividends from \ufb01nancial assets held at FVPL
(0.7)
(0.5)
\u2013 Pro\ufb01t on disposal of subsidiaries
(4.5)
\u2013
\u2013 Fair value gain on step acquisition of subsidiaries
\u00a0 \u00a0
previously classi\ufb01ed as associates
\u2013
(4.4)
\u2013 Net fair value loss on transaction-related derivative
\u00a0 \u00a0
\ufb01nancial instruments
0.7
3.4
Other operating expenses includes \u00a3192.2m of contract costs in relation to property
and facilities management contracts (2024: \u00a3170.6m, see Note 7 for details on the
prior year restatement). There are no other cost categories within other operating
expenses that are individually material", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00449": { "value": "10.1 Fees payable to the Company\u2019s auditors, Ernst & Young LLP, and
its\u00a0associates
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Audit services
\u00a0 \u00a0
Fees payable to the Company\u2019s auditors for the audit of the
\u00a0 \u00a0
parent Company and the consolidated \ufb01nancial statements
0.9
1.0
Fees payable to the Company\u2019s auditors and its associates
\u00a0 \u00a0
for the audit of the Company\u2019s subsidiaries
3.7
3.4
\u00a0
4.6
4.4
Audit-related assurance services
0.4
0.4
Total
5.0
4.8
\n
Audit-related assurance services relate to the work performed in connection with the
Group\u2019s interim \ufb01nancial statements and regulatory audits.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "value": "11. Underlying pro\ufb01t before tax
Material accounting policies that apply to underlying pro\ufb01t
before tax
The Group believes that the consistent presentation of underlying pro\ufb01t before
tax, underlying e\ufb00ective tax rate, underlying basic earnings per share and
underlying diluted earnings per share provides additional useful information to
Shareholders on the underlying trends and comparable performance of the Group
over time by excluding signi\ufb01cant non-operational costs/income from the GAAP
measures. The \u2018underlying\u2019 measures are also used by the Group for internal
performance analysis and incentive compensation arrangements for employees.
These terms are not de\ufb01ned terms under IFRS and may therefore not be
comparable with similarly-titled pro\ufb01t measures reported by other companies.
They are not intended to be a substitute for, or superior to, GAAP measures.
The\u00a0non-GAAP measures may be materially higher or lower than GAAP measures
and should not be regarded as a complete picture of the Group\u2019s \ufb01nancial
performance. In particular, underlying pro\ufb01t before tax may be materially higher
or\u00a0lower than reported pro\ufb01t before tax as a result of the adjustments.
The term \u2018underlying\u2019 refers to the relevant measure of pro\ufb01t, earnings or taxation
being reported mainly excluding the impact (pre and post-tax where applicable)
of the following items:
\u00a7
the di\ufb00erence between IFRS 2 charges related to outstanding bonus-related
deferred share awards and the estimated value of the current year bonus pool
expected to be allocated to deferred share awards;
\u00a7
amortisation of intangible assets arising from business combinations (this
excludes software or other pre-existing intangible assets of the acquiree);
\u00a7
items that are considered signi\ufb01cant in size and non-operational in nature
including restructuring costs, impairments of goodwill and intangible assets
arising from business combinations and pro\ufb01ts or losses arising on disposals
of\u00a0subsidiaries and other investments; and
\u00a7
signi\ufb01cant transaction-related costs associated with business combinations.
The majority of adjustments made to the GAAP measures to arrive at \u2018underlying\u2019
measures relate to charges arising as a result of business combinations. The nature
of the Group\u2019s business and the businesses that the Group acquires (being \u2018asset
light\u2019 people businesses) require the Group to structure business acquisitions such
that often payment of deferred consideration is linked to recipients\u2019 continuing
and active engagement in the business at the date of the deferred payment, with
these payments required to be expensed to the income statement under IFRS
3. For internal performance analysis and incentive compensation arrangements,
these charges are considered part of the initial cost of acquiring a business,
instead of an ongoing operational cost, and are therefore excluded from the
Group\u2019s \u2018underlying\u2019 measures. The same rationale is applied to the exclusion of
amortisation of intangible assets arising from business combinations (excluding
software or other pre-existing intangible assets of the acquiree), any impairments
of goodwill and the aforementioned intangible assets, signi\ufb01cant transaction-
related costs associated with business combinations and signi\ufb01cant restructuring
costs. These items are not considered to re\ufb02ect the business\u2019s trading
performance and so are adjusted to ensure consistency between periods.
The adjustment for share-based payments relates to the impact of the accounting
standard for share-based compensation. The annual bonus is paid in a mixture of
cash and deferred shares and the proportions can vary from one year to another.
Under IFRS, the deferred share element is amortised to the income statement over
the vesting period whilst the cash element is expensed in the year. The adjustment
above addresses this by adding to or deducting from pro\ufb01t the di\ufb00erence
between the IFRS 2 charge in relation to outstanding bonus-related share awards
and the estimated value of the current year bonus pool to be awarded in deferred
shares. This adjustment is made to align the underlying sta\ufb00 cost in the year with
the revenue recognised in the same period, providing additional information on
the Group\u2019s performance over time with respect to pro\ufb01tability.
The underlying e\ufb00ective tax rate represents the underlying income tax expense
expressed as a percentage of underlying pro\ufb01t before tax. The underlying income
tax expense is the income tax expense excluding the tax e\ufb00ect of the adjustments
made to arrive at underlying pro\ufb01t before tax and other tax e\ufb00ects related to
these adjustments.
Underlying basic earnings per share and underlying diluted earnings per share
both utilise the underlying pro\ufb01t after tax measure instead of GAAP earnings.
The\u00a0weighted average number of shares remain the same as the GAAP measure.
The Group also refers to revenue and underlying pro\ufb01t on a constant currency
basis which are both non-GAAP measures (see Appendices). Constant currency
results are calculated by translating the current year revenue and underlying pro\ufb01t
using the prior year exchange rates. This measure allows the Group to assess the
results of the current year compared to the prior year, excluding the impact of
foreign currency movements.
Signi\ufb01cant judgement
Non-GAAP measures involve the exclusion of items that, in the judgement of
management, need to be disclosed separately in order to provide additional
information with respect to the Group\u2019s operational performance. The items that
are excluded are considered signi\ufb01cant and non-operational in nature, in the
judgement of management.
A reconciliation between GAAP and underlying measures is set out below:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Reported pro\ufb01t before tax
101.0
88.3
Adjustments:
\u00a0 \u00a0
Amortisation of intangible assets arising from
\u00a0 \u00a0
business\u00a0combinations
8.8
9.2
Exceptional impairments
4.6
1.9
Share-based payment adjustment
0.6
(1.1)
Pro\ufb01t on disposal of subsidiaries
(4.5)
\u2013
Restructuring costs
30.5
17.2
Transaction-related costs
3.6
15.9
Fair value gain on step acquisition of subsidiaries
\u00a0 \u00a0
previously\u00a0classi\ufb01ed as associates
\u2013
(4.4)
Fair value loss on transaction-related options
0.7
3.4
Underlying pro\ufb01t before tax
145.3
130.4
\n
Exceptional impairments in the current year includes the impairment of goodwill
and intangible assets (\u00a33.0m) recognised on the Savills Investment Management UK
Build-to-Rent (\u2018BTR\u2019) cash generating unit (\u2018CGU\u2019), following the departure of the
majority of the team in the period, in addition to an impairment of a shareholder loan
regarding a joint venture investment in the Savills Investment Management business
(\u00a31.6m). In the prior year, exceptional impairments related to the impairment of
goodwill of the Indonesian CGU (refer to Note 17 for further details).
Pro\ufb01t on disposal of subsidiaries recognised in the current year relates to the
disposal of 51% of Cureoscity Technologies Limited in February 2025, which is now
an associate of the Group, and the disposal of the Group\u2019s 100% holding in Loudden
Bygg-och Fastighetsservice AB in September 2025.
In the face of continued economic uncertainty and geopolitical risk, the prior year
restructuring process was held open through 2025. This resulted in the Group
recognising further restructuring costs of \u00a330.5m in the year (2024: \u00a317.2m).
Transaction-related costs include a \u00a34.6m charge for future consideration payments
which are contingent on the continuity of recipients\u2019 employment in the future
(2024: \u00a313.2m). The current period also includes a \u00a33.0m credit relating to the
reversal of an earn-out position with regard to the Savills Investment Management
BTR acquisition (Pitmore Limited) made in July 2022. In the prior year, a signi\ufb01cant
portion of the charge related to the acquisition of DRC Capital LLP (\u2018DRC\u2019) in 2021.
Transaction-related costs also include \u00a31.5m of professional advisory transaction
fees (2024: \u00a30.2m) and \u00a30.5m of interest on deferred consideration and non-current
future payments in relation to business acquisitions that are linked to employment
(2024: \u00a30.5m). In addition, transaction-related costs included a \u00a30.1m (2024:
\u00a30.1m) charge relating to prepaid amounts issued as part of business acquisitions
that are linked to continued active engagement in the business. Of these items,
prepaid amounts that are linked to active engagement in the business are recorded
as employee bene\ufb01ts expenses in the income statement, unwinding of interest is
recorded as a \ufb01nance cost in the income statement and all other charges/(credits)
are recorded within other operating expenses. In the current year, transaction-
related costs also include a \u00a30.1m fair value credit in relation to the remeasurement
of contingent deferred consideration (2024: \u00a30.8m fair value charge). The prior year
also included a \u00a31.1m charge in relation to a payment to the non-controlling interest
holder in Savills Real Estate LLC to buy-out their remaining interest in the business.
In the previous year, a fair value gain on step acquisition of subsidiaries previously
classi\ufb01ed as associates of \u00a34.4m largely related to the remeasurement of the Group\u2019s
holding in its associate, Riviera Estates SAS, prior to the acquisition of a further 24%
equity interest in the business, bringing the Group\u2019s total shareholding to 75%.
The fair value loss on transaction-related call options in the current year primarily relates
to a \u00a31.5m loss on the initial recognition of the option to purchase a further 65% in the
KMC Property Consultants Pte Ltd (\u2018KMC\u2019), which is currently an associate, and a \u00a31.0m
gain on the remeasurement of the option which gives the Group the right to purchase
the remaining 20% shareholding in Absolute Maintenance Services Pte Ltd and Solute
Pte Ltd (\u2018AMS\u2019) in 2027. There is also a fair value loss of \u00a30.6m in the current year relating
to the remeasurement of the option which gives the Group the right to purchase the
remaining 40% in LCA Core Sdn Bhd Group (\u2018LCA\u2019) in 2027 and a \u00a30.4m gain on the
remeasurement of the option for the remaining 45% shareholding in Savills Property
Servies (India) Private Limited (\u2018Savills India), exercisable in \ufb01ve tranches between 2029
and 2034. The fair value loss on transaction-related call options in the previous year of
\u00a33.4m related primarily to a loss on the remeasurement of the AMS option. ", "dimensions": { "concept": "svs:DisclosureOfUnderlyingProfitBeforeTaxExplanatoryTextBlock", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00519": { "value": "Material accounting policies that apply to underlying pro\ufb01t
before tax
The Group believes that the consistent presentation of underlying pro\ufb01t before
tax, underlying e\ufb00ective tax rate, underlying basic earnings per share and
underlying diluted earnings per share provides additional useful information to
Shareholders on the underlying trends and comparable performance of the Group
over time by excluding signi\ufb01cant non-operational costs/income from the GAAP
measures. The \u2018underlying\u2019 measures are also used by the Group for internal
performance analysis and incentive compensation arrangements for employees.
These terms are not de\ufb01ned terms under IFRS and may therefore not be
comparable with similarly-titled pro\ufb01t measures reported by other companies.
They are not intended to be a substitute for, or superior to, GAAP measures.
The\u00a0non-GAAP measures may be materially higher or lower than GAAP measures
and should not be regarded as a complete picture of the Group\u2019s \ufb01nancial
performance. In particular, underlying pro\ufb01t before tax may be materially higher
or\u00a0lower than reported pro\ufb01t before tax as a result of the adjustments.
The term \u2018underlying\u2019 refers to the relevant measure of pro\ufb01t, earnings or taxation
being reported mainly excluding the impact (pre and post-tax where applicable)
of the following items:
\u00a7
the di\ufb00erence between IFRS 2 charges related to outstanding bonus-related
deferred share awards and the estimated value of the current year bonus pool
expected to be allocated to deferred share awards;
\u00a7
amortisation of intangible assets arising from business combinations (this
excludes software or other pre-existing intangible assets of the acquiree);
\u00a7
items that are considered signi\ufb01cant in size and non-operational in nature
including restructuring costs, impairments of goodwill and intangible assets
arising from business combinations and pro\ufb01ts or losses arising on disposals
of\u00a0subsidiaries and other investments; and
\u00a7
signi\ufb01cant transaction-related costs associated with business combinations.
The majority of adjustments made to the GAAP measures to arrive at \u2018underlying\u2019
measures relate to charges arising as a result of business combinations. The nature
of the Group\u2019s business and the businesses that the Group acquires (being \u2018asset
light\u2019 people businesses) require the Group to structure business acquisitions such
that often payment of deferred consideration is linked to recipients\u2019 continuing
and active engagement in the business at the date of the deferred payment, with
these payments required to be expensed to the income statement under IFRS
3. For internal performance analysis and incentive compensation arrangements,
these charges are considered part of the initial cost of acquiring a business,
instead of an ongoing operational cost, and are therefore excluded from the
Group\u2019s \u2018underlying\u2019 measures. The same rationale is applied to the exclusion of
amortisation of intangible assets arising from business combinations (excluding
software or other pre-existing intangible assets of the acquiree), any impairments
of goodwill and the aforementioned intangible assets, signi\ufb01cant transaction-
related costs associated with business combinations and signi\ufb01cant restructuring
costs. These items are not considered to re\ufb02ect the business\u2019s trading
performance and so are adjusted to ensure consistency between periods.
The adjustment for share-based payments relates to the impact of the accounting
standard for share-based compensation. The annual bonus is paid in a mixture of
cash and deferred shares and the proportions can vary from one year to another.
Under IFRS, the deferred share element is amortised to the income statement over
the vesting period whilst the cash element is expensed in the year. The adjustment
above addresses this by adding to or deducting from pro\ufb01t the di\ufb00erence
between the IFRS 2 charge in relation to outstanding bonus-related share awards
and the estimated value of the current year bonus pool to be awarded in deferred
shares. This adjustment is made to align the underlying sta\ufb00 cost in the year with
the revenue recognised in the same period, providing additional information on
the Group\u2019s performance over time with respect to pro\ufb01tability.
The underlying e\ufb00ective tax rate represents the underlying income tax expense
expressed as a percentage of underlying pro\ufb01t before tax. The underlying income
tax expense is the income tax expense excluding the tax e\ufb00ect of the adjustments
made to arrive at underlying pro\ufb01t before tax and other tax e\ufb00ects related to
these adjustments.
Underlying basic earnings per share and underlying diluted earnings per share
both utilise the underlying pro\ufb01t after tax measure instead of GAAP earnings.
The\u00a0weighted average number of shares remain the same as the GAAP measure.
The Group also refers to revenue and underlying pro\ufb01t on a constant currency
basis which are both non-GAAP measures (see Appendices). Constant currency
results are calculated by translating the current year revenue and underlying pro\ufb01t
using the prior year exchange rates. This measure allows the Group to assess the
results of the current year compared to the prior year, excluding the impact of
foreign currency movements.", "dimensions": { "concept": "svs:DescriptionOfAccountingPolicyForUnderlyingProfitBeforeTaxExplanatoryTextBlock", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "value": "12. Employees
12.1 Employee bene\ufb01ts expense
\u00a0\u00a0
2024
\u00a0
2025
restated*
\u00a0
\u00a3m
\u00a3m
Basic salaries and wages
1,063.9
1,005.3
Pro\ufb01t share and commissions
520.9
487.8
Wages and salaries
1,584.8
1,493.1
Social security costs
139.4
120.0
Other pension costs
50.4
48.7
Share-based payments
28.4
31.4
\u00a0
1,803.0
1,693.2
\n
*
See Note 7 for details of the prior year restatement.
12.2 Sta\ufb00 numbers
The monthly average number of employees (including Directors) for the year was:
\u00a0
2025
2024
EMEA
13,675
13,041
Asia Paci\ufb01c
28,189
28,430
North America
999
980
\u00a0
42,863
42,451
\n
12.3 Key management compensation
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Key management
\u00a0 \u00a0
\u2013 Short-term employee bene\ufb01ts
16.8
16.1
\u2013 Post-employment bene\ufb01ts
0.1
0.1
\u2013 Share-based payments
4.2
4.5
\u00a0
21.1
20.7
The key management of the Group for the year ended 31 December 2025 comprised
the Board of Directors and the GEB members. Directors\u2019 remuneration is contained in
the Remuneration Report on pages 114 to 140.
During the year, seven (2024: eight) GEB members made aggregate gains totalling
\u00a35.2m (2024: \u00a34.3m) on the exercise of options under PSP, DSBP and DSP schemes
(2024: PSP, DSBP and DSP schemes).
Retirement bene\ufb01ts under the de\ufb01ned bene\ufb01t scheme are accruing for two (2024:
two) GEB members and bene\ufb01ts are accruing under a de\ufb01ned contribution scheme
in Hong Kong for two (2024: two) GEB members. 27. Employee bene\ufb01t obligations
In addition to the de\ufb01ned bene\ufb01t obligations pension scheme disclosed in Note 28,
the following are included in employee bene\ufb01t obligations:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
44.5
44.0
Provided during the year
16.6
17.0
Additions through business combinations (Note 29)
0.2
0.6
Actuarial movement on employee bene\ufb01t scheme
(1.7)
0.1
Utilised during the year
(12.7)
(15.9)
Transfer to accruals
0.3
\u2013
Disposal of subsidiaries
(0.3)
\u2013
Exchange movement
(1.3)
(1.3)
At 31 December
45.6
44.5
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current
18.7
19.4
Non-current
26.9
25.1
\u00a0
45.6
44.5
\n
The above provisions relate to holiday pay and long service leave in the EMEA and
Asia Paci\ufb01c. Pro\ufb01t shares are included within accruals (Note 24).
28. Retirement bene\ufb01t plans
Types of retirement bene\ufb01t plans
De\ufb01ned bene\ufb01t plans
A de\ufb01ned bene\ufb01t plan is a pension plan that de\ufb01nes an amount of pension bene\ufb01t
that an employee will receive on retirement, usually dependent on one or more
factors, such as age, years of service and compensation.
The asset or liability recognised in the statement of \ufb01nancial position in respect
of de\ufb01ned bene\ufb01t pension plans is the present value of the de\ufb01ned bene\ufb01t
obligations at the reporting date less the fair value of plan assets. The de\ufb01ned
bene\ufb01t obligations are calculated annually by independent actuaries using the
projected unit credit method. The present value of the de\ufb01ned bene\ufb01t obligations
are determined by discounting the estimated future cash out\ufb02ows.
The de\ufb01ned bene\ufb01t scheme charge consists of net interest costs, past service
costs and the impact of any settlements or curtailments and is charged as an
expense as they fall due.
All actuarial gains and losses are recognised immediately in other comprehensive
income in the period in which they arise.
De\ufb01ned contribution plans
A de\ufb01ned contribution plan is a pension plan under which the Group pays \ufb01xed
contributions into a separate entity. The Group has no legal or constructive
obligations to pay further contributions if the fund does not hold su\ufb03cient assets
to pay all employees the bene\ufb01ts relating to employee service in the current and
prior years. Contributions in respect of de\ufb01ned contribution pension schemes
are charged to the income statement when they are payable. The Group has
no further payment obligations once the contributions have been paid. Prepaid
contributions are recognised as an asset to the extent that a cash refund or a
reduction in the future payments is available.
Critical accounting estimates
Determining the value of the future de\ufb01ned bene\ufb01t obligation requires estimation
in respect of the assumptions used to calculate present values. These include
future mortality, discount rate and in\ufb02ation. Management determines these
assumptions in consultation with an independent actuary.
The Group operates both de\ufb01ned bene\ufb01t and de\ufb01ned contribution plans. The Group\u2019s
main plans in the UK are:
\u00a7
The Savills UK Group Personal Pension Plan, a de\ufb01ned contribution plan.
\u00a7
The Pension Plan of Savills (the \u2018UK Plan\u2019), which provided \ufb01nal salary pension
bene\ufb01ts to some employees, but was closed with regard to future service-based
bene\ufb01t accrual with e\ufb00ect from 31 March 2010. From 1 April 2010, pension bene\ufb01ts
for former employees of the UK Plan are provided through the Savills UK Group
Personal Pension Plan.
There are also a number of de\ufb01ned contribution individual pension plans and a
Mandatory Provident Fund Scheme in Hong Kong, to which the Group contributes.
The Group also has retirement arrangements around the world in line with local
markets and cultures, including the Savills Fund Management GMBH Plan (the \u2018SFM
Plan\u2019) in Germany which provides \ufb01nal salary bene\ufb01ts to \ufb01ve active employees and
108 former employees. The plan is closed to future service-based bene\ufb01t accrual.
UK Plan
The UK Plan is administered by a separate Trust that is legally separated from the
Company. The Board of the pension fund is composed of six trustees. The Board
of the pension fund is required by law and by its Article of Association to act in the
interest of the fund and of all relevant stakeholders in the scheme. The Board of the
pension fund is responsible for the investment policy with regard to the assets of the
fund. The contributions are determined by an independent quali\ufb01ed actuary on the
basis of triennial valuations.
A full actuarial valuation of the UK Plan was carried out as at 31 March 2025 and has
been updated to 31 December 2025 by a quali\ufb01ed independent actuary.
Rule 23 of the governing Trust Deed and Rules of the UK Plan covers the rights
\n
upon termination of the UK Plan, which is triggered when there are no bene\ufb01ciaries
\n
surviving in accordance with Rule 19. Management interprets these rules that in the
\n
event of the UK Plan winding up with no members, any surplus assets would be
\n
returned to the Company. Based on these rights, any net surplus in the scheme is
\n
recognised in full.
\n
In June 2023, the High Court handed down a decision (Virgin Media Limited v
\n
NTL Pension Trustees II Limited and others) which potentially had implications for
\n
the validity of amendments made by schemes, including the UK Plan, which were
\n
contracted-out on a salary-related basis between 6 April 1997 and the abolition
\n
of contracting-out in 2016. The Government announced on 5 June 2025 that
\n
new legislation will be introduced to give a\ufb00ected pension schemes the ability to
\n
retrospectively obtain written actuarial con\ufb01rmation that historical bene\ufb01t changes
\n
met the necessary standards at the time. The Trustee and Management awaits
\n
this legislation to be enacted through Parliament prior to concluding whether any
\n
such\u00a0retrospective con\ufb01rmations should be obtained.
\n
SFM Plan
\n
The SFM Plan is administered by an external Trust that is legally separated from the
\n
Company. The Trust Agreement requires the trustee to maintain the plan assets in
\n
the interest of the bene\ufb01ciaries of the plan and to ful\ufb01l their pension entitlements
\n
in the event of insolvency to the extent of the plan assets held. The Investment
\n
Committee of the fund, advised by expert investment managers, is responsible for
\n
the investment policy with regards to the assets of the fund. The contributions are
\n
determined based on the annual valuations of an independent quali\ufb01ed actuary.
\n
A full actuarial valuation of the SFM Plan was carried out as at 31 December 2025
\n
by\u00a0a quali\ufb01ed independent actuary.
\n
Section 5.2 of the SFM Plan Trust Deed provides the Trustor (Savills Fund
\n
Management GmbH, Savills Fund Management Holding AG, and Savills Investment
\n
Management (Germany) GmbH respectively) with an unconditional right to a refund
\n
of surplus assets assuming the full settlement of plan liabilities in the event of a plan
\n
wind-up. Furthermore, in the ordinary course of business neither Trustor nor Trustee
\n
have any rights to unilaterally wind up, or otherwise augment the bene\ufb01ts due to
\n
members of the scheme. Based on these rights, any net surplus in the scheme is
\n
recognised in full.
\n
Impact on the income statement
\n
The net charge arising from the Group\u2019s retirement bene\ufb01t plans as recognised in the
\n
income statement is shown below:
\n\n \n
2025
2024
\u00a3m
\u00a3m
Charges relating to de\ufb01ned contribution schemes included
in employee bene\ufb01t expenses
50.3
43.6
Net interest income included in \ufb01nance income
\u2013 UK Plan
(0.6)
\u2013
\u2013 SFM Plan
(0.1)
(0.1)
Total net retirement bene\ufb01t plans charge in the
income\u00a0statement
49.6
43.5
\n
Impact on the statement of comprehensive income
\n
The net income arising from the Group\u2019s retirement bene\ufb01t arrangements as
\n
recognised in the statement of comprehensive income is shown below:
\n\n \n
2025
2024
\u00a3m
\u00a3m
Actuarial (losses)/gains:
\u2013 UK Plan
(0.3)
10.6
\u2013 SFM Plan
1.2
\u2013
Total net retirement bene\ufb01t plans income in the
statement of comprehensive income
0.9
10.6
Statement of \ufb01nancial position
\n
The amount outstanding as at 31 December 2025 in relation to de\ufb01ned contribution
\n
schemes within current trade and other payables is \u00a32.5m (2024: \u00a33.5m).
\n
The net de\ufb01ned bene\ufb01t surplus in respect of de\ufb01ned bene\ufb01t plans reported in the
\n
Group\u2019s statement of \ufb01nancial position sheet is set out below. Plans in surplus are
\n
presented within non-current assets and plans in de\ufb01cit within non-current liabilities.
\n\n \n
2025
2024
Present
Fair
Present
Fair
value
value of
value
value of
of
plan
of
plan
obligations
assets
Asset
obligations
assets
Asset
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Recognised in non-
current\u00a0assets
UK Plan
(170.1)
180.3
10.2
(168.7)
178.6
9.9
SFM Plan
(10.3)
16.0
5.7
(10.7)
14.3
3.6
Total
(180.4)
196.3
15.9
(179.4)
192.9
13.5
\n
Movements in de\ufb01ned bene\ufb01t plan assets and liabilities
\n\n \n
2025
2024
Present
Fair
Present
Fair
value
value of
value
value of
of
plan
of
plan
(Liability)/
obligation
assets
Asset
obligation
assets
asset
UK Plan
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(168.7)
178.6
9.9
(195.1)
194.4
(0.7)
Interest (expense)/income
(9.1)
9.7
0.6
(8.6)
8.6
\u2013
Remeasurements:
\u2013 Loss on plan
assets, excluding
amounts included in
interest\u00a0income
\u2013
(0.4)
(0.4)
\u2013
(16.9)
(16.9)
\u2013 Gain from change in
\ufb01nancial assumptions
4.7
\u2013
4.7
24.3
\u2013
24.3
\u2013 (Loss)/gain from
change in demographic
assumptions
(1.4)
\u2013
(1.4)
2.8
\u2013
2.8
\u2013 Experience (losses)/gains
(3.2)
\u2013
(3.2)
0.4
\u2013
0.4
Bene\ufb01t payments
7.6
(7.6)
\u2013
7.5
(7.5)
\u2013
At 31 December
(170.1)
180.3
10.2
(168.7)
178.6
9.9
\n \n
2025
2024
Present
Fair
Present
Fair
value
value of
value
value of
of
plan
of
plan
obligation
assets
Asset
obligation
assets
Asset
SFM Plan
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(10.7)
14.3
3.6
(10.8)
14.0
3.2
Interest (expense)/income
(0.4)
0.5
0.1
(0.4)
0.5
0.1
Remeasurements:
\u2013 Gain on plan assets,
excluding amounts included
in interest income
\u2013
0.5
0.5
\u2013
0.4
0.4
\u2013 Gain from change in
\ufb01nancial assumptions
0.8
\u2013
0.8
0.1
\u2013
0.1
\u2013 Experience losses
(0.1)
\u2013
(0.1)
(0.5)
\u2013
(0.5)
Employer contributions
\u2013
0.6
0.6
\u2013
0.4
0.4
Bene\ufb01t payments
0.6
(0.6)
\u2013
0.4
(0.4)
\u2013
Exchange movement
(0.5)
0.7
0.2
0.5
(0.6)
(0.1)
At 31 December
(10.3)
16.0
5.7
(10.7)
14.3
3.6
\n
Plan assets
\n\n \n
2025
2024
Quoted
Unquoted
Total
Quoted
Unquoted
Total
UK Plan
\u00a3m
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
%
\u2013 Government
bonds
43.6
\u2013
43.6
24%
58.1
\u2013
58.1
33%
\u2013 Corporate
bonds
(investment
grade)
1.0
\u2013
1.0
1%
0.7
\u2013
0.7
0%
\u2013 Cash and cash
equivalents
9.5
\u2013
9.5
5%
6.5
\u2013
6.5
4%
Liability-driven
investment
(\u2018LDI\u2019)*
54.1
\u2013
54.1
30%
65.3
\u2013
65.3
37%
Investment
funds
\u2013
23.2
23.2
13%
\u2013
22.8
22.8
13%
Bonds
42.4
29.7
72.1
40%
23.6
35.4
59.0
33%
Cash and cash
equivalents
6.3
\u2013
6.3
3%
4.1
\u2013
4.1
2%
Asset-backed
securities**
24.6
\u2013
24.6
14%
27.4
\u2013
27.4
15%
Total
127.4
52.9
180.3
100%
120.4
58.2
178.6
100%
\n
*
A portfolio of gilt and swap contracts that is designed to hedge the majority of the interest rate and
\n
in\ufb02ation risks associated with the scheme\u2019s obligations. Government bonds include \ufb01xed and index-linked
\n
gilts, less repo cash.
\n
** A portfolio of primarily mortgage-backed securities and loans.
\n \n
2025
2024
Unquoted
Unquoted
SFM Plan
\u00a3m
%
\u00a3m
%
Investment funds
16.0
100%
14.3
100%
Total
16.0
100%
14.3
100%
\n
No Plan assets are the Group\u2019s own \ufb01nancial instruments or property occupied or
\n
used by the Group. The fair values of the above equity and debt instruments are
\n
provided by the fund managers. The fund managers use best-practice techniques to
\n
value their holdings in investment funds, with valuations validated by an independent
\n
appraisal \ufb01rm. Where available, fair values are determined based on quoted market
\n
prices in active markets.
\n
Although the UK Plan does not invest directly in the Group\u2019s \ufb01nancial instruments,
\n
it\u00a0does invest in passive equity funds, so will have some exposure to the FTSE All-
\n
Share Index, hence indirectly to the Savills plc share price.
\n
Signi\ufb01cant actuarial assumptions
\n\n \n
UK Plan
SFM Plan
2025
2024
2025
2024
Expected rate of salary increases
3.25%
3.25%
2.50%
2.50%
Projection of social security
contribution ceiling
\u2013
\u2013
2.25%
2.25%
Rate of increase to pensions
in\u00a0payment
\u2013 pension promise before
1 January 1986
\u2013
\u2013
2.00%
2.20%
\u2013 pension promise after
1 January 1986
\u2013
\u2013
2.00%
2.20%
\u2013 accrued before 6 April 1997
3.00%
3.00%
\u2013
\u2013
\u2013 accrued after 5 April 1997
2.70%
2.90%
\u2013
\u2013
\u2013 accrued after 5 April 2005
1.90%
2.00%
\u2013
\u2013
Rate of increase to pensions
in\u00a0deferment
\u2013 accrued before 6 April 2001
5.00%
5.00%
\u2013
\u2013
\u2013 accrued after 5 April 2001
2.10%
2.70%
\u2013
\u2013
\u2013 accrued after 5 April 2009
2.10%
2.50%
\u2013
\u2013
Discount rate
5.60%
5.50%
4.18%
3.51%
In\ufb02ation assumption
2.80%
3.10%
2.00%
2.00%
Assumptions regarding future mortality are set based on actuarial advice in
\n
accordance with published statistics and experience. These assumptions translate
\n
into an average life expectancy in years for a pensioner retiring at age 60:
\n\n \n
UK Plan
SFM Plan
2025
2024
2025
2024
Retiring at the end of the
\u2013 Male
88.3
87.7
86.0
85.9
reporting year
\u2013 Female
89.7
89.6
89.4
89.3
Retiring 20 years after the
\u2013 Male
89.8
89.1
88.7
88.6
end of the reporting year
\u2013 Female
91.2
91.0
91.6
91.5
\n
Sensitivity analysis
\n
The sensitivity of the de\ufb01ned bene\ufb01t obligations to changes in the principal
\n
assumptions is:
\n\n \n
Increase/(decrease)
UK Plan
SFM Plan
\u00a3m
\u00a3m
1% increase in discount rates
(17.5)
(0.1)
1% increase in in\ufb02ation rate
9.1
0.1
1% increase in salary increase rate
0.3
\u2013
1 year increase in life expectancy
4.9
0.4
\n
The sensitivity analysis presented above may not be representative of the actual
\n
change in the de\ufb01ned bene\ufb01t obligations as it is unlikely that the change in
\n
assumptions would occur in isolation of one another as some of the assumptions
\n
may be correlated.
\n
Furthermore, in presenting the above sensitivity analysis, the present value of the
\n
de\ufb01ned bene\ufb01t obligations has been calculated using the projected unit credit
\n
method at the end of the reporting period, which is the same as that applied in
\n
calculating the de\ufb01ned bene\ufb01t obligations liability recognised in the statement
\n
of\u00a0\ufb01nancial position.
\n
The sensitivity of the plan assets to changes in the principal assumptions is:
\n\n \n
Increase/(decrease)
UK Plan
SFM Plan
\u00a3m
\u00a3m
1% increase in discount rates*
(18.0)
(0.2)
1% increase in in\ufb02ation rate
(7.1)
\u2013
\n
*
Sensitivity to a change in government bond yields with unchanged credit spreads.
\n
Risks arising from the Group\u2019s de\ufb01ned bene\ufb01t plans
\n
Through the de\ufb01ned bene\ufb01t plans, the Group is exposed to a number of risks, the
\n
most signi\ufb01cant of which are detailed below:
\n\n \n
Asset volatility
The Plan liabilities are calculated using a discount rate
set with reference to corporate bond yields; if Plan assets
underperform this yield, this will create a de\ufb01cit. The Plan
holds a signi\ufb01cant proportion of equities and funds, which
are expected to outperform corporate bonds in the long
term while providing volatility and risk in the short term.
Changes in bond yields
A decrease in corporate bond yields will increase the
Plan\u2019s liabilities, although this will be partially o\ufb00set by an
increase in the value of the Plan\u2019s bond holdings.
In\ufb02ation risk
Higher in\ufb02ation will lead to higher liabilities. The majority
of the Plan\u2019s assets are either una\ufb00ected by or are loosely
correlated with in\ufb02ation, meaning that an increase in
in\ufb02ation will also increase the de\ufb01cit.
Life expectancy
The majority of the Plan\u2019s obligations are to provide
bene\ufb01ts for the life of the member, so increases in life
expectancy will result in an increase in the Plan\u2019s liabilities.
Forecasted bene\ufb01ts payable from the de\ufb01ned bene\ufb01t plans
\n
The weighted average duration of the de\ufb01ned bene\ufb01t obligations is 13 years for the
\n
UK Plan and 12 years for the SFM Plan.
\n
Expected maturity analysis of the undiscounted pension bene\ufb01ts:
\u00a0
Less than
Between
Between
Over
\u00a0
\u00a0
a year
1\u20132 years
2\u20135 years
5 years
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Pension bene\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
payments
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 UK Plan
7.8
7.5
26.7
370.5
412.5
\u2013 SFM Plan
0.6
0.6
2.0
15.1
18.3
\n
Expected contributions to post-employment bene\ufb01t plans for the year ending
\n31\u00a0December 2026 are \u00a30.6m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00452": { "value": "12.3 Key management compensation
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Key management
\u00a0 \u00a0
\u2013 Short-term employee bene\ufb01ts
16.8
16.1
\u2013 Post-employment bene\ufb01ts
0.1
0.1
\u2013 Share-based payments
4.2
4.5
\u00a0
21.1
20.7
The key management of the Group for the year ended 31 December 2025 comprised
the Board of Directors and the GEB members. Directors\u2019 remuneration is contained in
the Remuneration Report on pages 114 to 140.
During the year, seven (2024: eight) GEB members made aggregate gains totalling
\u00a35.2m (2024: \u00a34.3m) on the exercise of options under PSP, DSBP and DSP schemes
(2024: PSP, DSBP and DSP schemes).
Retirement bene\ufb01ts under the de\ufb01ned bene\ufb01t scheme are accruing for two (2024:
two) GEB members and bene\ufb01ts are accruing under a de\ufb01ned contribution scheme
in Hong Kong for two (2024: two) GEB members. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "value": "13. Finance income and costs
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
48.0
57.2
Unwinding of discounts on assets
0.5
\u2013
Finance income from sublease income
0.2
0.2
Net interest on de\ufb01ned bene\ufb01t pension assets
0.7
0.1
Finance income
49.4
57.5
Bank interest payable
(30.3)
(33.2)
Unwinding of discounts on liabilities
(1.7)
(0.7)
Finance charges on lease liabilities
(9.9)
(9.1)
Finance costs
(41.9)
(43.0)
Net \ufb01nance income
7.5
14.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00454": { "value": "13. Finance income and costs
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
48.0
57.2
Unwinding of discounts on assets
0.5
\u2013
Finance income from sublease income
0.2
0.2
Net interest on de\ufb01ned bene\ufb01t pension assets
0.7
0.1
Finance income
49.4
57.5
Bank interest payable
(30.3)
(33.2)
Unwinding of discounts on liabilities
(1.7)
(0.7)
Finance charges on lease liabilities
(9.9)
(9.1)
Finance costs
(41.9)
(43.0)
Net \ufb01nance income
7.5
14.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00455": { "value": "13. Finance income and costs
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
48.0
57.2
Unwinding of discounts on assets
0.5
\u2013
Finance income from sublease income
0.2
0.2
Net interest on de\ufb01ned bene\ufb01t pension assets
0.7
0.1
Finance income
49.4
57.5
Bank interest payable
(30.3)
(33.2)
Unwinding of discounts on liabilities
(1.7)
(0.7)
Finance charges on lease liabilities
(9.9)
(9.1)
Finance costs
(41.9)
(43.0)
Net \ufb01nance income
7.5
14.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00458": { "value": "
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
48.0
57.2
Unwinding of discounts on assets
0.5
\u2013
Finance income from sublease income
0.2
0.2
Net interest on de\ufb01ned bene\ufb01t pension assets
0.7
0.1
Finance income
49.4
57.5
Bank interest payable
(30.3)
(33.2)
Unwinding of discounts on liabilities
(1.7)
(0.7)
Finance charges on lease liabilities
(9.9)
(9.1)
Finance costs
(41.9)
(43.0)
Net \ufb01nance income
7.5
14.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00457": { "value": "
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
48.0
57.2
Unwinding of discounts on assets
0.5
\u2013
Finance income from sublease income
0.2
0.2
Net interest on de\ufb01ned bene\ufb01t pension assets
0.7
0.1
Finance income
49.4
57.5
Bank interest payable
(30.3)
(33.2)
Unwinding of discounts on liabilities
(1.7)
(0.7)
Finance charges on lease liabilities
(9.9)
(9.1)
Finance costs
(41.9)
(43.0)
Net \ufb01nance income
7.5
14.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00456": { "value": "
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
48.0
57.2
Unwinding of discounts on assets
0.5
\u2013
Finance income from sublease income
0.2
0.2
Net interest on de\ufb01ned bene\ufb01t pension assets
0.7
0.1
Finance income
49.4
57.5
Bank interest payable
(30.3)
(33.2)
Unwinding of discounts on liabilities
(1.7)
(0.7)
Finance charges on lease liabilities
(9.9)
(9.1)
Finance costs
(41.9)
(43.0)
Net \ufb01nance income
7.5
14.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00459": { "value": "14. Taxation
Material accounting policies that apply to taxation
Taxation
The tax expense for the period comprises current and deferred tax. Tax is
recognised in the income statement, except to the extent that it relates to items
recognised in other comprehensive income or directly in equity. In this case, the
tax is also recognised in other comprehensive income or directly in equity.
The current income tax charge is calculated on the basis of the tax laws enacted
or substantively enacted at the year-end date in the countries where the
Company\u00a0and its subsidiaries operate and generate taxable income. Management
periodically evaluates positions taken in tax returns with respect to situations
in which applicable tax regulation is subject to interpretation. It establishes
provisions where appropriate on the basis of amounts expected to be paid to
the\u00a0tax authorities.
Deferred income tax is recognised, using the liability method, on temporary
di\ufb00erences arising between the tax bases of assets and liabilities and their carrying
amounts in the consolidated \ufb01nancial statements. However, deferred tax liabilities
are not recognised if they arise from the initial recognition of goodwill; deferred
income tax is not accounted for if it arises from the initial recognition of an asset or
liability in a transaction other than a business combination that at the time of the
transaction a\ufb00ects neither accounting nor taxable pro\ufb01t or loss and does not give
rise to equal taxable and deductible temporary di\ufb00erences. Deferred income tax
is determined using tax rates (and laws) that have been enacted or substantively
enacted by the year-end date and are expected to apply when the related deferred
income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable
that future taxable pro\ufb01t will be available against which the temporary di\ufb00erences
can be utilised and the carry forward of unused tax credits and unused tax losses
can be utilised, except when the deferred tax asset relating to the deductible
temporary di\ufb00erence arises from the initial recognition of an asset or liability in a
transaction that is not a business combination and, at the time of the transaction,
a\ufb00ects neither the accounting pro\ufb01t nor taxable pro\ufb01t or loss and does not give
rise to equal taxable and deductible temporary di\ufb00erences.
Deferred income tax is provided on temporary di\ufb00erences arising on investments
\n
in subsidiaries, joint ventures and associates except for deferred income tax
\n
liability where the timing of the reversal of the temporary di\ufb00erence is controlled
\n
by the Group and it is probable that the temporary di\ufb00erence will not reverse in
\n
the foreseeable future. In respect of deductible temporary di\ufb00erences associated
\n
with investments in subsidiaries, joint ventures and associates, deferred tax assets
\n
are recognised only to the extent that it is probable that the temporary di\ufb00erences
\n
will reverse in the foreseeable future and taxable pro\ufb01t will be available against
\n
which the temporary di\ufb00erences can be utilised.
\n
Deferred income tax assets and liabilities are o\ufb00set when there is a legally
\n
enforceable right to o\ufb00set current tax assets against current tax liabilities and
\n
when the deferred income tax assets and liabilities relate to income tax levied by
\n
the same taxation authority on either the same taxable entity or di\ufb00erent taxable
\n
entities where there is an intention to settle the balances on a net basis.
\n
Where a temporary di\ufb00erence arises between the tax base of employee share
\n
options and their carrying value, a deferred tax asset is recognised. To the
\n
extent that the future tax deduction matches the cumulative IFRS 2 expense,
\n
the associated deferred tax is recognised in the Consolidated Income Statement
\n
with any excess recognised directly in equity. To the extent that the current tax
\n
deduction upon exercise matches the cumulative IFRS 2 expense, the associated
\n
current tax is recognised in the Consolidated Income Statement and the excess of
\n
the associated current tax on exercise is recognised in equity.
\n
14.1 Analysis of taxation expense for the year
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current tax
\u00a0 \u00a0
UK tax
22.1
22.6
Adjustment in respect of prior years \u2013 UK
(1.8)
2.3
\u00a0
20.3
24.9
Overseas tax
19.0
21.6
Adjustment in respect of prior years \u2013 overseas
(1.2)
(1.1)
\u00a0
17.8
20.5
Total current tax
38.1
45.4
Deferred tax
\u00a0 \u00a0
UK tax
(2.7)
(4.0)
Adjustment in respect of prior years \u2013 UK
1.0
2.0
\u00a0
(1.7)
(2.0)
Overseas tax
(8.8)
(10.4)
Adjustment in respect of prior years \u2013 overseas
(0.2)
2.4
\u00a0
(9.0)
(8.0)
Total deferred tax
(10.7)
(10.0)
Income tax expense
27.4
35.4
14.2 Factors a\ufb00ecting taxation expense for the year
\n
The tax on the Group\u2019s pro\ufb01t before income tax di\ufb00ers from the theoretical amount
\n
that would arise using the UK tax rate of 25% (2024: 25%) applicable to pro\ufb01ts of the
\n
consolidated entities as follows:
\n\n \n
2025
2024
\u00a3m
\u00a3m
Pro\ufb01t before income tax
101.0
88.3
Tax on pro\ufb01t at 25% (2024: 25%)
25.3
22.1
E\ufb00ects of:
Adjustment in respect of prior years
(2.2)
5.6
Di\ufb00erence in overseas tax rates
(3.5)
(0.6)
Utilisation of previously unprovided tax losses
\u2013
(0.3)
Expenses and other charges not deductible for tax
purposes
10.1
10.9
Non-assessable income
(0.2)
(0.7)
Tax on joint ventures and associates
(2.1)
(1.6)
Income tax expense
27.4
35.4
\n
The e\ufb00ective tax rate of the Group for the year ended 31 December 2025 is 27.1%
\n
(2024: 40.1%), which is higher (2024: higher) than the UK applicable rate.
\n
The Group has performed analysis of the impact from the application of OECD\u2019s Pillar
\n
Two Model Rules on both historical performance and forward-looking projections.
\n
Due to the complexities in applying the legislation, the quantitative impact is not
\n
yet reasonably estimable but since the Group does not generally operate in low-tax
\n
jurisdictions, the impact is not expected to be material.
\n
Deferred tax has been determined using the applicable e\ufb00ective future tax rate that
\n
will apply in the expected period of utilisation of the deferred tax asset or liability.
\n
14.3 Tax components of other comprehensive income
\n\n \n
2025
2024
\u00a3m
\u00a3m
Tax on items that will not be reclassi\ufb01ed to pro\ufb01t or loss
Deferred tax on remeasurement of de\ufb01ned bene\ufb01t
pension\u00a0scheme
(0.9)
(2.9)
Tax on items that may be reclassi\ufb01ed to pro\ufb01t or loss
Current tax on foreign exchange reserve movements
(0.3)
\u2013
Tax on items relating to components of other
comprehensive income
(1.2)
(2.9)
\n
14.4 Tax recognised directly in reserves
\n\n \n
2025
2024
\u00a3m
\u00a3m
Current tax on share-based payment arrangements
0.5
0.5
Deferred tax on share-based payment arrangements
(0.3)
0.3
Current tax on IFRS 16 lease recognition release
0.3
0.2
Deferred tax on IFRS 16 recognition release
(0.3)
(0.2)
Tax on items recognised directly in reserves
0.2
0.8
14.5 Deferred taxation
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Deferred tax assets
\u00a0 \u00a0
\u2013 Deferred tax asset to be recovered after more than
\u00a0 \u00a0
12 months
61.4
56.5
\u2013 Deferred tax asset to be recovered within 12 months
25.6
19.0
\u00a0
87.0
75.5
Deferred tax liabilities
\u00a0 \u00a0
\u2013 Deferred tax liability to be recovered after more than
\u00a0 \u00a0
12 months
(12.3)
(11.5)
\u2013 Deferred tax liability to be recovered within 12 months
(4.7)
(1.8)
\u00a0
(17.0)
(13.3)
Deferred tax asset \u2013 net
70.0
62.2
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January \u2013 net asset
62.2
55.3
Amount credited to the income statement
10.7
10.0
Tax charged to other comprehensive income
\u00a0 \u00a0
\u2013 De\ufb01ned bene\ufb01t pension scheme \u2013 actuarial losses
(0.9)
(2.9)
Tax (charged)/credited to reserves
\u00a0 \u00a0
\u2013 Employee bene\ufb01ts
(0.3)
0.3
\u2013 IFRS 16 initial lease recognition released to reserves
(0.3)
(0.2)
Additions through business combinations (Note 29)
(0.7)
0.8
Exchange movement
(0.7)
(1.1)
At 31 December \u2013 net asset
70.0
62.2
\n
Deferred tax assets have been recognised for tax loss carry-forwards and other
temporary di\ufb00erences in various entities in the Group. The largest amounts
recognised are in the German and US businesses. The utilisation of these losses in
both of these countries, while not time restricted, is dependent on the existence
of taxable pro\ufb01ts, which are expected to arise in future years. In assessing the
probability and time frame of recovery, management have reviewed the Group\u2019s
strategic plan. This plan anticipates increased pro\ufb01tability in both the US and
Germany in light of the continued recovery of those real estate markets, the results
of recent restructuring programs undertaken and the successful execution of the
global\u00a0strategy.
As at the reporting date the Group did not recognise deferred income tax assets of
\u00a35.0m (2024: \u00a33.4m) in respect of losses amounting to \u00a324.8m, which can be carried
forward inde\ufb01nitely against future taxable income (2024: \u00a315.5m, which can be
carried forward inde\ufb01nitely against future taxable income).
The movement on the deferred tax account is shown below:
\n\n \n
Other
Accelerated
employee
Share-
capital
Provisions
bene\ufb01t
Tax
Retirement
based
allowances
and other*
obligations**
losses
bene\ufb01ts
payments
Total
Deferred tax assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2024
4.7
16.4
17.3
14.8
1.6
11.3
66.1
Reclassi\ufb01cations from/(to) deferred tax liabilities
\u2013
0.1
\u2013
\u2013
(0.2)
\u2013
(0.1)
Amount (charged)/credited to the income statement
(3.0)
0.1
7.4
3.1
\u2013
2.1
9.7
Amount charged to other comprehensive income
\u2013
\u2013
\u2013
\u2013
(0.2)
\u2013
(0.2)
Amount (charged)/credited to reserves
\u2013
(0.2)
\u2013
\u2013
\u2013
0.3
0.1
Additions through business combinations
\u2013
1.0
\u2013
\u2013
\u2013
\u2013
1.0
Exchange movement
\u2013
\u2013
(0.3)
(0.7)
(0.1)
\u2013
(1.1)
At 31 December 2024
1.7
17.4
24.4
17.2
1.1
13.7
75.5
Reclassi\ufb01cations (to)/from deferred tax liabilities
(0.9)
0.7
(1.5)
0.2
0.7
0.1
(0.7)
Amount credited/(charged) to the income statement
0.2
1.8
2.1
8.3
0.6
1.0
14.0
Amount charged to other comprehensive income
\u2013
\u2013
\u2013
\u2013
(0.5)
\u2013
(0.5)
Amount charged to reserves
\u2013
(0.3)
\u2013
\u2013
\u2013
(0.3)
(0.6)
Additions through business combinations (Note 29)
\u2013
0.2
\u2013
(0.1)
\u2013
\u2013
0.1
Exchange movement
\u2013
(0.5)
(0.9)
0.6
\u2013
\u2013
(0.8)
At 31 December 2025
1.0
19.3
24.1
26.2
1.9
14.5
87.0
Set-o\ufb00 of deferred tax liabilities pursuant to set-o\ufb00 provisions
(14.1)
Deferred tax asset at 31 December 2025 in the statement
of \ufb01nancial position
72.9
Deferred tax asset at 31 December 2024 in the statement
of \ufb01nancial position (net of \u00a310.7m set-o\ufb00)
64.8
\n
*
Provisions and other primarily includes deferred tax assets relating to accruals and provisions for expenses not deductible until paid.
\n
** Other employee bene\ufb01t obligations includes deferred tax assets relating to unpaid bonus accruals, holiday pay provisions, long service leave provisions and other deferred compensation accruals.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Other
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Accelerated
\u00a0
employee
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
capital
Provisions
bene\ufb01t
Retirement
\u00a0
Intangible
\u00a0
\u00a0
allowances
and other*
obligations**
bene\ufb01ts
Revaluations
assets
Total
Deferred tax liabilities \u2013 Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
(0.8)
(1.6)
\u2013
\u2013
\u2013
(8.4)
(10.8)
Reclassi\ufb01cations (to)/from deferred tax assets
\u2013
(0.1)
\u2013
0.2
\u2013
\u2013
0.1
Tax (charged)/credited to the income statement
\u2013
(0.8)
\u2013
\u2013
\u2013
1.1
0.3
Tax charged to other comprehensive income
\u2013
\u2013
\u2013
(2.7)
\u2013
\u2013
(2.7)
Additions through business combinations
\u2013
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
At 31 December 2024
(0.8)
(2.5)
\u2013
(2.5)
\u2013
(7.5)
(13.3)
Reclassi\ufb01cations from/(to) deferred tax assets
1.1
(2.7)
2.3
\u2013
\u2013
\u2013
0.7
Tax (charged)/credited to the income statement
(1.6)
(0.2)
(2.2)
\u2013
(0.3)
1.0
(3.3)
Tax charged to other comprehensive income
\u2013
\u2013
\u2013
(0.4)
\u2013
\u2013
(0.4)
Additions through business combinations (Note 29)
\u2013
(0.2)
\u2013
\u2013
(0.5)
(0.1)
(0.8)
Exchange movement
(0.1)
0.2
(0.1)
\u2013
\u2013
0.1
0.1
At 31 December 2025
(1.4)
(5.4)
\u2013
(2.9)
(0.8)
(6.5)
(17.0)
Set-o\ufb00 of deferred tax liabilities pursuant to set-o\ufb00 provisions
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
14.1
Deferred tax liabilities at 31 December 2025 in the statement of \ufb01nancial position
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(2.9)
Deferred tax liabilities at 31 December 2024 in the statement of \ufb01nancial position
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(net of \u00a310.7m set-o\ufb00)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(2.6)
Net deferred tax asset
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
68.6
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
62.2
\n
*
Provisions and other primarily includes deferred tax assets relating to accruals and provisions for expenses not deductible until paid.
** Other employee bene\ufb01t obligations includes deferred tax assets relating to unpaid bonus accruals, holiday pay provisions, long service leave provisions and other deferred compensation accruals.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00520": { "value": "Material accounting policies that apply to taxation
Taxation
The tax expense for the period comprises current and deferred tax. Tax is
recognised in the income statement, except to the extent that it relates to items
recognised in other comprehensive income or directly in equity. In this case, the
tax is also recognised in other comprehensive income or directly in equity.
The current income tax charge is calculated on the basis of the tax laws enacted
or substantively enacted at the year-end date in the countries where the
Company\u00a0and its subsidiaries operate and generate taxable income. Management
periodically evaluates positions taken in tax returns with respect to situations
in which applicable tax regulation is subject to interpretation. It establishes
provisions where appropriate on the basis of amounts expected to be paid to
the\u00a0tax authorities.
Deferred income tax is recognised, using the liability method, on temporary
di\ufb00erences arising between the tax bases of assets and liabilities and their carrying
amounts in the consolidated \ufb01nancial statements. However, deferred tax liabilities
are not recognised if they arise from the initial recognition of goodwill; deferred
income tax is not accounted for if it arises from the initial recognition of an asset or
liability in a transaction other than a business combination that at the time of the
transaction a\ufb00ects neither accounting nor taxable pro\ufb01t or loss and does not give
rise to equal taxable and deductible temporary di\ufb00erences. Deferred income tax
is determined using tax rates (and laws) that have been enacted or substantively
enacted by the year-end date and are expected to apply when the related deferred
income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable
that future taxable pro\ufb01t will be available against which the temporary di\ufb00erences
can be utilised and the carry forward of unused tax credits and unused tax losses
can be utilised, except when the deferred tax asset relating to the deductible
temporary di\ufb00erence arises from the initial recognition of an asset or liability in a
transaction that is not a business combination and, at the time of the transaction,
a\ufb00ects neither the accounting pro\ufb01t nor taxable pro\ufb01t or loss and does not give
rise to equal taxable and deductible temporary di\ufb00erences.
\n\n\n
Deferred income tax is provided on temporary di\ufb00erences arising on investments
\n
in subsidiaries, joint ventures and associates except for deferred income tax
\n
liability where the timing of the reversal of the temporary di\ufb00erence is controlled
\n
by the Group and it is probable that the temporary di\ufb00erence will not reverse in
\n
the foreseeable future. In respect of deductible temporary di\ufb00erences associated
\n
with investments in subsidiaries, joint ventures and associates, deferred tax assets
\n
are recognised only to the extent that it is probable that the temporary di\ufb00erences
\n
will reverse in the foreseeable future and taxable pro\ufb01t will be available against
\n
which the temporary di\ufb00erences can be utilised.
\n
Deferred income tax assets and liabilities are o\ufb00set when there is a legally
\n
enforceable right to o\ufb00set current tax assets against current tax liabilities and
\n
when the deferred income tax assets and liabilities relate to income tax levied by
\n
the same taxation authority on either the same taxable entity or di\ufb00erent taxable
\n
entities where there is an intention to settle the balances on a net basis.
\n
Where a temporary di\ufb00erence arises between the tax base of employee share
\n
options and their carrying value, a deferred tax asset is recognised. To the
\n
extent that the future tax deduction matches the cumulative IFRS 2 expense,
\n
the associated deferred tax is recognised in the Consolidated Income Statement
\n
with any excess recognised directly in equity. To the extent that the current tax
\n
deduction upon exercise matches the cumulative IFRS 2 expense, the associated
\n
current tax is recognised in the Consolidated Income Statement and the excess of
\nthe associated current tax on exercise is recognised in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00521": { "value": "Deferred income tax is recognised, using the liability method, on temporary
di\ufb00erences arising between the tax bases of assets and liabilities and their carrying
amounts in the consolidated \ufb01nancial statements. However, deferred tax liabilities
are not recognised if they arise from the initial recognition of goodwill; deferred
income tax is not accounted for if it arises from the initial recognition of an asset or
liability in a transaction other than a business combination that at the time of the
transaction a\ufb00ects neither accounting nor taxable pro\ufb01t or loss and does not give
rise to equal taxable and deductible temporary di\ufb00erences. Deferred income tax
is determined using tax rates (and laws) that have been enacted or substantively
enacted by the year-end date and are expected to apply when the related deferred
income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable
that future taxable pro\ufb01t will be available against which the temporary di\ufb00erences
can be utilised and the carry forward of unused tax credits and unused tax losses
can be utilised, except when the deferred tax asset relating to the deductible
temporary di\ufb00erence arises from the initial recognition of an asset or liability in a
transaction that is not a business combination and, at the time of the transaction,
a\ufb00ects neither the accounting pro\ufb01t nor taxable pro\ufb01t or loss and does not give
rise to equal taxable and deductible temporary di\ufb00erences.
\n\n\n
Deferred income tax is provided on temporary di\ufb00erences arising on investments
\n
in subsidiaries, joint ventures and associates except for deferred income tax
\n
liability where the timing of the reversal of the temporary di\ufb00erence is controlled
\n
by the Group and it is probable that the temporary di\ufb00erence will not reverse in
\n
the foreseeable future. In respect of deductible temporary di\ufb00erences associated
\n
with investments in subsidiaries, joint ventures and associates, deferred tax assets
\n
are recognised only to the extent that it is probable that the temporary di\ufb00erences
\n
will reverse in the foreseeable future and taxable pro\ufb01t will be available against
\n
which the temporary di\ufb00erences can be utilised.
\n
Deferred income tax assets and liabilities are o\ufb00set when there is a legally
\n
enforceable right to o\ufb00set current tax assets against current tax liabilities and
\n
when the deferred income tax assets and liabilities relate to income tax levied by
\n
the same taxation authority on either the same taxable entity or di\ufb00erent taxable
\n
entities where there is an intention to settle the balances on a net basis.
\n
Where a temporary di\ufb00erence arises between the tax base of employee share
\n
options and their carrying value, a deferred tax asset is recognised. To the
\n
extent that the future tax deduction matches the cumulative IFRS 2 expense,
\n
the associated deferred tax is recognised in the Consolidated Income Statement
\n
with any excess recognised directly in equity. To the extent that the current tax
\n
deduction upon exercise matches the cumulative IFRS 2 expense, the associated
\n
current tax is recognised in the Consolidated Income Statement and the excess of
\nthe associated current tax on exercise is recognised in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00460": { "value": "14.5 Deferred taxation \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Deferred tax assets
\u00a0 \u00a0
\u2013 Deferred tax asset to be recovered after more than
\u00a0 \u00a0
12 months
61.4
56.5
\u2013 Deferred tax asset to be recovered within 12 months
25.6
19.0
\u00a0
87.0
75.5
Deferred tax liabilities
\u00a0 \u00a0
\u2013 Deferred tax liability to be recovered after more than
\u00a0 \u00a0
12 months
(12.3)
(11.5)
\u2013 Deferred tax liability to be recovered within 12 months
(4.7)
(1.8)
\u00a0
(17.0)
(13.3)
Deferred tax asset \u2013 net
70.0
62.2
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January \u2013 net asset
62.2
55.3
Amount credited to the income statement
10.7
10.0
Tax charged to other comprehensive income
\u00a0 \u00a0
\u2013 De\ufb01ned bene\ufb01t pension scheme \u2013 actuarial losses
(0.9)
(2.9)
Tax (charged)/credited to reserves
\u00a0 \u00a0
\u2013 Employee bene\ufb01ts
(0.3)
0.3
\u2013 IFRS 16 initial lease recognition released to reserves
(0.3)
(0.2)
Additions through business combinations (Note 29)
(0.7)
0.8
Exchange movement
(0.7)
(1.1)
At 31 December \u2013 net asset
70.0
62.2
\n
Deferred tax assets have been recognised for tax loss carry-forwards and other
temporary di\ufb00erences in various entities in the Group. The largest amounts
recognised are in the German and US businesses. The utilisation of these losses in
both of these countries, while not time restricted, is dependent on the existence
of taxable pro\ufb01ts, which are expected to arise in future years. In assessing the
probability and time frame of recovery, management have reviewed the Group\u2019s
strategic plan. This plan anticipates increased pro\ufb01tability in both the US and
Germany in light of the continued recovery of those real estate markets, the results
of recent restructuring programs undertaken and the successful execution of the
global\u00a0strategy.
As at the reporting date the Group did not recognise deferred income tax assets of
\u00a35.0m (2024: \u00a33.4m) in respect of losses amounting to \u00a324.8m, which can be carried
forward inde\ufb01nitely against future taxable income (2024: \u00a315.5m, which can be
carried forward inde\ufb01nitely against future taxable income).
\n\n
The movement on the deferred tax account is shown below:
\n\n \n
Other
Accelerated
employee
Share-
capital
Provisions
bene\ufb01t
Tax
Retirement
based
allowances
and other*
obligations**
losses
bene\ufb01ts
payments
Total
Deferred tax assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2024
4.7
16.4
17.3
14.8
1.6
11.3
66.1
Reclassi\ufb01cations from/(to) deferred tax liabilities
\u2013
0.1
\u2013
\u2013
(0.2)
\u2013
(0.1)
Amount (charged)/credited to the income statement
(3.0)
0.1
7.4
3.1
\u2013
2.1
9.7
Amount charged to other comprehensive income
\u2013
\u2013
\u2013
\u2013
(0.2)
\u2013
(0.2)
Amount (charged)/credited to reserves
\u2013
(0.2)
\u2013
\u2013
\u2013
0.3
0.1
Additions through business combinations
\u2013
1.0
\u2013
\u2013
\u2013
\u2013
1.0
Exchange movement
\u2013
\u2013
(0.3)
(0.7)
(0.1)
\u2013
(1.1)
At 31 December 2024
1.7
17.4
24.4
17.2
1.1
13.7
75.5
Reclassi\ufb01cations (to)/from deferred tax liabilities
(0.9)
0.7
(1.5)
0.2
0.7
0.1
(0.7)
Amount credited/(charged) to the income statement
0.2
1.8
2.1
8.3
0.6
1.0
14.0
Amount charged to other comprehensive income
\u2013
\u2013
\u2013
\u2013
(0.5)
\u2013
(0.5)
Amount charged to reserves
\u2013
(0.3)
\u2013
\u2013
\u2013
(0.3)
(0.6)
Additions through business combinations (Note 29)
\u2013
0.2
\u2013
(0.1)
\u2013
\u2013
0.1
Exchange movement
\u2013
(0.5)
(0.9)
0.6
\u2013
\u2013
(0.8)
At 31 December 2025
1.0
19.3
24.1
26.2
1.9
14.5
87.0
Set-o\ufb00 of deferred tax liabilities pursuant to set-o\ufb00 provisions
(14.1)
Deferred tax asset at 31 December 2025 in the statement
of \ufb01nancial position
72.9
Deferred tax asset at 31 December 2024 in the statement
of \ufb01nancial position (net of \u00a310.7m set-o\ufb00)
64.8
\n
*
Provisions and other primarily includes deferred tax assets relating to accruals and provisions for expenses not deductible until paid.
\n
** Other employee bene\ufb01t obligations includes deferred tax assets relating to unpaid bonus accruals, holiday pay provisions, long service leave provisions and other deferred compensation accruals.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Other
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Accelerated
\u00a0
employee
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
capital
Provisions
bene\ufb01t
Retirement
\u00a0
Intangible
\u00a0
\u00a0
allowances
and other*
obligations**
bene\ufb01ts
Revaluations
assets
Total
Deferred tax liabilities \u2013 Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
(0.8)
(1.6)
\u2013
\u2013
\u2013
(8.4)
(10.8)
Reclassi\ufb01cations (to)/from deferred tax assets
\u2013
(0.1)
\u2013
0.2
\u2013
\u2013
0.1
Tax (charged)/credited to the income statement
\u2013
(0.8)
\u2013
\u2013
\u2013
1.1
0.3
Tax charged to other comprehensive income
\u2013
\u2013
\u2013
(2.7)
\u2013
\u2013
(2.7)
Additions through business combinations
\u2013
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
At 31 December 2024
(0.8)
(2.5)
\u2013
(2.5)
\u2013
(7.5)
(13.3)
Reclassi\ufb01cations from/(to) deferred tax assets
1.1
(2.7)
2.3
\u2013
\u2013
\u2013
0.7
Tax (charged)/credited to the income statement
(1.6)
(0.2)
(2.2)
\u2013
(0.3)
1.0
(3.3)
Tax charged to other comprehensive income
\u2013
\u2013
\u2013
(0.4)
\u2013
\u2013
(0.4)
Additions through business combinations (Note 29)
\u2013
(0.2)
\u2013
\u2013
(0.5)
(0.1)
(0.8)
Exchange movement
(0.1)
0.2
(0.1)
\u2013
\u2013
0.1
0.1
At 31 December 2025
(1.4)
(5.4)
\u2013
(2.9)
(0.8)
(6.5)
(17.0)
Set-o\ufb00 of deferred tax liabilities pursuant to set-o\ufb00 provisions
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
14.1
Deferred tax liabilities at 31 December 2025 in the statement of \ufb01nancial position
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(2.9)
Deferred tax liabilities at 31 December 2024 in the statement of \ufb01nancial position
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(net of \u00a310.7m set-o\ufb00)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(2.6)
Net deferred tax asset
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
68.6
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
62.2
\n
*
Provisions and other primarily includes deferred tax assets relating to accruals and provisions for expenses not deductible until paid.
** Other employee bene\ufb01t obligations includes deferred tax assets relating to unpaid bonus accruals, holiday pay provisions, long service leave provisions and other deferred compensation accruals.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00461": { "value": "15. Earnings per share
15.1 Basic and diluted earnings per share
Basic earnings per share (\u2018EPS\u2019) are based on the pro\ufb01t attributable to owners of the
Company and the weighted average number of ordinary shares in issue during the
year, excluding the weighted average number of ordinary shares held by the EBTs
(2025 closing: 7,490,723 shares, 2024 closing: 8,057,705 shares) and the Rabbi Trust
(2025 closing: 304,873 shares, 2024 closing: 821,163 shares).
For diluted earnings per share, the weighted average number of ordinary shares in
issue is adjusted to assume conversion of dilutive potential ordinary shares, being
the share options granted to employees where the exercise price is less than the
average market price of the Company\u2019s ordinary shares during the year and where
performance conditions have been met.
The earnings and the shares used in the calculations are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2025
2025
2024
2024
2024
\u00a0
Earnings
Shares
EPS
Earnings
Shares
EPS
\u00a0
\u00a3m
million
pence
\u00a3m
million
pence
Basic earnings per share
70.9
136.3
52.0
53.6
136.0
39.4
E\ufb00ect of additional shares
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
issuable under option
\u2013
7.5
(2.7)
\u2013
7.9
(2.2)
Diluted earnings per share
70.9
143.8
49.3
53.6
143.9
37.2
\n
15.2 Underlying basic and diluted earnings per share
Signi\ufb01cant judgement
See Note 11 for further information on the use of non-GAAP measures.
A reconciliation between GAAP and underlying measures are set out in the following
table (underlying basic earnings per share and underlying diluted earnings per share).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2025
2025
2024
2024
2024
\u00a0
Earnings
Shares
EPS
Earnings
Shares
EPS
\u00a0
\u00a3m
million
pence
\u00a3m
million
pence
Basic earnings per share
70.9
136.3
52.0
53.6
136.0
39.4
Amortisation of intangible
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
assets arising from business
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
combinations after tax
6.8
\u2013
5.0
7.0
\u2013
5.1
Exceptional impairments
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
after tax
4.0
\u2013
2.9
1.4
\u2013
1.0
Share-based payment
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
adjustment after tax
0.7
\u2013
0.5
(0.7)
\u2013
(0.5)
Pro\ufb01t on disposal of
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
subsidiaries after tax
(4.5)
\u2013
(3.3)
\u2013
\u2013
\u2013
Restructuring costs
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
after\u00a0tax
23.2
\u2013
17.0
14.1
\u2013
10.4
Transaction-related costs
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
after tax
3.5
\u2013
2.6
15.6
\u2013
11.5
Fair value gain step
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
acquisition of subsidiaries
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
previously classi\ufb01ed
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
as\u00a0associates
\u2013
\u2013
\u2013
(4.4)
\u2013
(3.2)
Fair value loss on
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
transaction-related options
0.7
\u2013
0.5
3.4
\u2013
2.5
Underlying basic earnings
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
per share
105.3
136.3
77.2
90.0
136.0
66.2
E\ufb00ect of additional shares
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
issuable under option
\u2013
7.5
(3.9)
\u2013
7.9
(3.7)
Underlying diluted
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
earnings per share
105.3
143.8
73.3
90.0
143.9
62.5
\n
Refer to Note 11 for the gross amounts of the above adjustments and a reconciliation
between reported pro\ufb01t before tax and underlying pro\ufb01t before tax, alongside
further details on each of the adjustments.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00462": { "value": "16. Dividends
Material accounting policies that apply to dividends
Dividend distributions are recognised as a liability in the Group\u2019s \ufb01nancial statements
in the period in which they are approved by the Company\u2019s Shareholders.
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Amounts recognised as distribution to equity holders
\u00a0 \u00a0
in the year:
\u00a0 \u00a0
In respect of the previous year
\u00a0 \u00a0
Ordinary \ufb01nal dividend of 14.5p per share (2023: 13.9p)
19.5
18.8
Supplemental interim dividend of 8.6p per share (2023: 2.0p)
11.6
2.8
In respect of the current year
\u00a0 \u00a0
Interim dividend of 7.4p per share (2024: 7.1p)
10.1
9.6
\u00a0
41.2
31.2
\n
The Group paid \u00a32.0m (2024: \u00a32.6m) of dividends to non-controlling interests.
Under the terms of the Savills plc 1992 Employee Bene\ufb01t Trust and the Savills plc
2025 Employee Bene\ufb01t Trust (the \u2018EBTs\u2019), the Trustees have waived their dividend
entitlement for all shares held by the Trust. The dividends paid to the Rabbi Trust are
eliminated upon Group consolidation, as a result the dividends paid by the Group and
the Company are not equal.
The Board recommends a \ufb01nal dividend of 15.7p per ordinary share (amounting to
\u00a321.8m), alongside the supplemental interim dividend of 10.7p per ordinary share
(amounting to \u00a314.8m), to be paid on 18 May 2026 to Shareholders on the register
at\u00a010 April 2026. These \ufb01nancial statements do not re\ufb02ect this dividend payable.
The total paid and recommended ordinary and supplemental dividend for the 2025
\ufb01nancial year comprises an aggregate distribution of 33.8p per ordinary share
(2024:\u00a030.2p per ordinary share).", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00522": { "value": "Material accounting policies that apply to dividends
Dividend distributions are recognised as a liability in the Group\u2019s \ufb01nancial statements
in the period in which they are approved by the Company\u2019s Shareholders.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00463": { "value": "0.338", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "0.302", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "value": "17. Goodwill and intangible assets
Material accounting policies that apply to goodwill and
intangible assets
Goodwill
Goodwill represents the excess of the cost of acquisition of a subsidiary or
associate over the Group\u2019s share of the fair value of identi\ufb01able net
assets\u00a0acquired.
Goodwill is carried at cost less accumulated impairment losses. Separately
recognised goodwill is tested annually for impairment, or more frequently if events
or changes in circumstances indicate potential impairment. An impairment loss is
recognised for the amount by which the carrying value exceeds the recoverable
amount. The recoverable amount is the higher of value-in-use and fair value less
costs of disposal. Impairment losses on goodwill are not reversed.
Goodwill is allocated to cash-generating units for the purpose of impairment
testing. The allocation is made to those cash-generating units (\u2018CGUs\u2019) or groups
of CGUs that are expected to bene\ufb01t from the business combination in which the
goodwill arose. The Group allocates goodwill to each business segment in the
geographical region in which it operates.
Gains and losses on the disposal of an entity include the carrying amount of
goodwill relating to the entity sold.
In respect of associates and joint ventures, goodwill is included in the carrying
value of the investment and is not tested for impairment separately.
Material accounting policies that apply to goodwill and
intangible assets
Intangible assets other than goodwill
Intangible assets arising from business combinations and incremental contract
costs are valued at fair value on acquisition and amortised over the useful
life. Fair\u00a0value on acquisition is determined by third-party valuation where the
acquisition is signi\ufb01cant.
Acquired computer software licences are capitalised on the basis of the costs
incurred to acquire and bring to use the speci\ufb01c software. Costs associated
with maintaining computer software programmes are recognised as an expense
as\u00a0incurred.
Measurement subsequent to initial recognition is at cost less accumulated
amortisation and impairment.
Amortisation charges are spread on a straight-line basis over the period of the
assets\u2019 estimated useful lives as follows:
Customer relationships
3\u201315 years
Order backlogs
2\u20134 years
Contracts \u2013 investment, property management and other
\u00a0
existing\u00a0business contracts
2\u201320 years
Brands
10 years
Computer software
3\u20137 years
\n
Acquired investment management contracts relating to open-ended funds have
been attributed inde\ufb01nite useful lives, re\ufb02ecting the open-ended nature of the
funds, the Group\u2019s intention to continue with the management of the funds and
the expectation that these contracts are expected to generate net cash in\ufb02ows
for\u00a0the Group.
Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite useful lives are not subject to amortisation or
depreciation and are tested annually for impairment or whenever an indicator
of impairment exists. Assets that are subject to amortisation or depreciation
are reviewed for impairment whenever an indicator of impairment exists. An
impairment loss is recognised to the extent that the carrying value exceeds
the higher of the asset\u2019s fair value less cost to sell and its value-in-use. Prior
impairments of non-\ufb01nancial assets (other than goodwill) are reviewed for
possible\u00a0reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an
appropriate discount rate to re\ufb02ect market rates and speci\ufb01c risks associated
with\u00a0the asset.
For the purposes of assessing impairment, assets are grouped at the lowest
levels for which there are separately identi\ufb01able cash \ufb02ows (CGUs). Where it
is not possible to estimate the recoverable amount of an individual asset, the
Group estimates the recoverable amount of the cash-generating unit to which
the\u00a0asset\u00a0belongs.
Critical accounting estimates made in reviewing goodwill
for impairment
The Group tests goodwill for impairment on an annual basis by comparing the
carrying value of these assets with the value-in-use calculations of the relevant
CGUs. Within this process, the Group makes a number of key assumptions
including discount rates, terminal growth rates and forecast cash \ufb02ows. The
assumptions impact the recoverability of goodwill and the requirement for
impairment charges in the income statement. Additional information is within this
note, which highlights the critical estimates applied in the value-in-use calculations
for those CGUs that are considered most sensitive to changes in key assumptions
and the sensitivity of these critical estimates.
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
517.7
43.5
59.7
3.5
6.3
53.4
684.1
Additions through business combinations (Note 29)
17.2
2.0
\u2013
0.3
0.4
0.1
20.0
Other additions
\u2013
0.2
\u2013
\u2013
\u2013
5.1
5.3
Disposal of subsidiaries
(1.0)
\u2013
\u2013
\u2013
\u2013
(0.1)
(1.1)
Disposals
\u2013
\u2013
(3.9)
\u2013
\u2013
(0.5)
(4.4)
Exchange movement
(9.4)
(0.6)
(0.2)
0.1
0.1
(0.8)
(10.8)
At 31 December 2025
524.5
45.1
55.6
3.9
6.8
57.2
693.1
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
58.7
31.8
41.9
3.3
2.8
34.8
173.3
Amortisation charge for the year
\u2013
2.6
5.7
0.2
0.3
7.0
15.8
Impairment
2.2
\u2013
0.8
\u2013
\u2013
\u2013
3.0
Disposals
\u2013
\u2013
(3.8)
\u2013
\u2013
(0.5)
(4.3)
Exchange movement
(0.2)
(0.2)
(0.2)
\u2013
\u2013
(0.2)
(0.8)
At 31 December 2025
60.7
34.2
44.4
3.5
3.1
41.1
187.0
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
463.8
10.9
11.2
0.4
3.7
16.1
506.1
\n
During the year, goodwill and intangible assets were tested for impairment in accordance with IAS 36. A total impairment charge of \u00a33.0m was recognised against the Savills
Investment Management UK Build-to-Rent (\u2018BTR\u2019) CGU, following the departure of the majority of the team in the period (2024: \u00a31.9m impairment charge relating to the
Indonesia CGU). The impairment charge was allocated against the Investment Management segment (2024: allocated against Transaction Advisory \u00a31.4m, Consultancy \u00a30.4m,
Property and Facilities Management \u00a30.1m).
The carrying amount of intangible assets with inde\ufb01nite useful lives totals \u00a32.0m as at 31 December 2025 (2024: \u00a32.0m), which consists of investment management contracts
in relation to open-ended funds.
Investment and property management contracts includes the investment management contract asset identi\ufb01ed on the acquisition of DRC in May 2021. This intangible asset is
amortised over six years, with the amortisation period ending in May 2027. The carrying value of this intangible asset as at 31 December 2025 totals \u00a34.2m (2024: \u00a37.1m).
All intangible amortisation charges in the year are disclosed on the face of the income statement.
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
501.2
43.6
59.2
3.6
4.6
45.4
657.6
Additions through business combinations (Note 28)
20.1
\u2013
1.2
\u2013
1.7
\u2013
23.0
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
9.1
9.1
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(3.6)
(0.1)
(0.7)
(0.1)
\u2013
(0.3)
(4.8)
At 31 December 2024
517.7
43.5
59.7
3.5
6.3
53.4
684.1
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
57.6
28.9
36.9
3.3
2.5
29.0
158.2
Amortisation charge for the year
\u2013
3.1
5.7
0.1
0.3
6.9
16.1
Impairment
1.9
\u2013
\u2013
\u2013
\u2013
\u2013
1.9
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(0.8)
(0.2)
(0.7)
(0.1)
\u2013
(0.3)
(2.1)
At 31 December 2024
58.7
31.8
41.9
3.3
2.8
34.8
173.3
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
459.0
11.7
17.8
0.2
3.5
18.6
510.8
Goodwill and inde\ufb01nite life intangible assets are allocated to the Group\u2019s cash-generating units (\u2018CGUs\u2019) identi\ufb01ed according to country of operation and business segment.
\n
In most cases, the CGU is an individual subsidiary or operation. Where there are multiple CGUs in a country, these CGUs have been grouped to an extent which represent
\n
the lowest level at which goodwill is internally monitored and tested for impairment annually. A segment-level summary of the allocation of goodwill and inde\ufb01nite useful life
\n
intangible assets is presented below:
\n\n \n
Property and
Inde\ufb01nite life
Transaction
Facilities
Investment
intangible
Advisory
Consultancy
Management
Management
Total
Goodwill
assets*
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
EMEA
110.6
33.3
49.3
34.7
227.9
225.9
2.0
Asia Paci\ufb01c
15.6
13.4
47.4
1.4
77.8
77.8
\u2013
North America
147.9
12.2
\u2013
\u2013
160.1
160.1
\u2013
Total goodwill and inde\ufb01nite life intangible assets
274.1
58.9
96.7
36.1
465.8
463.8
2.0
\n\n \n
Property and
Inde\ufb01nite life
Transaction
Facilities
Investment
intangible
Advisory
Consultancy
Management
Management
Total
Goodwill
assets*
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
EMEA
103.7
32.3
51.8
36.8
224.6
222.6
2.0
Asia Paci\ufb01c
16.1
13.4
37.0
1.4
67.9
67.9
\u2013
North America
158.7
9.8
\u2013
\u2013
168.5
168.5
\u2013
Total goodwill and inde\ufb01nite life intangible assets
278.5
55.5
88.8
38.2
461.0
459.0
2.0
\n
*
Inde\ufb01nite life intangible assets relate to investment management contracts.
17.1 Method of impairment testing
Goodwill values have been tested for impairment by comparing them against the
\u2018value-in-use\u2019 in perpetuity of the relevant CGU group. The value-in-use calculations
were based on projected pre-tax cash \ufb02ows, derived from latest \ufb01nancial budgets
and strategic plans covering a \ufb01ve-year period, prepared by management and
approved by the Board. Cash \ufb02ows beyond this are extrapolated using perpetuity
growth rates. These projected cash \ufb02ows were discounted at CGU-speci\ufb01c, risk
adjusted, discount rates to calculate their net present value.
17.2 Key assumptions
The calculation of value-in-use is most sensitive to the following assumptions:
(a) CGU-speci\ufb01c operating assumptions
CGU-speci\ufb01c operating assumptions are applicable to the forecasted cash \ufb02ows
for the years 2026 to 2030 and relate to revenue forecasts and underlying pro\ufb01t
margins in each of the operating CGUs. The value ascribed to each assumption will
vary between CGUs as the forecasts are built up from the underlying business units
within\u00a0each CGU group.
(b) Discount rate
Future cash \ufb02ows are discounted using a pre-tax discount rate that re\ufb02ects current
market assessments of the time value of money. The discount rate used in each CGU
is adjusted for the risk speci\ufb01c to the asset, including the countries in which cash \ufb02ow
will be generated, for which the future cash \ufb02ow estimates have not been adjusted.
The pre-tax discount rates have been derived using a post-tax weighted average cost
of capital (\u2018WACC\u2019) methodology. Key inputs to the WACC calculation are the risk-
free rate, the equity market risk premium, beta, the average borrowing rate (cost of
debt) and the country-speci\ufb01c risk premium.
The risk-adjusted discount range of rates used in each region for impairment testing
are as follows:
\u00a0
2025
2024
\u00a0
Discount rate
Discount rate
\u00a0
range
range
United Kingdom
12.8%
12.8%
Continental Europe
10.8% \u2013 15.1%
10.5% \u2013 15.0%
Asia Paci\ufb01c
10.8% \u2013 15.5%
10.8% \u2013 15.4%
North America
12.2% \u2013 13.0%
12.1% \u2013 12.6%
Middle East
12.3%
12.3%
\n
(c) Perpetuity growth rates
A terminal value was calculated using perpetuity growth rates in order to forecast
beyond the \ufb01ve years covered by detailed forecasts. The rates are based on
management\u2019s estimate of long-term growth rates in the countries in which the
Group operates. The perpetuity growth rates used in each region for impairment
testing are as follows:
\u00a0
2025
2024
\u00a0
Long-term
Long-term
\u00a0
growth rate
growth rate
\u00a0
range
range
United Kingdom
1.4%
1.4%
Continental Europe
0.7% \u2013 2.8%
0.7% \u2013 3.1%
Asia Paci\ufb01c
0.6% \u2013 6.4%
0.6% \u2013 6.5%
North America
1.7% \u2013 2.0%
1.8% \u2013 2.1%
Middle East
4.2%
4.5%
17.3 Sensitivity to changes in assumptions
The Savills Investment Management UK BTR CGU goodwill balance was fully
impaired during the year (2024: \u00a3nil), resulting in a \u00a33.0m total impairment charge
to the income statement (\u00a32.2m of goodwill and \u00a30.8m of intangible assets). The
impairment was recognised following the departure of the majority of the team
during the year.
Management have determined that there has been no impairment to the other CGUs
within the Group. This assessment is a re\ufb02ection of best estimates in arriving at value-
in-use, future growth rates and the discount rate applied to cash \ufb02ow projections.
The US and Riviera CGUs were identi\ufb01ed as the material CGUs that are considered to
be sensitive to changes in key assumptions, but for which no impairment charge was
considered to be required at 31 December 2025.
The key assumptions applied to the US CGU relate to the average underlying pro\ufb01t
margin of 7.0% and average revenue growth of 9.4% over the \ufb01ve-year forecast
period. The headroom in the value-in-use model for this CGU of \u00a3113.7m (49%)
would be reduced to nil if the average underlying pro\ufb01t margin decreased to 4.6%
(assuming no change in revenue assumptions) or the average revenue growth
decreased to 6.7% (assuming variable costs changed in proportion to the change
in\u00a0revenue). In the Riviera CGU, the key assumptions relate to the average underlying
pro\ufb01t margin of 14.8% and average revenue growth of 8.4% over the \ufb01ve year forecast
period. The headroom in the value-in-use model for this CGU of \u00a31.3m (12%) would be
reduced to nil if the average underlying pro\ufb01t margin decreased to 13.7% (assuming
no change in revenue assumptions) or the average revenue growth decreased to
7.2%\u00a0(assuming variable costs changed in proportion to the change in revenue). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00523": { "value": "Material accounting policies that apply to goodwill and
intangible assets
Goodwill
Goodwill represents the excess of the cost of acquisition of a subsidiary or
associate over the Group\u2019s share of the fair value of identi\ufb01able net
assets\u00a0acquired.
Goodwill is carried at cost less accumulated impairment losses. Separately
recognised goodwill is tested annually for impairment, or more frequently if events
or changes in circumstances indicate potential impairment. An impairment loss is
recognised for the amount by which the carrying value exceeds the recoverable
amount. The recoverable amount is the higher of value-in-use and fair value less
costs of disposal. Impairment losses on goodwill are not reversed.
Goodwill is allocated to cash-generating units for the purpose of impairment
testing. The allocation is made to those cash-generating units (\u2018CGUs\u2019) or groups
of CGUs that are expected to bene\ufb01t from the business combination in which the
goodwill arose. The Group allocates goodwill to each business segment in the
geographical region in which it operates.
Gains and losses on the disposal of an entity include the carrying amount of
goodwill relating to the entity sold.
In respect of associates and joint ventures, goodwill is included in the carrying
value of the investment and is not tested for impairment separately.
Material accounting policies that apply to goodwill and
intangible assets
Intangible assets other than goodwill
Intangible assets arising from business combinations and incremental contract
costs are valued at fair value on acquisition and amortised over the useful
life. Fair\u00a0value on acquisition is determined by third-party valuation where the
acquisition is signi\ufb01cant.
Acquired computer software licences are capitalised on the basis of the costs
incurred to acquire and bring to use the speci\ufb01c software. Costs associated
with maintaining computer software programmes are recognised as an expense
as\u00a0incurred.
Measurement subsequent to initial recognition is at cost less accumulated
amortisation and impairment.
Amortisation charges are spread on a straight-line basis over the period of the
assets\u2019 estimated useful lives as follows:
Customer relationships
3\u201315 years
Order backlogs
2\u20134 years
Contracts \u2013 investment, property management and other
\u00a0
existing\u00a0business contracts
2\u201320 years
Brands
10 years
Computer software
3\u20137 years
\n
Acquired investment management contracts relating to open-ended funds have
been attributed inde\ufb01nite useful lives, re\ufb02ecting the open-ended nature of the
funds, the Group\u2019s intention to continue with the management of the funds and
the expectation that these contracts are expected to generate net cash in\ufb02ows
for\u00a0the Group.
Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite useful lives are not subject to amortisation or
depreciation and are tested annually for impairment or whenever an indicator
of impairment exists. Assets that are subject to amortisation or depreciation
are reviewed for impairment whenever an indicator of impairment exists. An
impairment loss is recognised to the extent that the carrying value exceeds
the higher of the asset\u2019s fair value less cost to sell and its value-in-use. Prior
impairments of non-\ufb01nancial assets (other than goodwill) are reviewed for
possible\u00a0reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an
appropriate discount rate to re\ufb02ect market rates and speci\ufb01c risks associated
with\u00a0the asset.
For the purposes of assessing impairment, assets are grouped at the lowest
levels for which there are separately identi\ufb01able cash \ufb02ows (CGUs). Where it
is not possible to estimate the recoverable amount of an individual asset, the
Group estimates the recoverable amount of the cash-generating unit to which
the\u00a0asset\u00a0belongs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00524": { "value": "Material accounting policies that apply to goodwill and intangible assets Intangible assets other than goodwill
Intangible assets arising from business combinations and incremental contract
costs are valued at fair value on acquisition and amortised over the useful
life. Fair\u00a0value on acquisition is determined by third-party valuation where the
acquisition is signi\ufb01cant.
Acquired computer software licences are capitalised on the basis of the costs
incurred to acquire and bring to use the speci\ufb01c software. Costs associated
with maintaining computer software programmes are recognised as an expense
as\u00a0incurred.
Measurement subsequent to initial recognition is at cost less accumulated
amortisation and impairment.
Amortisation charges are spread on a straight-line basis over the period of the
assets\u2019 estimated useful lives as follows:
Customer relationships
3\u201315 years
Order backlogs
2\u20134 years
Contracts \u2013 investment, property management and other
\u00a0
existing\u00a0business contracts
2\u201320 years
Brands
10 years
Computer software
3\u20137 years
\n
Acquired investment management contracts relating to open-ended funds have
been attributed inde\ufb01nite useful lives, re\ufb02ecting the open-ended nature of the
funds, the Group\u2019s intention to continue with the management of the funds and
the expectation that these contracts are expected to generate net cash in\ufb02ows
for\u00a0the Group.
Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite useful lives are not subject to amortisation or
depreciation and are tested annually for impairment or whenever an indicator
of impairment exists. Assets that are subject to amortisation or depreciation
are reviewed for impairment whenever an indicator of impairment exists. An
impairment loss is recognised to the extent that the carrying value exceeds
the higher of the asset\u2019s fair value less cost to sell and its value-in-use. Prior
impairments of non-\ufb01nancial assets (other than goodwill) are reviewed for
possible\u00a0reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an
appropriate discount rate to re\ufb02ect market rates and speci\ufb01c risks associated
with\u00a0the asset.
For the purposes of assessing impairment, assets are grouped at the lowest
levels for which there are separately identi\ufb01able cash \ufb02ows (CGUs). Where it
is not possible to estimate the recoverable amount of an individual asset, the
Group estimates the recoverable amount of the cash-generating unit to which
the\u00a0asset\u00a0belongs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00525": { "value": "Material accounting policies that apply to goodwill and
intangible assets
Goodwill
Goodwill represents the excess of the cost of acquisition of a subsidiary or
associate over the Group\u2019s share of the fair value of identi\ufb01able net
assets\u00a0acquired.
Goodwill is carried at cost less accumulated impairment losses. Separately
recognised goodwill is tested annually for impairment, or more frequently if events
or changes in circumstances indicate potential impairment. An impairment loss is
recognised for the amount by which the carrying value exceeds the recoverable
amount. The recoverable amount is the higher of value-in-use and fair value less
costs of disposal. Impairment losses on goodwill are not reversed.
Goodwill is allocated to cash-generating units for the purpose of impairment
testing. The allocation is made to those cash-generating units (\u2018CGUs\u2019) or groups
of CGUs that are expected to bene\ufb01t from the business combination in which the
goodwill arose. The Group allocates goodwill to each business segment in the
geographical region in which it operates.
Gains and losses on the disposal of an entity include the carrying amount of
goodwill relating to the entity sold.
In respect of associates and joint ventures, goodwill is included in the carrying
value of the investment and is not tested for impairment separately.Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite useful lives are not subject to amortisation or
depreciation and are tested annually for impairment or whenever an indicator
of impairment exists. Assets that are subject to amortisation or depreciation
are reviewed for impairment whenever an indicator of impairment exists. An
impairment loss is recognised to the extent that the carrying value exceeds
the higher of the asset\u2019s fair value less cost to sell and its value-in-use. Prior
impairments of non-\ufb01nancial assets (other than goodwill) are reviewed for
possible\u00a0reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an
appropriate discount rate to re\ufb02ect market rates and speci\ufb01c risks associated
with\u00a0the asset.
For the purposes of assessing impairment, assets are grouped at the lowest
levels for which there are separately identi\ufb01able cash \ufb02ows (CGUs). Where it
is not possible to estimate the recoverable amount of an individual asset, the
Group estimates the recoverable amount of the cash-generating unit to which
the\u00a0asset\u00a0belongs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00467": { "value": "Goodwill
Goodwill represents the excess of the cost of acquisition of a subsidiary or
associate over the Group\u2019s share of the fair value of identi\ufb01able net
assets\u00a0acquired.
Goodwill is carried at cost less accumulated impairment losses. Separately
recognised goodwill is tested annually for impairment, or more frequently if events
or changes in circumstances indicate potential impairment. An impairment loss is
recognised for the amount by which the carrying value exceeds the recoverable
amount. The recoverable amount is the higher of value-in-use and fair value less
costs of disposal. Impairment losses on goodwill are not reversed.
Goodwill is allocated to cash-generating units for the purpose of impairment
testing. The allocation is made to those cash-generating units (\u2018CGUs\u2019) or groups
of CGUs that are expected to bene\ufb01t from the business combination in which the
goodwill arose. The Group allocates goodwill to each business segment in the
geographical region in which it operates.
Gains and losses on the disposal of an entity include the carrying amount of
goodwill relating to the entity sold.
In respect of associates and joint ventures, goodwill is included in the carrying
value of the investment and is not tested for impairment separately.Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite useful lives are not subject to amortisation or
depreciation and are tested annually for impairment or whenever an indicator
of impairment exists. Assets that are subject to amortisation or depreciation
are reviewed for impairment whenever an indicator of impairment exists. An
impairment loss is recognised to the extent that the carrying value exceeds
the higher of the asset\u2019s fair value less cost to sell and its value-in-use. Prior
impairments of non-\ufb01nancial assets (other than goodwill) are reviewed for
possible\u00a0reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an
appropriate discount rate to re\ufb02ect market rates and speci\ufb01c risks associated
with\u00a0the asset.
For the purposes of assessing impairment, assets are grouped at the lowest
levels for which there are separately identi\ufb01able cash \ufb02ows (CGUs). Where it
is not possible to estimate the recoverable amount of an individual asset, the
Group estimates the recoverable amount of the cash-generating unit to which
the\u00a0asset\u00a0belongs.
Critical accounting estimates made in reviewing goodwill
for impairment
The Group tests goodwill for impairment on an annual basis by comparing the
carrying value of these assets with the value-in-use calculations of the relevant
CGUs. Within this process, the Group makes a number of key assumptions
including discount rates, terminal growth rates and forecast cash \ufb02ows. The
assumptions impact the recoverability of goodwill and the requirement for
impairment charges in the income statement. Additional information is within this
note, which highlights the critical estimates applied in the value-in-use calculations
for those CGUs that are considered most sensitive to changes in key assumptions
and the sensitivity of these critical estimates.
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
517.7
43.5
59.7
3.5
6.3
53.4
684.1
Additions through business combinations (Note 29)
17.2
2.0
\u2013
0.3
0.4
0.1
20.0
Other additions
\u2013
0.2
\u2013
\u2013
\u2013
5.1
5.3
Disposal of subsidiaries
(1.0)
\u2013
\u2013
\u2013
\u2013
(0.1)
(1.1)
Disposals
\u2013
\u2013
(3.9)
\u2013
\u2013
(0.5)
(4.4)
Exchange movement
(9.4)
(0.6)
(0.2)
0.1
0.1
(0.8)
(10.8)
At 31 December 2025
524.5
45.1
55.6
3.9
6.8
57.2
693.1
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
58.7
31.8
41.9
3.3
2.8
34.8
173.3
Amortisation charge for the year
\u2013
2.6
5.7
0.2
0.3
7.0
15.8
Impairment
2.2
\u2013
0.8
\u2013
\u2013
\u2013
3.0
Disposals
\u2013
\u2013
(3.8)
\u2013
\u2013
(0.5)
(4.3)
Exchange movement
(0.2)
(0.2)
(0.2)
\u2013
\u2013
(0.2)
(0.8)
At 31 December 2025
60.7
34.2
44.4
3.5
3.1
41.1
187.0
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
463.8
10.9
11.2
0.4
3.7
16.1
506.1
\n
During the year, goodwill and intangible assets were tested for impairment in accordance with IAS 36. A total impairment charge of \u00a33.0m was recognised against the Savills
Investment Management UK Build-to-Rent (\u2018BTR\u2019) CGU, following the departure of the majority of the team in the period (2024: \u00a31.9m impairment charge relating to the
Indonesia CGU). The impairment charge was allocated against the Investment Management segment (2024: allocated against Transaction Advisory \u00a31.4m, Consultancy \u00a30.4m,
Property and Facilities Management \u00a30.1m).
The carrying amount of intangible assets with inde\ufb01nite useful lives totals \u00a32.0m as at 31 December 2025 (2024: \u00a32.0m), which consists of investment management contracts
in relation to open-ended funds.
Investment and property management contracts includes the investment management contract asset identi\ufb01ed on the acquisition of DRC in May 2021. This intangible asset is
amortised over six years, with the amortisation period ending in May 2027. The carrying value of this intangible asset as at 31 December 2025 totals \u00a34.2m (2024: \u00a37.1m).
All intangible amortisation charges in the year are disclosed on the face of the income statement.
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
501.2
43.6
59.2
3.6
4.6
45.4
657.6
Additions through business combinations (Note 28)
20.1
\u2013
1.2
\u2013
1.7
\u2013
23.0
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
9.1
9.1
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(3.6)
(0.1)
(0.7)
(0.1)
\u2013
(0.3)
(4.8)
At 31 December 2024
517.7
43.5
59.7
3.5
6.3
53.4
684.1
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
57.6
28.9
36.9
3.3
2.5
29.0
158.2
Amortisation charge for the year
\u2013
3.1
5.7
0.1
0.3
6.9
16.1
Impairment
1.9
\u2013
\u2013
\u2013
\u2013
\u2013
1.9
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(0.8)
(0.2)
(0.7)
(0.1)
\u2013
(0.3)
(2.1)
At 31 December 2024
58.7
31.8
41.9
3.3
2.8
34.8
173.3
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
459.0
11.7
17.8
0.2
3.5
18.6
510.8
\n
Goodwill and inde\ufb01nite life intangible assets are allocated to the Group\u2019s cash-generating units (\u2018CGUs\u2019) identi\ufb01ed according to country of operation and business segment.
\n
In most cases, the CGU is an individual subsidiary or operation. Where there are multiple CGUs in a country, these CGUs have been grouped to an extent which represent
\n
the lowest level at which goodwill is internally monitored and tested for impairment annually. A segment-level summary of the allocation of goodwill and inde\ufb01nite useful life
\n
intangible assets is presented below:
\n\n \n
Property and
Inde\ufb01nite life
Transaction
Facilities
Investment
intangible
Advisory
Consultancy
Management
Management
Total
Goodwill
assets*
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
EMEA
110.6
33.3
49.3
34.7
227.9
225.9
2.0
Asia Paci\ufb01c
15.6
13.4
47.4
1.4
77.8
77.8
\u2013
North America
147.9
12.2
\u2013
\u2013
160.1
160.1
\u2013
Total goodwill and inde\ufb01nite life intangible assets
274.1
58.9
96.7
36.1
465.8
463.8
2.0
\n\n \n
Property and
Inde\ufb01nite life
Transaction
Facilities
Investment
intangible
Advisory
Consultancy
Management
Management
Total
Goodwill
assets*
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
EMEA
103.7
32.3
51.8
36.8
224.6
222.6
2.0
Asia Paci\ufb01c
16.1
13.4
37.0
1.4
67.9
67.9
\u2013
North America
158.7
9.8
\u2013
\u2013
168.5
168.5
\u2013
Total goodwill and inde\ufb01nite life intangible assets
278.5
55.5
88.8
38.2
461.0
459.0
2.0
\n
*
Inde\ufb01nite life intangible assets relate to investment management contracts.
17.1 Method of impairment testing
Goodwill values have been tested for impairment by comparing them against the
\u2018value-in-use\u2019 in perpetuity of the relevant CGU group. The value-in-use calculations
were based on projected pre-tax cash \ufb02ows, derived from latest \ufb01nancial budgets
and strategic plans covering a \ufb01ve-year period, prepared by management and
approved by the Board. Cash \ufb02ows beyond this are extrapolated using perpetuity
growth rates. These projected cash \ufb02ows were discounted at CGU-speci\ufb01c, risk
adjusted, discount rates to calculate their net present value.
17.2 Key assumptions
The calculation of value-in-use is most sensitive to the following assumptions:
(a) CGU-speci\ufb01c operating assumptions
CGU-speci\ufb01c operating assumptions are applicable to the forecasted cash \ufb02ows
for the years 2026 to 2030 and relate to revenue forecasts and underlying pro\ufb01t
margins in each of the operating CGUs. The value ascribed to each assumption will
vary between CGUs as the forecasts are built up from the underlying business units
within\u00a0each CGU group.
(b) Discount rate
Future cash \ufb02ows are discounted using a pre-tax discount rate that re\ufb02ects current
market assessments of the time value of money. The discount rate used in each CGU
is adjusted for the risk speci\ufb01c to the asset, including the countries in which cash \ufb02ow
will be generated, for which the future cash \ufb02ow estimates have not been adjusted.
The pre-tax discount rates have been derived using a post-tax weighted average cost
of capital (\u2018WACC\u2019) methodology. Key inputs to the WACC calculation are the risk-
free rate, the equity market risk premium, beta, the average borrowing rate (cost of
debt) and the country-speci\ufb01c risk premium.
The risk-adjusted discount range of rates used in each region for impairment testing
are as follows:
\u00a0
2025
2024
\u00a0
Discount rate
Discount rate
\u00a0
range
range
United Kingdom
12.8%
12.8%
Continental Europe
10.8% \u2013 15.1%
10.5% \u2013 15.0%
Asia Paci\ufb01c
10.8% \u2013 15.5%
10.8% \u2013 15.4%
North America
12.2% \u2013 13.0%
12.1% \u2013 12.6%
Middle East
12.3%
12.3%
\n
(c) Perpetuity growth rates
A terminal value was calculated using perpetuity growth rates in order to forecast
beyond the \ufb01ve years covered by detailed forecasts. The rates are based on
management\u2019s estimate of long-term growth rates in the countries in which the
Group operates. The perpetuity growth rates used in each region for impairment
testing are as follows:
\u00a0
2025
2024
\u00a0
Long-term
Long-term
\u00a0
growth rate
growth rate
\u00a0
range
range
United Kingdom
1.4%
1.4%
Continental Europe
0.7% \u2013 2.8%
0.7% \u2013 3.1%
Asia Paci\ufb01c
0.6% \u2013 6.4%
0.6% \u2013 6.5%
North America
1.7% \u2013 2.0%
1.8% \u2013 2.1%
Middle East
4.2%
4.5%
17.3 Sensitivity to changes in assumptions
The Savills Investment Management UK BTR CGU goodwill balance was fully
impaired during the year (2024: \u00a3nil), resulting in a \u00a33.0m total impairment charge
to the income statement (\u00a32.2m of goodwill and \u00a30.8m of intangible assets). The
impairment was recognised following the departure of the majority of the team
during the year.
Management have determined that there has been no impairment to the other CGUs
within the Group. This assessment is a re\ufb02ection of best estimates in arriving at value-
in-use, future growth rates and the discount rate applied to cash \ufb02ow projections.
The US and Riviera CGUs were identi\ufb01ed as the material CGUs that are considered to
be sensitive to changes in key assumptions, but for which no impairment charge was
considered to be required at 31 December 2025.
The key assumptions applied to the US CGU relate to the average underlying pro\ufb01t
margin of 7.0% and average revenue growth of 9.4% over the \ufb01ve-year forecast
period. The headroom in the value-in-use model for this CGU of \u00a3113.7m (49%)
would be reduced to nil if the average underlying pro\ufb01t margin decreased to 4.6%
(assuming no change in revenue assumptions) or the average revenue growth
decreased to 6.7% (assuming variable costs changed in proportion to the change
in\u00a0revenue). In the Riviera CGU, the key assumptions relate to the average underlying
pro\ufb01t margin of 14.8% and average revenue growth of 8.4% over the \ufb01ve year forecast
period. The headroom in the value-in-use model for this CGU of \u00a31.3m (12%) would be
reduced to nil if the average underlying pro\ufb01t margin decreased to 13.7% (assuming
no change in revenue assumptions) or the average revenue growth decreased to
7.2%\u00a0(assuming variable costs changed in proportion to the change in revenue). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00466": { "value": "Intangible assets other than goodwill
Intangible assets arising from business combinations and incremental contract
costs are valued at fair value on acquisition and amortised over the useful
life. Fair\u00a0value on acquisition is determined by third-party valuation where the
acquisition is signi\ufb01cant.
Acquired computer software licences are capitalised on the basis of the costs
incurred to acquire and bring to use the speci\ufb01c software. Costs associated
with maintaining computer software programmes are recognised as an expense
as\u00a0incurred.
Measurement subsequent to initial recognition is at cost less accumulated
amortisation and impairment.
Amortisation charges are spread on a straight-line basis over the period of the
assets\u2019 estimated useful lives as follows:
Customer relationships
3\u201315 years
Order backlogs
2\u20134 years
Contracts \u2013 investment, property management and other
\u00a0
existing\u00a0business contracts
2\u201320 years
Brands
10 years
Computer software
3\u20137 years
\n
Acquired investment management contracts relating to open-ended funds have
been attributed inde\ufb01nite useful lives, re\ufb02ecting the open-ended nature of the
funds, the Group\u2019s intention to continue with the management of the funds and
the expectation that these contracts are expected to generate net cash in\ufb02ows
for\u00a0the Group.
Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite useful lives are not subject to amortisation or
depreciation and are tested annually for impairment or whenever an indicator
of impairment exists. Assets that are subject to amortisation or depreciation
are reviewed for impairment whenever an indicator of impairment exists. An
impairment loss is recognised to the extent that the carrying value exceeds
the higher of the asset\u2019s fair value less cost to sell and its value-in-use. Prior
impairments of non-\ufb01nancial assets (other than goodwill) are reviewed for
possible\u00a0reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an
appropriate discount rate to re\ufb02ect market rates and speci\ufb01c risks associated
with\u00a0the asset.
For the purposes of assessing impairment, assets are grouped at the lowest
levels for which there are separately identi\ufb01able cash \ufb02ows (CGUs). Where it
is not possible to estimate the recoverable amount of an individual asset, the
Group estimates the recoverable amount of the cash-generating unit to which
the\u00a0asset\u00a0belongs.
Critical accounting estimates made in reviewing goodwill
for impairment
The Group tests goodwill for impairment on an annual basis by comparing the
carrying value of these assets with the value-in-use calculations of the relevant
CGUs. Within this process, the Group makes a number of key assumptions
including discount rates, terminal growth rates and forecast cash \ufb02ows. The
assumptions impact the recoverability of goodwill and the requirement for
impairment charges in the income statement. Additional information is within this
note, which highlights the critical estimates applied in the value-in-use calculations
for those CGUs that are considered most sensitive to changes in key assumptions
and the sensitivity of these critical estimates.
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
517.7
43.5
59.7
3.5
6.3
53.4
684.1
Additions through business combinations (Note 29)
17.2
2.0
\u2013
0.3
0.4
0.1
20.0
Other additions
\u2013
0.2
\u2013
\u2013
\u2013
5.1
5.3
Disposal of subsidiaries
(1.0)
\u2013
\u2013
\u2013
\u2013
(0.1)
(1.1)
Disposals
\u2013
\u2013
(3.9)
\u2013
\u2013
(0.5)
(4.4)
Exchange movement
(9.4)
(0.6)
(0.2)
0.1
0.1
(0.8)
(10.8)
At 31 December 2025
524.5
45.1
55.6
3.9
6.8
57.2
693.1
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
58.7
31.8
41.9
3.3
2.8
34.8
173.3
Amortisation charge for the year
\u2013
2.6
5.7
0.2
0.3
7.0
15.8
Impairment
2.2
\u2013
0.8
\u2013
\u2013
\u2013
3.0
Disposals
\u2013
\u2013
(3.8)
\u2013
\u2013
(0.5)
(4.3)
Exchange movement
(0.2)
(0.2)
(0.2)
\u2013
\u2013
(0.2)
(0.8)
At 31 December 2025
60.7
34.2
44.4
3.5
3.1
41.1
187.0
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
463.8
10.9
11.2
0.4
3.7
16.1
506.1
\n
During the year, goodwill and intangible assets were tested for impairment in accordance with IAS 36. A total impairment charge of \u00a33.0m was recognised against the Savills
Investment Management UK Build-to-Rent (\u2018BTR\u2019) CGU, following the departure of the majority of the team in the period (2024: \u00a31.9m impairment charge relating to the
Indonesia CGU). The impairment charge was allocated against the Investment Management segment (2024: allocated against Transaction Advisory \u00a31.4m, Consultancy \u00a30.4m,
Property and Facilities Management \u00a30.1m).
The carrying amount of intangible assets with inde\ufb01nite useful lives totals \u00a32.0m as at 31 December 2025 (2024: \u00a32.0m), which consists of investment management contracts
in relation to open-ended funds.
Investment and property management contracts includes the investment management contract asset identi\ufb01ed on the acquisition of DRC in May 2021. This intangible asset is
amortised over six years, with the amortisation period ending in May 2027. The carrying value of this intangible asset as at 31 December 2025 totals \u00a34.2m (2024: \u00a37.1m).
All intangible amortisation charges in the year are disclosed on the face of the income statement.
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
501.2
43.6
59.2
3.6
4.6
45.4
657.6
Additions through business combinations (Note 28)
20.1
\u2013
1.2
\u2013
1.7
\u2013
23.0
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
9.1
9.1
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(3.6)
(0.1)
(0.7)
(0.1)
\u2013
(0.3)
(4.8)
At 31 December 2024
517.7
43.5
59.7
3.5
6.3
53.4
684.1
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
57.6
28.9
36.9
3.3
2.5
29.0
158.2
Amortisation charge for the year
\u2013
3.1
5.7
0.1
0.3
6.9
16.1
Impairment
1.9
\u2013
\u2013
\u2013
\u2013
\u2013
1.9
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(0.8)
(0.2)
(0.7)
(0.1)
\u2013
(0.3)
(2.1)
At 31 December 2024
58.7
31.8
41.9
3.3
2.8
34.8
173.3
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
459.0
11.7
17.8
0.2
3.5
18.6
510.8
\n
Goodwill and inde\ufb01nite life intangible assets are allocated to the Group\u2019s cash-generating units (\u2018CGUs\u2019) identi\ufb01ed according to country of operation and business segment.
\n
In most cases, the CGU is an individual subsidiary or operation. Where there are multiple CGUs in a country, these CGUs have been grouped to an extent which represent
\n
the lowest level at which goodwill is internally monitored and tested for impairment annually. A segment-level summary of the allocation of goodwill and inde\ufb01nite useful life
\n
intangible assets is presented below:
\n\n \n
Property and
Inde\ufb01nite life
Transaction
Facilities
Investment
intangible
Advisory
Consultancy
Management
Management
Total
Goodwill
assets*
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
EMEA
110.6
33.3
49.3
34.7
227.9
225.9
2.0
Asia Paci\ufb01c
15.6
13.4
47.4
1.4
77.8
77.8
\u2013
North America
147.9
12.2
\u2013
\u2013
160.1
160.1
\u2013
Total goodwill and inde\ufb01nite life intangible assets
274.1
58.9
96.7
36.1
465.8
463.8
2.0
\n\n \n
Property and
Inde\ufb01nite life
Transaction
Facilities
Investment
intangible
Advisory
Consultancy
Management
Management
Total
Goodwill
assets*
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
EMEA
103.7
32.3
51.8
36.8
224.6
222.6
2.0
Asia Paci\ufb01c
16.1
13.4
37.0
1.4
67.9
67.9
\u2013
North America
158.7
9.8
\u2013
\u2013
168.5
168.5
\u2013
Total goodwill and inde\ufb01nite life intangible assets
278.5
55.5
88.8
38.2
461.0
459.0
2.0
\n
*
Inde\ufb01nite life intangible assets relate to investment management contracts.
17.1 Method of impairment testing
Goodwill values have been tested for impairment by comparing them against the
\u2018value-in-use\u2019 in perpetuity of the relevant CGU group. The value-in-use calculations
were based on projected pre-tax cash \ufb02ows, derived from latest \ufb01nancial budgets
and strategic plans covering a \ufb01ve-year period, prepared by management and
approved by the Board. Cash \ufb02ows beyond this are extrapolated using perpetuity
growth rates. These projected cash \ufb02ows were discounted at CGU-speci\ufb01c, risk
adjusted, discount rates to calculate their net present value.
17.2 Key assumptions
The calculation of value-in-use is most sensitive to the following assumptions:
(a) CGU-speci\ufb01c operating assumptions
CGU-speci\ufb01c operating assumptions are applicable to the forecasted cash \ufb02ows
for the years 2026 to 2030 and relate to revenue forecasts and underlying pro\ufb01t
margins in each of the operating CGUs. The value ascribed to each assumption will
vary between CGUs as the forecasts are built up from the underlying business units
within\u00a0each CGU group.
(b) Discount rate
Future cash \ufb02ows are discounted using a pre-tax discount rate that re\ufb02ects current
market assessments of the time value of money. The discount rate used in each CGU
is adjusted for the risk speci\ufb01c to the asset, including the countries in which cash \ufb02ow
will be generated, for which the future cash \ufb02ow estimates have not been adjusted.
The pre-tax discount rates have been derived using a post-tax weighted average cost
of capital (\u2018WACC\u2019) methodology. Key inputs to the WACC calculation are the risk-
free rate, the equity market risk premium, beta, the average borrowing rate (cost of
debt) and the country-speci\ufb01c risk premium.
The risk-adjusted discount range of rates used in each region for impairment testing
are as follows:
\u00a0
2025
2024
\u00a0
Discount rate
Discount rate
\u00a0
range
range
United Kingdom
12.8%
12.8%
Continental Europe
10.8% \u2013 15.1%
10.5% \u2013 15.0%
Asia Paci\ufb01c
10.8% \u2013 15.5%
10.8% \u2013 15.4%
North America
12.2% \u2013 13.0%
12.1% \u2013 12.6%
Middle East
12.3%
12.3%
\n
(c) Perpetuity growth rates
A terminal value was calculated using perpetuity growth rates in order to forecast
beyond the \ufb01ve years covered by detailed forecasts. The rates are based on
management\u2019s estimate of long-term growth rates in the countries in which the
Group operates. The perpetuity growth rates used in each region for impairment
testing are as follows:
\u00a0
2025
2024
\u00a0
Long-term
Long-term
\u00a0
growth rate
growth rate
\u00a0
range
range
United Kingdom
1.4%
1.4%
Continental Europe
0.7% \u2013 2.8%
0.7% \u2013 3.1%
Asia Paci\ufb01c
0.6% \u2013 6.4%
0.6% \u2013 6.5%
North America
1.7% \u2013 2.0%
1.8% \u2013 2.1%
Middle East
4.2%
4.5%
17.3 Sensitivity to changes in assumptions
The Savills Investment Management UK BTR CGU goodwill balance was fully
impaired during the year (2024: \u00a3nil), resulting in a \u00a33.0m total impairment charge
to the income statement (\u00a32.2m of goodwill and \u00a30.8m of intangible assets). The
impairment was recognised following the departure of the majority of the team
during the year.
Management have determined that there has been no impairment to the other CGUs
within the Group. This assessment is a re\ufb02ection of best estimates in arriving at value-
in-use, future growth rates and the discount rate applied to cash \ufb02ow projections.
The US and Riviera CGUs were identi\ufb01ed as the material CGUs that are considered to
be sensitive to changes in key assumptions, but for which no impairment charge was
considered to be required at 31 December 2025.
The key assumptions applied to the US CGU relate to the average underlying pro\ufb01t
margin of 7.0% and average revenue growth of 9.4% over the \ufb01ve-year forecast
period. The headroom in the value-in-use model for this CGU of \u00a3113.7m (49%)
would be reduced to nil if the average underlying pro\ufb01t margin decreased to 4.6%
(assuming no change in revenue assumptions) or the average revenue growth
decreased to 6.7% (assuming variable costs changed in proportion to the change
in\u00a0revenue). In the Riviera CGU, the key assumptions relate to the average underlying
pro\ufb01t margin of 14.8% and average revenue growth of 8.4% over the \ufb01ve year forecast
period. The headroom in the value-in-use model for this CGU of \u00a31.3m (12%) would be
reduced to nil if the average underlying pro\ufb01t margin decreased to 13.7% (assuming
no change in revenue assumptions) or the average revenue growth decreased to
7.2%\u00a0(assuming variable costs changed in proportion to the change in revenue).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00526": { "value": "Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite useful lives are not subject to amortisation or
depreciation and are tested annually for impairment or whenever an indicator
of impairment exists. Assets that are subject to amortisation or depreciation
are reviewed for impairment whenever an indicator of impairment exists. An
impairment loss is recognised to the extent that the carrying value exceeds
the higher of the asset\u2019s fair value less cost to sell and its value-in-use. Prior
impairments of non-\ufb01nancial assets (other than goodwill) are reviewed for
possible\u00a0reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an
appropriate discount rate to re\ufb02ect market rates and speci\ufb01c risks associated
with\u00a0the asset.
For the purposes of assessing impairment, assets are grouped at the lowest
levels for which there are separately identi\ufb01able cash \ufb02ows (CGUs). Where it
is not possible to estimate the recoverable amount of an individual asset, the
Group estimates the recoverable amount of the cash-generating unit to which
the\u00a0asset\u00a0belongs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00527": { "value": "Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite useful lives are not subject to amortisation or
depreciation and are tested annually for impairment or whenever an indicator
of impairment exists. Assets that are subject to amortisation or depreciation
are reviewed for impairment whenever an indicator of impairment exists. An
impairment loss is recognised to the extent that the carrying value exceeds
the higher of the asset\u2019s fair value less cost to sell and its value-in-use. Prior
impairments of non-\ufb01nancial assets (other than goodwill) are reviewed for
possible\u00a0reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an
appropriate discount rate to re\ufb02ect market rates and speci\ufb01c risks associated
with\u00a0the asset.
For the purposes of assessing impairment, assets are grouped at the lowest
levels for which there are separately identi\ufb01able cash \ufb02ows (CGUs). Where it
is not possible to estimate the recoverable amount of an individual asset, the
Group estimates the recoverable amount of the cash-generating unit to which
the\u00a0asset\u00a0belongs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00468": { "value": "Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite useful lives are not subject to amortisation or
depreciation and are tested annually for impairment or whenever an indicator
of impairment exists. Assets that are subject to amortisation or depreciation
are reviewed for impairment whenever an indicator of impairment exists. An
impairment loss is recognised to the extent that the carrying value exceeds
the higher of the asset\u2019s fair value less cost to sell and its value-in-use. Prior
impairments of non-\ufb01nancial assets (other than goodwill) are reviewed for
possible\u00a0reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an
appropriate discount rate to re\ufb02ect market rates and speci\ufb01c risks associated
with\u00a0the asset.
For the purposes of assessing impairment, assets are grouped at the lowest
levels for which there are separately identi\ufb01able cash \ufb02ows (CGUs). Where it
is not possible to estimate the recoverable amount of an individual asset, the
Group estimates the recoverable amount of the cash-generating unit to which
the\u00a0asset\u00a0belongs.
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
517.7
43.5
59.7
3.5
6.3
53.4
684.1
Additions through business combinations (Note 29)
17.2
2.0
\u2013
0.3
0.4
0.1
20.0
Other additions
\u2013
0.2
\u2013
\u2013
\u2013
5.1
5.3
Disposal of subsidiaries
(1.0)
\u2013
\u2013
\u2013
\u2013
(0.1)
(1.1)
Disposals
\u2013
\u2013
(3.9)
\u2013
\u2013
(0.5)
(4.4)
Exchange movement
(9.4)
(0.6)
(0.2)
0.1
0.1
(0.8)
(10.8)
At 31 December 2025
524.5
45.1
55.6
3.9
6.8
57.2
693.1
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
58.7
31.8
41.9
3.3
2.8
34.8
173.3
Amortisation charge for the year
\u2013
2.6
5.7
0.2
0.3
7.0
15.8
Impairment
2.2
\u2013
0.8
\u2013
\u2013
\u2013
3.0
Disposals
\u2013
\u2013
(3.8)
\u2013
\u2013
(0.5)
(4.3)
Exchange movement
(0.2)
(0.2)
(0.2)
\u2013
\u2013
(0.2)
(0.8)
At 31 December 2025
60.7
34.2
44.4
3.5
3.1
41.1
187.0
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
463.8
10.9
11.2
0.4
3.7
16.1
506.1
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
501.2
43.6
59.2
3.6
4.6
45.4
657.6
Additions through business combinations (Note 28)
20.1
\u2013
1.2
\u2013
1.7
\u2013
23.0
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
9.1
9.1
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(3.6)
(0.1)
(0.7)
(0.1)
\u2013
(0.3)
(4.8)
At 31 December 2024
517.7
43.5
59.7
3.5
6.3
53.4
684.1
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
57.6
28.9
36.9
3.3
2.5
29.0
158.2
Amortisation charge for the year
\u2013
3.1
5.7
0.1
0.3
6.9
16.1
Impairment
1.9
\u2013
\u2013
\u2013
\u2013
\u2013
1.9
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(0.8)
(0.2)
(0.7)
(0.1)
\u2013
(0.3)
(2.1)
At 31 December 2024
58.7
31.8
41.9
3.3
2.8
34.8
173.3
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
459.0
11.7
17.8
0.2
3.5
18.6
510.8
17.1 Method of impairment testing
Goodwill values have been tested for impairment by comparing them against the
\u2018value-in-use\u2019 in perpetuity of the relevant CGU group. The value-in-use calculations
were based on projected pre-tax cash \ufb02ows, derived from latest \ufb01nancial budgets
and strategic plans covering a \ufb01ve-year period, prepared by management and
approved by the Board. Cash \ufb02ows beyond this are extrapolated using perpetuity
growth rates. These projected cash \ufb02ows were discounted at CGU-speci\ufb01c, risk
adjusted, discount rates to calculate their net present value.
\u00a0
Investment
Freehold
Leasehold
Equipment and
Total
\u00a0
property
property
improvements
motor vehicles
PPE
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
\u2013
\u2013
103.3
100.2
203.5
Additions through business combinations (Note 29)
14.5
\u2013
0.1
1.3
1.4
Additions
\u2013
\u2013
17.2
10.6
27.8
Adjustment*
\u2013
\u2013
0.5
5.9
6.4
Reclassi\ufb01cation to freehold property and leasehold improvements*
\u2013
0.4
11.6
(12.0)
\u2013
Subsidiary disposals
\u2013
\u2013
(0.1)
(0.2)
(0.3)
Disposals
\u2013
\u2013
(5.1)
(5.3)
(10.4)
Exchange movement
\u2013
\u2013
(2.3)
(2.4)
(4.7)
At 31 December 2025
14.5
0.4
125.2
98.1
223.7
Accumulated depreciation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
\u2013
\u2013
69.9
71.3
141.2
Charge for the year
0.1
\u2013
8.9
9.1
18.0
Adjustment*
\u2013
\u2013
0.5
5.9
6.4
Reclassi\ufb01cation to freehold property, leasehold improvements and right-of-use assets*
\u2013
0.2
9.1
(8.7)
0.6
Subsidiary disposals
\u2013
\u2013
(0.1)
(0.2)
(0.3)
Disposals
\u2013
\u2013
(4.9)
(4.9)
(9.8)
Exchange movement
\u2013
\u2013
(1.3)
(1.6)
(2.9)
At 31 December 2025
0.1
0.2
82.1
70.9
153.2
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
14.4
0.2
43.1
27.2
70.5
\u00a0
Leasehold
Equipment and
\u00a0
\u00a0
improvements
motor vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
104.3
82.9
187.2
Additions through business
\u00a0 \u00a0 \u00a0
combinations\u00a0(Note 28)
\u2013
1.5
1.5
Additions
4.9
6.8
11.7
Adjustment*
3.4
4.0
7.4
Reclassi\ufb01cation to equipment*
(8.7)
8.7
\u2013
Reclassi\ufb01cation to right-of-use assets*
0.4
\u2013
0.4
Disposals
(1.2)
(2.7)
(3.9)
Exchange movement
0.2
(1.0)
(0.8)
At 31 December 2024
103.3
100.2
203.5
Accumulated depreciation
\u00a0 \u00a0 \u00a0
and\u00a0impairment
\u00a0 \u00a0 \u00a0
At 1 January 2024
63.6
55.5
119.1
Charge for the year
8.0
10.4
18.4
Adjustment*
3.4
4.0
7.4
Reclassi\ufb01cation to equipment*
(4.4)
4.4
\u2013
Reclassi\ufb01cation to right-of-use assets*
0.2
\u2013
0.2
Disposals
(1.2)
(2.4)
(3.6)
Exchange movement
0.3
(0.6)
(0.3)
At 31 December 2024
69.9
71.3
141.2
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2024
33.4
28.9
62.3
\u00a0\u00a0
Equipment
\u00a0
\u00a0\u00a0
and
Total right-
\u00a0
Leasehold
motor
of-use
\u00a0
properties
vehicles
assets
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0
At 1 January 2025
373.8
14.8
388.6
Additions
49.3
3.2
52.5
Additions through business combinations (Note 29)
5.1
\u2013
5.1
Reclassi\ufb01cation from equipment
(2.0)
0.6
(1.4)
Lease modi\ufb01cations
18.4
0.9
19.3
Disposals (including disposals relating to sub-lets)
(23.8)
(3.1)
(26.9)
Disposal of subsidiaries
(0.9)
(0.3)
(1.2)
Exchange movement
(4.7)
0.5
(4.2)
At 31 December 2025
415.2
16.6
431.8
Accumulated depreciation and impairment
\u00a0\u00a0\u00a0
At 1 January 2025
197.9
7.7
205.6
Charge for the year
47.1
3.9
51.0
Disposals (including disposals relating to sub-lets)
(22.2)
(2.9)
(25.1)
Disposal of subsidiaries
(0.6)
(0.2)
(0.8)
Reclassi\ufb01cation from equipment
(1.7)
(0.3)
(2.0)
Exchange movement
(2.3)
0.2
(2.1)
At 31 December 2025
218.2
8.4
226.6
Net book value
\u00a0\u00a0\u00a0
At 31 December 2025
197.0
8.2
205.2
\u00a0 \u00a0
Equipment
\u00a0
\u00a0 \u00a0
and
Total right-
\u00a0
Leasehold
motor
of-use
\u00a0
properties
vehicles
assets
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
366.6
14.7
381.3
Additions
19.7
4.3
24.0
Additions through business combinations
1.7
\u2013
1.7
Reclassi\ufb01cation from leasehold improvements
(0.4)
\u2013
(0.4)
Lease modi\ufb01cations
14.4
\u2013
14.4
Disposals (including disposals relating to sub-lets)
(24.1)
(3.3)
(27.4)
Exchange movement
(4.1)
(0.9)
(5.0)
At 31 December 2024
373.8
14.8
388.6
Accumulated depreciation and impairment
\u00a0 \u00a0 \u00a0
At 1 January 2024
175.7
7.3
183.0
Charge for the year
48.0
3.8
51.8
Disposals (including disposals relating to sub-lets)
(23.6)
(3.2)
(26.8)
Reclassi\ufb01cation from leasehold improvements
(0.2)
\u2013
(0.2)
Exchange movement
(2.0)
(0.2)
(2.2)
At 31 December 2024
197.9
7.7
205.6
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2024
175.9
7.1
183.0
22.1 Impairment of trade and other receivables
With the exception of trade receivables, the other classes within trade and other
receivables do not contain material allowances for impairment. Accrued income and
contract assets are measured net of lifetime expected credit losses using a provision
matrix similar to trade receivables.
With respect to trade receivables, an allowance for impairment is made based on
historical credit loss experience adjusted for forward-looking factors speci\ufb01c to
the debtors and economic environment, as evidence of a likely reduction in the
recoverability of the cash \ufb02ows. Local management have assessed the expected
credit losses for trade receivables in the current geopolitical and economic
environment and the expected loss rates have been reviewed based on their
judgement as to the impact on their trade receivables portfolio. In addition, certain
customers have been identi\ufb01ed as having a signi\ufb01cantly elevated risk and have been
provided for on a speci\ufb01c basis. Overall, the expected loss rate on trade receivables
has remained stable at 3.6% (31 December 2024: 4.1%).
The loss allowance provision for trade receivables as at 31 December 2025 and 2024
was determined as follows:
\u00a0 \u00a0
More
More
More
More
\u00a0
\u00a0 \u00a0
than
than
than
than
\u00a0
\u00a0 \u00a0
30 days
60 days
90 days
180 days
\u00a0
2025
Current
past due
past due
past due
past due
Total
Expected loss rate
0.2%
1.2%
0.8%
3.5%
36.4%
3.6%
Gross carrying amount (\u00a3m)
419.0
51.9
26.0
25.7
49.5
572.1
Loss allowance provision (\u00a3m)
(1.0)
(0.6)
(0.2)
(0.9)
(18.0)
(20.7)
\u00a0 \u00a0
More
More
More
More
\u00a0
\u00a0 \u00a0
than
than
than
than
\u00a0
\u00a0 \u00a0
30 days
60 days
90 days
180 days
\u00a0
2024
Current
past due
past due
past due
past due
Total
Expected loss rate
0.3%
0.4%
3.1%
7.0%
45.2%
4.1%
Gross carrying amount (\u00a3m)
398.1
48.7
29.1
25.8
40.9
542.6
Loss allowance provision (\u00a3m)
(1.1)
(0.2)
(0.9)
(1.8)
(18.5)
(22.5)
\n
The loss allowance provision for trade receivables as at 31 December reconciles to the
opening loss allowance provision as follows:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
(22.5)
(19.6)
Increase in loss allowance recognised in the income
\u00a0\u00a0
statement during the period
(2.2)
(7.6)
Receivables written o\ufb00 during the year as uncollectible
3.4
4.3
Foreign exchange
0.6
0.4
At 31 December
(20.7)
(22.5)
\n
A 1% increase in the expected loss rate in each ageing category would increase the
loss allowance provision by \u00a35.7m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00469": { "value": "
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
517.7
43.5
59.7
3.5
6.3
53.4
684.1
Additions through business combinations (Note 29)
17.2
2.0
\u2013
0.3
0.4
0.1
20.0
Other additions
\u2013
0.2
\u2013
\u2013
\u2013
5.1
5.3
Disposal of subsidiaries
(1.0)
\u2013
\u2013
\u2013
\u2013
(0.1)
(1.1)
Disposals
\u2013
\u2013
(3.9)
\u2013
\u2013
(0.5)
(4.4)
Exchange movement
(9.4)
(0.6)
(0.2)
0.1
0.1
(0.8)
(10.8)
At 31 December 2025
524.5
45.1
55.6
3.9
6.8
57.2
693.1
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
58.7
31.8
41.9
3.3
2.8
34.8
173.3
Amortisation charge for the year
\u2013
2.6
5.7
0.2
0.3
7.0
15.8
Impairment
2.2
\u2013
0.8
\u2013
\u2013
\u2013
3.0
Disposals
\u2013
\u2013
(3.8)
\u2013
\u2013
(0.5)
(4.3)
Exchange movement
(0.2)
(0.2)
(0.2)
\u2013
\u2013
(0.2)
(0.8)
At 31 December 2025
60.7
34.2
44.4
3.5
3.1
41.1
187.0
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
463.8
10.9
11.2
0.4
3.7
16.1
506.1
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
501.2
43.6
59.2
3.6
4.6
45.4
657.6
Additions through business combinations (Note 28)
20.1
\u2013
1.2
\u2013
1.7
\u2013
23.0
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
9.1
9.1
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(3.6)
(0.1)
(0.7)
(0.1)
\u2013
(0.3)
(4.8)
At 31 December 2024
517.7
43.5
59.7
3.5
6.3
53.4
684.1
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
57.6
28.9
36.9
3.3
2.5
29.0
158.2
Amortisation charge for the year
\u2013
3.1
5.7
0.1
0.3
6.9
16.1
Impairment
1.9
\u2013
\u2013
\u2013
\u2013
\u2013
1.9
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(0.8)
(0.2)
(0.7)
(0.1)
\u2013
(0.3)
(2.1)
At 31 December 2024
58.7
31.8
41.9
3.3
2.8
34.8
173.3
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
459.0
11.7
17.8
0.2
3.5
18.6
510.8
\u00a0
Investment
Freehold
Leasehold
Equipment and
Total
\u00a0
property
property
improvements
motor vehicles
PPE
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
\u2013
\u2013
103.3
100.2
203.5
Additions through business combinations (Note 29)
14.5
\u2013
0.1
1.3
1.4
Additions
\u2013
\u2013
17.2
10.6
27.8
Adjustment*
\u2013
\u2013
0.5
5.9
6.4
Reclassi\ufb01cation to freehold property and leasehold improvements*
\u2013
0.4
11.6
(12.0)
\u2013
Subsidiary disposals
\u2013
\u2013
(0.1)
(0.2)
(0.3)
Disposals
\u2013
\u2013
(5.1)
(5.3)
(10.4)
Exchange movement
\u2013
\u2013
(2.3)
(2.4)
(4.7)
At 31 December 2025
14.5
0.4
125.2
98.1
223.7
Accumulated depreciation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
\u2013
\u2013
69.9
71.3
141.2
Charge for the year
0.1
\u2013
8.9
9.1
18.0
Adjustment*
\u2013
\u2013
0.5
5.9
6.4
Reclassi\ufb01cation to freehold property, leasehold improvements and right-of-use assets*
\u2013
0.2
9.1
(8.7)
0.6
Subsidiary disposals
\u2013
\u2013
(0.1)
(0.2)
(0.3)
Disposals
\u2013
\u2013
(4.9)
(4.9)
(9.8)
Exchange movement
\u2013
\u2013
(1.3)
(1.6)
(2.9)
At 31 December 2025
0.1
0.2
82.1
70.9
153.2
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
14.4
0.2
43.1
27.2
70.5
\u00a0
Leasehold
Equipment and
\u00a0
\u00a0
improvements
motor vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
104.3
82.9
187.2
Additions through business
\u00a0 \u00a0 \u00a0
combinations\u00a0(Note 28)
\u2013
1.5
1.5
Additions
4.9
6.8
11.7
Adjustment*
3.4
4.0
7.4
Reclassi\ufb01cation to equipment*
(8.7)
8.7
\u2013
Reclassi\ufb01cation to right-of-use assets*
0.4
\u2013
0.4
Disposals
(1.2)
(2.7)
(3.9)
Exchange movement
0.2
(1.0)
(0.8)
At 31 December 2024
103.3
100.2
203.5
Accumulated depreciation
\u00a0 \u00a0 \u00a0
and\u00a0impairment
\u00a0 \u00a0 \u00a0
At 1 January 2024
63.6
55.5
119.1
Charge for the year
8.0
10.4
18.4
Adjustment*
3.4
4.0
7.4
Reclassi\ufb01cation to equipment*
(4.4)
4.4
\u2013
Reclassi\ufb01cation to right-of-use assets*
0.2
\u2013
0.2
Disposals
(1.2)
(2.4)
(3.6)
Exchange movement
0.3
(0.6)
(0.3)
At 31 December 2024
69.9
71.3
141.2
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2024
33.4
28.9
62.3
\u00a0\u00a0
Equipment
\u00a0
\u00a0\u00a0
and
Total right-
\u00a0
Leasehold
motor
of-use
\u00a0
properties
vehicles
assets
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0
At 1 January 2025
373.8
14.8
388.6
Additions
49.3
3.2
52.5
Additions through business combinations (Note 29)
5.1
\u2013
5.1
Reclassi\ufb01cation from equipment
(2.0)
0.6
(1.4)
Lease modi\ufb01cations
18.4
0.9
19.3
Disposals (including disposals relating to sub-lets)
(23.8)
(3.1)
(26.9)
Disposal of subsidiaries
(0.9)
(0.3)
(1.2)
Exchange movement
(4.7)
0.5
(4.2)
At 31 December 2025
415.2
16.6
431.8
Accumulated depreciation and impairment
\u00a0\u00a0\u00a0
At 1 January 2025
197.9
7.7
205.6
Charge for the year
47.1
3.9
51.0
Disposals (including disposals relating to sub-lets)
(22.2)
(2.9)
(25.1)
Disposal of subsidiaries
(0.6)
(0.2)
(0.8)
Reclassi\ufb01cation from equipment
(1.7)
(0.3)
(2.0)
Exchange movement
(2.3)
0.2
(2.1)
At 31 December 2025
218.2
8.4
226.6
Net book value
\u00a0\u00a0\u00a0
At 31 December 2025
197.0
8.2
205.2
\u00a0 \u00a0
Equipment
\u00a0
\u00a0 \u00a0
and
Total right-
\u00a0
Leasehold
motor
of-use
\u00a0
properties
vehicles
assets
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
366.6
14.7
381.3
Additions
19.7
4.3
24.0
Additions through business combinations
1.7
\u2013
1.7
Reclassi\ufb01cation from leasehold improvements
(0.4)
\u2013
(0.4)
Lease modi\ufb01cations
14.4
\u2013
14.4
Disposals (including disposals relating to sub-lets)
(24.1)
(3.3)
(27.4)
Exchange movement
(4.1)
(0.9)
(5.0)
At 31 December 2024
373.8
14.8
388.6
Accumulated depreciation and impairment
\u00a0 \u00a0 \u00a0
At 1 January 2024
175.7
7.3
183.0
Charge for the year
48.0
3.8
51.8
Disposals (including disposals relating to sub-lets)
(23.6)
(3.2)
(26.8)
Reclassi\ufb01cation from leasehold improvements
(0.2)
\u2013
(0.2)
Exchange movement
(2.0)
(0.2)
(2.2)
At 31 December 2024
197.9
7.7
205.6
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2024
175.9
7.1
183.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00470": { "value": "18. Property, plant and equipment (\u2018PPE\u2019) and investment property
Material accounting policies that apply to PPE and
investment\u00a0property
PPE and investment property are stated at historical cost less accumulated
depreciation and impairment. Historical cost includes expenditure directly
attributable to acquisition.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a
separate asset, as appropriate, only when it is probable that the future economic
bene\ufb01ts associated with the item will \ufb02ow to the Group and the cost of the item
can be measured reliably.
Provision for depreciation is made at rates calculated on a straight-line basis to
write o\ufb00 the assets over their estimated useful lives as follows:
Freehold property
50 years
Investment property
13 years
Short leasehold property
Lower of estimated useful life and
(less than 50 years)
unexpired term of lease
Equipment and motor vehicles
3\u201310 years
\n
Residual values and useful lives are reviewed and adjusted if appropriate at each
reporting date.
An asset\u2019s carrying amount is written down immediately to its recoverable amount
if the asset\u2019s carrying amount is greater than its estimated recoverable amount.
\u00a0
Investment
Freehold
Leasehold
Equipment and
Total
\u00a0
property
property
improvements
motor vehicles
PPE
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
\u2013
\u2013
103.3
100.2
203.5
Additions through business combinations (Note 29)
14.5
\u2013
0.1
1.3
1.4
Additions
\u2013
\u2013
17.2
10.6
27.8
Adjustment*
\u2013
\u2013
0.5
5.9
6.4
Reclassi\ufb01cation to freehold property and leasehold improvements*
\u2013
0.4
11.6
(12.0)
\u2013
Subsidiary disposals
\u2013
\u2013
(0.1)
(0.2)
(0.3)
Disposals
\u2013
\u2013
(5.1)
(5.3)
(10.4)
Exchange movement
\u2013
\u2013
(2.3)
(2.4)
(4.7)
At 31 December 2025
14.5
0.4
125.2
98.1
223.7
Accumulated depreciation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
\u2013
\u2013
69.9
71.3
141.2
Charge for the year
0.1
\u2013
8.9
9.1
18.0
Adjustment*
\u2013
\u2013
0.5
5.9
6.4
Reclassi\ufb01cation to freehold property, leasehold improvements and right-of-use assets*
\u2013
0.2
9.1
(8.7)
0.6
Subsidiary disposals
\u2013
\u2013
(0.1)
(0.2)
(0.3)
Disposals
\u2013
\u2013
(4.9)
(4.9)
(9.8)
Exchange movement
\u2013
\u2013
(1.3)
(1.6)
(2.9)
At 31 December 2025
0.1
0.2
82.1
70.9
153.2
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
14.4
0.2
43.1
27.2
70.5
\u00a0
Leasehold
Equipment and
\u00a0
\u00a0
improvements
motor vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
104.3
82.9
187.2
Additions through business
\u00a0 \u00a0 \u00a0
combinations\u00a0(Note 28)
\u2013
1.5
1.5
Additions
4.9
6.8
11.7
Adjustment*
3.4
4.0
7.4
Reclassi\ufb01cation to equipment*
(8.7)
8.7
\u2013
Reclassi\ufb01cation to right-of-use assets*
0.4
\u2013
0.4
Disposals
(1.2)
(2.7)
(3.9)
Exchange movement
0.2
(1.0)
(0.8)
At 31 December 2024
103.3
100.2
203.5
Accumulated depreciation
\u00a0 \u00a0 \u00a0
and\u00a0impairment
\u00a0 \u00a0 \u00a0
At 1 January 2024
63.6
55.5
119.1
Charge for the year
8.0
10.4
18.4
Adjustment*
3.4
4.0
7.4
Reclassi\ufb01cation to equipment*
(4.4)
4.4
\u2013
Reclassi\ufb01cation to right-of-use assets*
0.2
\u2013
0.2
Disposals
(1.2)
(2.4)
(3.6)
Exchange movement
0.3
(0.6)
(0.3)
At 31 December 2024
69.9
71.3
141.2
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2024
33.4
28.9
62.3
\n
*
Adjustments and reclassi\ufb01cations arise from a review of \ufb01xed asset classi\ufb01cations following system
migrations within the Group.
The investment property held by the Group relates to an industrial park property in
Singapore, the principal use of which relates to worker dormitories. The property is
pledged to secure bank borrowings (see Note 25).
The fair value of the investment property as at 31 December 2025 is \u00a314.5m. The
valuation was performed by an independent, professionally quali\ufb01ed external valuer.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00471": { "value": "18. Property, plant and equipment (\u2018PPE\u2019) and investment property
Material accounting policies that apply to PPE and
investment\u00a0property
PPE and investment property are stated at historical cost less accumulated
depreciation and impairment. Historical cost includes expenditure directly
attributable to acquisition.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a
separate asset, as appropriate, only when it is probable that the future economic
bene\ufb01ts associated with the item will \ufb02ow to the Group and the cost of the item
can be measured reliably.
Provision for depreciation is made at rates calculated on a straight-line basis to
write o\ufb00 the assets over their estimated useful lives as follows:
Freehold property
50 years
Investment property
13 years
Short leasehold property
Lower of estimated useful life and
(less than 50 years)
unexpired term of lease
Equipment and motor vehicles
3\u201310 years
\n
Residual values and useful lives are reviewed and adjusted if appropriate at each
reporting date.
An asset\u2019s carrying amount is written down immediately to its recoverable amount
if the asset\u2019s carrying amount is greater than its estimated recoverable amount.
\u00a0
Investment
Freehold
Leasehold
Equipment and
Total
\u00a0
property
property
improvements
motor vehicles
PPE
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
\u2013
\u2013
103.3
100.2
203.5
Additions through business combinations (Note 29)
14.5
\u2013
0.1
1.3
1.4
Additions
\u2013
\u2013
17.2
10.6
27.8
Adjustment*
\u2013
\u2013
0.5
5.9
6.4
Reclassi\ufb01cation to freehold property and leasehold improvements*
\u2013
0.4
11.6
(12.0)
\u2013
Subsidiary disposals
\u2013
\u2013
(0.1)
(0.2)
(0.3)
Disposals
\u2013
\u2013
(5.1)
(5.3)
(10.4)
Exchange movement
\u2013
\u2013
(2.3)
(2.4)
(4.7)
At 31 December 2025
14.5
0.4
125.2
98.1
223.7
Accumulated depreciation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
\u2013
\u2013
69.9
71.3
141.2
Charge for the year
0.1
\u2013
8.9
9.1
18.0
Adjustment*
\u2013
\u2013
0.5
5.9
6.4
Reclassi\ufb01cation to freehold property, leasehold improvements and right-of-use assets*
\u2013
0.2
9.1
(8.7)
0.6
Subsidiary disposals
\u2013
\u2013
(0.1)
(0.2)
(0.3)
Disposals
\u2013
\u2013
(4.9)
(4.9)
(9.8)
Exchange movement
\u2013
\u2013
(1.3)
(1.6)
(2.9)
At 31 December 2025
0.1
0.2
82.1
70.9
153.2
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
14.4
0.2
43.1
27.2
70.5
\u00a0
Leasehold
Equipment and
\u00a0
\u00a0
improvements
motor vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
104.3
82.9
187.2
Additions through business
\u00a0 \u00a0 \u00a0
combinations\u00a0(Note 28)
\u2013
1.5
1.5
Additions
4.9
6.8
11.7
Adjustment*
3.4
4.0
7.4
Reclassi\ufb01cation to equipment*
(8.7)
8.7
\u2013
Reclassi\ufb01cation to right-of-use assets*
0.4
\u2013
0.4
Disposals
(1.2)
(2.7)
(3.9)
Exchange movement
0.2
(1.0)
(0.8)
At 31 December 2024
103.3
100.2
203.5
Accumulated depreciation
\u00a0 \u00a0 \u00a0
and\u00a0impairment
\u00a0 \u00a0 \u00a0
At 1 January 2024
63.6
55.5
119.1
Charge for the year
8.0
10.4
18.4
Adjustment*
3.4
4.0
7.4
Reclassi\ufb01cation to equipment*
(4.4)
4.4
\u2013
Reclassi\ufb01cation to right-of-use assets*
0.2
\u2013
0.2
Disposals
(1.2)
(2.4)
(3.6)
Exchange movement
0.3
(0.6)
(0.3)
At 31 December 2024
69.9
71.3
141.2
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2024
33.4
28.9
62.3
\n
*
Adjustments and reclassi\ufb01cations arise from a review of \ufb01xed asset classi\ufb01cations following system
migrations within the Group.
The investment property held by the Group relates to an industrial park property in
Singapore, the principal use of which relates to worker dormitories. The property is
pledged to secure bank borrowings (see Note 25).
The fair value of the investment property as at 31 December 2025 is \u00a314.5m. The
valuation was performed by an independent, professionally quali\ufb01ed external valuer.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00528": { "value": "Material accounting policies that apply to PPE and
investment\u00a0property
PPE and investment property are stated at historical cost less accumulated
depreciation and impairment. Historical cost includes expenditure directly
attributable to acquisition.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a
separate asset, as appropriate, only when it is probable that the future economic
bene\ufb01ts associated with the item will \ufb02ow to the Group and the cost of the item
can be measured reliably.
Provision for depreciation is made at rates calculated on a straight-line basis to
write o\ufb00 the assets over their estimated useful lives as follows:
Freehold property
50 years
Investment property
13 years
Short leasehold property
Lower of estimated useful life and
(less than 50 years)
unexpired term of lease
Equipment and motor vehicles
3\u201310 years
\n
Residual values and useful lives are reviewed and adjusted if appropriate at each
reporting date.
An asset\u2019s carrying amount is written down immediately to its recoverable amount
if the asset\u2019s carrying amount is greater than its estimated recoverable amount.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00529": { "value": "Provision for depreciation is made at rates calculated on a straight-line basis to
write o\ufb00 the assets over their estimated useful lives as follows:
Freehold property
50 years
Investment property
13 years
Short leasehold property
Lower of estimated useful life and
(less than 50 years)
unexpired term of lease
Equipment and motor vehicles
3\u201310 years
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00472": { "value": "19. Leases
Material accounting policies that apply to leases
The Group enters into lease agreements for the use of buildings, equipment and
motor vehicles. Lease terms are negotiated on an individual basis and contain a
wide range of di\ufb00erent terms and conditions. The lease agreements do not impose
any covenants other than the security interests in the leased assets that are held
by the lessor. Leased assets may not be used as security for borrowing purposes.
Leases are recognised as a right-of-use asset and a corresponding lease liability for
future lease payables at the date at which the leased asset is available for use by
the Group. Depreciation of the right-of-use asset will be recognised in the income
statement on a straight-line basis, with interest recognised on the lease liability.
Assets and liabilities arising from a lease are initially measured on a present value
basis. Lease liabilities include the net present value of the following lease payments:
\u00a7
\ufb01xed payments (including in-substance \ufb01xed payments), less any lease
incentives receivable;
\u00a7
variable lease payments that are based on an index or a rate, initially measured
using the index or rate as at the commencement date;
\u00a7
amounts expected to be payable by the Group under residual value guarantees;
\u00a7
the exercise price of a purchase option if the Group is reasonably certain to
exercise that option; and
\u00a7
payments of penalties for terminating the lease, if the lease term re\ufb02ects the
Group exercising that option.
Lease payments to be made under reasonably certain extension options are also
included in the measurement of the liability. The lease payments are discounted
using the interest rate implicit in the lease.
If that rate cannot be readily determined, which is generally the case for leases in
the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the
individual lessee would have to pay to borrow the funds necessary to obtain an
asset of similar value to the right-of-use asset in a similar economic environment
with similar terms, security and conditions.
The Group is exposed to potential future increases in variable lease payments
based on an index or rate, which are not included in the lease liability until they
take e\ufb00ect. When adjustments to lease payments based on an index or rate take
e\ufb00ect, the lease liability is reassessed and adjusted against the right-of-use asset.
Lease payments are allocated between principal and interest cost. The \ufb01nance cost is
charged to the income statement over the lease period so as to produce a constant
periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
\u00a7
the amount of the initial measurement of lease liability;
\u00a7
any lease payments made at or before the commencement date less any lease
incentives received;
\u00a7
any initial direct costs; and
\u00a7
restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset\u2019s
useful life and the lease term on a straight-line basis. If the Group is reasonably
certain to exercise a purchase option, the right-of-use asset is depreciated over
the underlying asset\u2019s useful life. An asset\u2019s carrying amount is written down
immediately to its recoverable amount if the asset\u2019s carrying amount is greater
than its estimated recoverable amount.
Payments associated with short-term leases of equipment and vehicles and all
leases of low value assets are recognised on a straight-line basis as an expense in the
income statement. Short-term leases are leases with a lease term of 12 months or
less. Low-value assets comprise IT equipment and small items of o\ufb03ce furniture.
Extension and termination options are included in a number of property and
equipment leases across the Group. These are used to maximise operational
\ufb02exibility in terms of managing the assets used in the Group\u2019s operations. The
majority of extension and termination options held are exercisable only by the
Group and not by the respective lessor.
Sub-leases
The Group sometimes enters into sub-lease agreements where the underlying
asset is sub-let to a third-party sub-lessee. In a sublease transaction, the lease
between the original lessee and lessor (the head lease) remains in e\ufb00ect.
The Group classi\ufb01es the sub-lease at lease inception as a \ufb01nance lease or
operating lease based on the extent to which risks and rewards incidental to
ownership of the underlying asset lie with the lessor or the lessee.
The Group\u2019s sub-leases are all classi\ufb01ed as \ufb01nance leases. The Group therefore
derecognises the original right-of-use asset relating to the head lease and
continues to account for the original lease liability as it did before commencement
of the sublease. A receivable for the net investment in sub-lease is recognised and
evaluated for impairment annually.
Finance income is recognised over the lease term based on a pattern re\ufb02ecting a
constant periodic rate of return on the net investment in sub-lease.
Any di\ufb00erence between the right-of-use asset and the net investment in the
sublease is recognised in the Income Statement in the relevant period.
Signi\ufb01cant judgement
In determining the lease term, management considers all facts and circumstances
that create an economic incentive to exercise an extension option, or not exercise
a termination option. Extension options (or periods after termination options) are
only included in the lease term if the lease is reasonably certain to be extended (or
not terminated). The judgements made impact the value of the right-of-use assets
and lease liabilities recognised in the statement of \ufb01nancial position upon initial
recognition of a lease.
The assessment is reviewed if a signi\ufb01cant event or a signi\ufb01cant change in
circumstances occurs which a\ufb00ects this assessment and that is within the control
of the lessee.
19.1 Right-of-use assets
\u00a0\u00a0
Equipment
\u00a0
\u00a0\u00a0
and
Total right-
\u00a0
Leasehold
motor
of-use
\u00a0
properties
vehicles
assets
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0
At 1 January 2025
373.8
14.8
388.6
Additions
49.3
3.2
52.5
Additions through business combinations (Note 29)
5.1
\u2013
5.1
Reclassi\ufb01cation from equipment
(2.0)
0.6
(1.4)
Lease modi\ufb01cations
18.4
0.9
19.3
Disposals (including disposals relating to sub-lets)
(23.8)
(3.1)
(26.9)
Disposal of subsidiaries
(0.9)
(0.3)
(1.2)
Exchange movement
(4.7)
0.5
(4.2)
At 31 December 2025
415.2
16.6
431.8
Accumulated depreciation and impairment
\u00a0\u00a0\u00a0
At 1 January 2025
197.9
7.7
205.6
Charge for the year
47.1
3.9
51.0
Disposals (including disposals relating to sub-lets)
(22.2)
(2.9)
(25.1)
Disposal of subsidiaries
(0.6)
(0.2)
(0.8)
Reclassi\ufb01cation from equipment
(1.7)
(0.3)
(2.0)
Exchange movement
(2.3)
0.2
(2.1)
At 31 December 2025
218.2
8.4
226.6
Net book value
\u00a0\u00a0\u00a0
At 31 December 2025
197.0
8.2
205.2
\u00a0 \u00a0
Equipment
\u00a0
\u00a0 \u00a0
and
Total right-
\u00a0
Leasehold
motor
of-use
\u00a0
properties
vehicles
assets
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
366.6
14.7
381.3
Additions
19.7
4.3
24.0
Additions through business combinations
1.7
\u2013
1.7
Reclassi\ufb01cation from leasehold improvements
(0.4)
\u2013
(0.4)
Lease modi\ufb01cations
14.4
\u2013
14.4
Disposals (including disposals relating to sub-lets)
(24.1)
(3.3)
(27.4)
Exchange movement
(4.1)
(0.9)
(5.0)
At 31 December 2024
373.8
14.8
388.6
Accumulated depreciation and impairment
\u00a0 \u00a0 \u00a0
At 1 January 2024
175.7
7.3
183.0
Charge for the year
48.0
3.8
51.8
Disposals (including disposals relating to sub-lets)
(23.6)
(3.2)
(26.8)
Reclassi\ufb01cation from leasehold improvements
(0.2)
\u2013
(0.2)
Exchange movement
(2.0)
(0.2)
(2.2)
At 31 December 2024
197.9
7.7
205.6
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2024
175.9
7.1
183.0
19.3 Net investment in sub-leases
19.2 Lease liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
233.1
254.2
Additions
63.1
24.9
Lease modi\ufb01cations
19.2
14.4
Additions through business combinations (Note 29)
1.7
1.7
Disposal of subsidiaries
(0.3)
\u2013
Disposal of leases
(1.6)
(0.4)
Repayments of lease liabilities
(65.9)
(68.7)
Unwinding of discount
9.9
9.1
Exchange movement
(3.8)
(2.1)
At 31 December
255.4
233.1
Current
51.0
49.7
Non-current
204.4
183.4
\n
Cash out\ufb02ows with respect to leases, which includes short-term lease payments,
totalled \u00a366.6m (2024: \u00a369.3m). Refer to Note 10 for information on the amount
charged to the income statement with respect to short-term and variable
lease\u00a0payments.
The Group sub-leases o\ufb03ce space. Sub-lease receivables (net investment in sub-
lease) amount to \u00a39.2m as at 31 December 2025 (31 December 2024: \u00a311.2m), split
between non-current of \u00a37.5m and current of \u00a31.7m (31 December 2024: non-current
\u00a39.5m, current \u00a31.7m). The current balance is included in other receivables.
The future lease payments receivable are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Less than a year
1.9
2.0
Between 1 and 2 years
1.7
1.7
Between 2 and 3 years
1.6
1.7
Between 3 and 4 years
1.7
1.7
Between 4 and 5 years
1.7
1.8
Over 5 years
1.1
3.0
Total undiscounted cash \ufb02ows
9.7
11.9
Discounting
(0.5)
(0.7)
Carrying value of net investment in sub-lease
9.2
11.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00530": { "value": "Material accounting policies that apply to leases
The Group enters into lease agreements for the use of buildings, equipment and
motor vehicles. Lease terms are negotiated on an individual basis and contain a
wide range of di\ufb00erent terms and conditions. The lease agreements do not impose
any covenants other than the security interests in the leased assets that are held
by the lessor. Leased assets may not be used as security for borrowing purposes.
Leases are recognised as a right-of-use asset and a corresponding lease liability for
future lease payables at the date at which the leased asset is available for use by
the Group. Depreciation of the right-of-use asset will be recognised in the income
statement on a straight-line basis, with interest recognised on the lease liability.
Assets and liabilities arising from a lease are initially measured on a present value
basis. Lease liabilities include the net present value of the following lease payments:
\u00a7
\ufb01xed payments (including in-substance \ufb01xed payments), less any lease
incentives receivable;
\u00a7
variable lease payments that are based on an index or a rate, initially measured
using the index or rate as at the commencement date;
\u00a7
amounts expected to be payable by the Group under residual value guarantees;
\u00a7
the exercise price of a purchase option if the Group is reasonably certain to
exercise that option; and
\u00a7
payments of penalties for terminating the lease, if the lease term re\ufb02ects the
Group exercising that option.
Lease payments to be made under reasonably certain extension options are also
included in the measurement of the liability. The lease payments are discounted
using the interest rate implicit in the lease.
If that rate cannot be readily determined, which is generally the case for leases in
the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the
individual lessee would have to pay to borrow the funds necessary to obtain an
asset of similar value to the right-of-use asset in a similar economic environment
with similar terms, security and conditions.
The Group is exposed to potential future increases in variable lease payments
based on an index or rate, which are not included in the lease liability until they
take e\ufb00ect. When adjustments to lease payments based on an index or rate take
e\ufb00ect, the lease liability is reassessed and adjusted against the right-of-use asset.
Lease payments are allocated between principal and interest cost. The \ufb01nance cost is
charged to the income statement over the lease period so as to produce a constant
periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
\u00a7
the amount of the initial measurement of lease liability;
\u00a7
any lease payments made at or before the commencement date less any lease
incentives received;
\u00a7
any initial direct costs; and
\u00a7
restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset\u2019s
useful life and the lease term on a straight-line basis. If the Group is reasonably
certain to exercise a purchase option, the right-of-use asset is depreciated over
the underlying asset\u2019s useful life. An asset\u2019s carrying amount is written down
immediately to its recoverable amount if the asset\u2019s carrying amount is greater
than its estimated recoverable amount.
Payments associated with short-term leases of equipment and vehicles and all
leases of low value assets are recognised on a straight-line basis as an expense in the
income statement. Short-term leases are leases with a lease term of 12 months or
less. Low-value assets comprise IT equipment and small items of o\ufb03ce furniture.
Extension and termination options are included in a number of property and
equipment leases across the Group. These are used to maximise operational
\ufb02exibility in terms of managing the assets used in the Group\u2019s operations. The
majority of extension and termination options held are exercisable only by the
Group and not by the respective lessor.
Sub-leases
The Group sometimes enters into sub-lease agreements where the underlying
asset is sub-let to a third-party sub-lessee. In a sublease transaction, the lease
between the original lessee and lessor (the head lease) remains in e\ufb00ect.
The Group classi\ufb01es the sub-lease at lease inception as a \ufb01nance lease or
operating lease based on the extent to which risks and rewards incidental to
ownership of the underlying asset lie with the lessor or the lessee.
The Group\u2019s sub-leases are all classi\ufb01ed as \ufb01nance leases. The Group therefore
derecognises the original right-of-use asset relating to the head lease and
continues to account for the original lease liability as it did before commencement
of the sublease. A receivable for the net investment in sub-lease is recognised and
evaluated for impairment annually.
Finance income is recognised over the lease term based on a pattern re\ufb02ecting a
constant periodic rate of return on the net investment in sub-lease.
Any di\ufb00erence between the right-of-use asset and the net investment in the
sublease is recognised in the Income Statement in the relevant period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "20. Investments in joint ventures and associates
Material accounting policies that apply to investments in joint ventures and associates
Refer to Note 4.1 for the accounting policy with respect to investments in joint ventures and associates.
\u00a0
Joint ventures
\u00a0
Associates
\u00a0
\u00a0 \u00a0
Investment
\u00a0 \u00a0
\u00a0 \u00a0
(including
\u00a0 \u00a0
\u00a0
Investment
loans)
Goodwill
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
10.2
1.7
3.6
5.3
Additions
0.2
0.6
0.5
1.1
Conversion of loans to equity
\u2013
\u2013
1.4
1.4
Fair value of associate
\u00a0 \u00a0 \u00a0 \u00a0
recognised\u00a0upon disposal of
\u00a0 \u00a0 \u00a0 \u00a0
subsidiary (Note\u00a029)
\u2013
0.3
2.3
2.6
Disposals
(0.2)
\u2013
\u2013
\u2013
Exchange movement
\u2013
(0.3)
\u2013
(0.3)
At 31 December 2025
10.2
2.3
7.8
10.1
Share of pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
19.9
3.0
\u2013
3.0
Group\u2019s share of pro\ufb01t from
\u00a0 \u00a0 \u00a0 \u00a0
continuing operations
6.4
1.8
\u2013
1.8
Dividends received
(6.0)
(3.5)
\u2013
(3.5)
Exchange movement
(1.2)
\u2013
\u2013
\u2013
At 31 December 2025
19.1
1.3
\u2013
1.3
Total
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
29.3
3.6
7.8
11.4
\u00a0
Joint ventures
\u00a0
Associates
\u00a0
\u00a0 \u00a0
Investment
\u00a0 \u00a0
\u00a0 \u00a0
(including
\u00a0 \u00a0
\u00a0
Investment
loans)
Goodwill
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
10.6
2.5
3.6
6.1
Additions
0.3
\u2013
\u2013
\u2013
Reclassi\ufb01cation to associate
(0.5)
0.5
\u2013
0.5
Fair value remeasurement prior
\u00a0 \u00a0 \u00a0 \u00a0
to subsidiary acquisition
\u2013
4.4
\u2013
4.4
Transfer upon subsidiary acquisition
\u2013
(5.6)
\u2013
(5.6)
Impairment
\u2013
(0.2)
\u2013
(0.2)
Disposals
(0.1)
\u2013
\u2013
\u2013
Exchange movement
(0.1)
0.1
\u2013
0.1
At 31 December 2024
10.2
1.7
3.6
5.3
Share of pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
16.7
5.5
\u2013
5.5
Group\u2019s share of pro\ufb01t from
\u00a0 \u00a0 \u00a0 \u00a0
continuing operations
7.0
0.5
\u2013
0.5
Dividends received
(4.2)
(2.8)
\u2013
(2.8)
Exchange movement
0.4
(0.2)
\u2013
(0.2)
At 31 December 2024
19.9
3.0
\u2013
3.0
Total
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
30.1
4.7
3.6
8.3
In the opinion of the Directors, the Group does not have any joint ventures or
associates that are individually material to the results of the Group.
The Group has one associate with net liabilities as at 31 December 2025 (2024:
one joint venture and one associate), restricting the ability of this entity to transfer
funds to its shareholders in the form of dividends. The associate has no signi\ufb01cant
liabilities to which the Group is exposed, nor has the Group any signi\ufb01cant contingent
liabilities\u00a0or capital commitments in relation to its interest in this associate.
Refer to Note 39 for a full list of the Group\u2019s subsidiaries, joint ventures
and\u00a0associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "20. Investments in joint ventures and associates
Material accounting policies that apply to investments in joint ventures and associates
Refer to Note 4.1 for the accounting policy with respect to investments in joint ventures and associates.
\u00a0
Joint ventures
\u00a0
Associates
\u00a0
\u00a0 \u00a0
Investment
\u00a0 \u00a0
\u00a0 \u00a0
(including
\u00a0 \u00a0
\u00a0
Investment
loans)
Goodwill
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
10.2
1.7
3.6
5.3
Additions
0.2
0.6
0.5
1.1
Conversion of loans to equity
\u2013
\u2013
1.4
1.4
Fair value of associate
\u00a0 \u00a0 \u00a0 \u00a0
recognised\u00a0upon disposal of
\u00a0 \u00a0 \u00a0 \u00a0
subsidiary (Note\u00a029)
\u2013
0.3
2.3
2.6
Disposals
(0.2)
\u2013
\u2013
\u2013
Exchange movement
\u2013
(0.3)
\u2013
(0.3)
At 31 December 2025
10.2
2.3
7.8
10.1
Share of pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
19.9
3.0
\u2013
3.0
Group\u2019s share of pro\ufb01t from
\u00a0 \u00a0 \u00a0 \u00a0
continuing operations
6.4
1.8
\u2013
1.8
Dividends received
(6.0)
(3.5)
\u2013
(3.5)
Exchange movement
(1.2)
\u2013
\u2013
\u2013
At 31 December 2025
19.1
1.3
\u2013
1.3
Total
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
29.3
3.6
7.8
11.4
\u00a0
Joint ventures
\u00a0
Associates
\u00a0
\u00a0 \u00a0
Investment
\u00a0 \u00a0
\u00a0 \u00a0
(including
\u00a0 \u00a0
\u00a0
Investment
loans)
Goodwill
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
10.6
2.5
3.6
6.1
Additions
0.3
\u2013
\u2013
\u2013
Reclassi\ufb01cation to associate
(0.5)
0.5
\u2013
0.5
Fair value remeasurement prior
\u00a0 \u00a0 \u00a0 \u00a0
to subsidiary acquisition
\u2013
4.4
\u2013
4.4
Transfer upon subsidiary acquisition
\u2013
(5.6)
\u2013
(5.6)
Impairment
\u2013
(0.2)
\u2013
(0.2)
Disposals
(0.1)
\u2013
\u2013
\u2013
Exchange movement
(0.1)
0.1
\u2013
0.1
At 31 December 2024
10.2
1.7
3.6
5.3
Share of pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
16.7
5.5
\u2013
5.5
Group\u2019s share of pro\ufb01t from
\u00a0 \u00a0 \u00a0 \u00a0
continuing operations
7.0
0.5
\u2013
0.5
Dividends received
(4.2)
(2.8)
\u2013
(2.8)
Exchange movement
0.4
(0.2)
\u2013
(0.2)
At 31 December 2024
19.9
3.0
\u2013
3.0
Total
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
30.1
4.7
3.6
8.3
In the opinion of the Directors, the Group does not have any joint ventures or
associates that are individually material to the results of the Group.
The Group has one associate with net liabilities as at 31 December 2025 (2024:
one joint venture and one associate), restricting the ability of this entity to transfer
funds to its shareholders in the form of dividends. The associate has no signi\ufb01cant
liabilities to which the Group is exposed, nor has the Group any signi\ufb01cant contingent
liabilities\u00a0or capital commitments in relation to its interest in this associate.
Refer to Note 39 for a full list of the Group\u2019s subsidiaries, joint ventures
and\u00a0associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00476": { "value": "20. Investments in joint ventures and associates
Material accounting policies that apply to investments in joint ventures and associates
Refer to Note 4.1 for the accounting policy with respect to investments in joint ventures and associates.
\u00a0
Joint ventures
\u00a0
Associates
\u00a0
\u00a0 \u00a0
Investment
\u00a0 \u00a0
\u00a0 \u00a0
(including
\u00a0 \u00a0
\u00a0
Investment
loans)
Goodwill
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
10.2
1.7
3.6
5.3
Additions
0.2
0.6
0.5
1.1
Conversion of loans to equity
\u2013
\u2013
1.4
1.4
Fair value of associate
\u00a0 \u00a0 \u00a0 \u00a0
recognised\u00a0upon disposal of
\u00a0 \u00a0 \u00a0 \u00a0
subsidiary (Note\u00a029)
\u2013
0.3
2.3
2.6
Disposals
(0.2)
\u2013
\u2013
\u2013
Exchange movement
\u2013
(0.3)
\u2013
(0.3)
At 31 December 2025
10.2
2.3
7.8
10.1
Share of pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
19.9
3.0
\u2013
3.0
Group\u2019s share of pro\ufb01t from
\u00a0 \u00a0 \u00a0 \u00a0
continuing operations
6.4
1.8
\u2013
1.8
Dividends received
(6.0)
(3.5)
\u2013
(3.5)
Exchange movement
(1.2)
\u2013
\u2013
\u2013
At 31 December 2025
19.1
1.3
\u2013
1.3
Total
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
29.3
3.6
7.8
11.4
\u00a0
Joint ventures
\u00a0
Associates
\u00a0
\u00a0 \u00a0
Investment
\u00a0 \u00a0
\u00a0 \u00a0
(including
\u00a0 \u00a0
\u00a0
Investment
loans)
Goodwill
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
10.6
2.5
3.6
6.1
Additions
0.3
\u2013
\u2013
\u2013
Reclassi\ufb01cation to associate
(0.5)
0.5
\u2013
0.5
Fair value remeasurement prior
\u00a0 \u00a0 \u00a0 \u00a0
to subsidiary acquisition
\u2013
4.4
\u2013
4.4
Transfer upon subsidiary acquisition
\u2013
(5.6)
\u2013
(5.6)
Impairment
\u2013
(0.2)
\u2013
(0.2)
Disposals
(0.1)
\u2013
\u2013
\u2013
Exchange movement
(0.1)
0.1
\u2013
0.1
At 31 December 2024
10.2
1.7
3.6
5.3
Share of pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
16.7
5.5
\u2013
5.5
Group\u2019s share of pro\ufb01t from
\u00a0 \u00a0 \u00a0 \u00a0
continuing operations
7.0
0.5
\u2013
0.5
Dividends received
(4.2)
(2.8)
\u2013
(2.8)
Exchange movement
0.4
(0.2)
\u2013
(0.2)
At 31 December 2024
19.9
3.0
\u2013
3.0
Total
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
30.1
4.7
3.6
8.3
In the opinion of the Directors, the Group does not have any joint ventures or
associates that are individually material to the results of the Group.
The Group has one associate with net liabilities as at 31 December 2025 (2024:
one joint venture and one associate), restricting the ability of this entity to transfer
funds to its shareholders in the form of dividends. The associate has no signi\ufb01cant
liabilities to which the Group is exposed, nor has the Group any signi\ufb01cant contingent
liabilities\u00a0or capital commitments in relation to its interest in this associate.
Refer to Note 39 for a full list of the Group\u2019s subsidiaries, joint ventures
and\u00a0associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00506": { "value": "20. Investments in joint ventures and associates
Material accounting policies that apply to investments in joint ventures and associates
Refer to Note 4.1 for the accounting policy with respect to investments in joint ventures and associates.
\u00a0
Joint ventures
\u00a0
Associates
\u00a0
\u00a0 \u00a0
Investment
\u00a0 \u00a0
\u00a0 \u00a0
(including
\u00a0 \u00a0
\u00a0
Investment
loans)
Goodwill
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
10.2
1.7
3.6
5.3
Additions
0.2
0.6
0.5
1.1
Conversion of loans to equity
\u2013
\u2013
1.4
1.4
Fair value of associate
\u00a0 \u00a0 \u00a0 \u00a0
recognised\u00a0upon disposal of
\u00a0 \u00a0 \u00a0 \u00a0
subsidiary (Note\u00a029)
\u2013
0.3
2.3
2.6
Disposals
(0.2)
\u2013
\u2013
\u2013
Exchange movement
\u2013
(0.3)
\u2013
(0.3)
At 31 December 2025
10.2
2.3
7.8
10.1
Share of pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
19.9
3.0
\u2013
3.0
Group\u2019s share of pro\ufb01t from
\u00a0 \u00a0 \u00a0 \u00a0
continuing operations
6.4
1.8
\u2013
1.8
Dividends received
(6.0)
(3.5)
\u2013
(3.5)
Exchange movement
(1.2)
\u2013
\u2013
\u2013
At 31 December 2025
19.1
1.3
\u2013
1.3
Total
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
29.3
3.6
7.8
11.4
\u00a0
Joint ventures
\u00a0
Associates
\u00a0
\u00a0 \u00a0
Investment
\u00a0 \u00a0
\u00a0 \u00a0
(including
\u00a0 \u00a0
\u00a0
Investment
loans)
Goodwill
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
10.6
2.5
3.6
6.1
Additions
0.3
\u2013
\u2013
\u2013
Reclassi\ufb01cation to associate
(0.5)
0.5
\u2013
0.5
Fair value remeasurement prior
\u00a0 \u00a0 \u00a0 \u00a0
to subsidiary acquisition
\u2013
4.4
\u2013
4.4
Transfer upon subsidiary acquisition
\u2013
(5.6)
\u2013
(5.6)
Impairment
\u2013
(0.2)
\u2013
(0.2)
Disposals
(0.1)
\u2013
\u2013
\u2013
Exchange movement
(0.1)
0.1
\u2013
0.1
At 31 December 2024
10.2
1.7
3.6
5.3
Share of pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
16.7
5.5
\u2013
5.5
Group\u2019s share of pro\ufb01t from
\u00a0 \u00a0 \u00a0 \u00a0
continuing operations
7.0
0.5
\u2013
0.5
Dividends received
(4.2)
(2.8)
\u2013
(2.8)
Exchange movement
0.4
(0.2)
\u2013
(0.2)
At 31 December 2024
19.9
3.0
\u2013
3.0
Total
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
30.1
4.7
3.6
8.3
In the opinion of the Directors, the Group does not have any joint ventures or
associates that are individually material to the results of the Group.
The Group has one associate with net liabilities as at 31 December 2025 (2024:
one joint venture and one associate), restricting the ability of this entity to transfer
funds to its shareholders in the form of dividends. The associate has no signi\ufb01cant
liabilities to which the Group is exposed, nor has the Group any signi\ufb01cant contingent
liabilities\u00a0or capital commitments in relation to its interest in this associate.
Refer to Note 39 for a full list of the Group\u2019s subsidiaries, joint ventures
and\u00a0associates.Other non-current receivables include loans of \u00a30.9m receivable from associates (2024:
\u00a30.1m), \u00a31.6m of loans issued to entities that the Group recognises as \ufb01nancial assets
held at FVOCI (2024: \u00a31.9m) and insurance reimbursement assets of \u00a3nil (2024: \u00a36.7m).
Other current receivables relate primarily to employee loans, insurance reimbursement
assets, rental deposits, accrued interest income, client funds and loans due from other
parties. Loans due from other parties include loans of \u00a30.1m receivable from joint
ventures (2024: \u00a30.5m) and loans of \u00a3nil receivable from associates (2024: \u00a31.1m).37. Related party transactions
Other than disclosed below and the information provided within the Remuneration
Report and Note 12.3 (Key management compensation), there were no signi\ufb01cant
related party transactions during the year.
(a) Loans to related parties
Refer to Note 22 for details of loans made to joint ventures and associates.
(b) Transactions with associates and joint ventures
There were no material transactions with associates and joint ventures in the current
or prior year, with the exception of transactions and balances disclosed in Notes 22
and 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00477": { "value": "21. Investments and derivative \ufb01nancial instruments
Material accounting policies that apply to investments and
derivative \ufb01nancial instruments
Financial assets held at FVOCI
The Group has made an irrevocable election at initial recognition for equity
investments to be classi\ufb01ed as FVOCI (fair value through other comprehensive
income). Changes in fair value are recognised through other comprehensive
income rather than pro\ufb01t or loss. Dividends from these investments are recognised
in pro\ufb01t or loss as other operating income. When such investments are disposed
or become impaired, the accumulated gains and losses, recognised in other
comprehensive income, are reclassi\ufb01ed to retained earnings and will not be
recycled to the income statement.
Financial assets held at FVPL
The Group holds loans and other debt like \ufb01nancial instruments at fair value with
changes in fair value recognised through pro\ufb01t or loss. Any gains or losses that
arise when such instruments are disposed are recognised in operating pro\ufb01t/(loss)
within the income statement.
Derivative \ufb01nancial instruments
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into and are subsequently remeasured at fair value. Changes in the fair
value of the Group\u2019s derivative instruments are recognised immediately in the
income statement.
The three levels of valuation methodology used are:
Level 1
\u2013 uses quoted active market prices.
Level 2
\u2013 uses observable inputs other than quoted active market prices.
The fair value of derivative \ufb01nancial instruments relating to forward foreign
exchange contracts are determined by using valuation techniques using
observable market data.
Gains and losses on forward foreign exchange contracts are recognised in net
foreign exchange gains and losses in the income statement.
Level 3
\u2013 uses inputs that are not based on observable market data, such as
internal models or other valuation methods.
Financial assets held at FVOCI (unlisted equity investments) included in Level 3
fall under two categories. The \ufb01rst, where cost has been determined as the best
approximation of fair value. Cost is considered the best approximation of fair
value in these instances either due to insu\ufb03cient more recent information being
available and/or there being a wide range of possible fair value measurements due
to the nature of the investments and cost is considered the best estimate of fair
value within the range. The second, where management have determined the fair
value of the unlisted equity security based upon the latest trading performance
of the investments, cash \ufb02ow forecasts of the investments and applying these
to a discounted cash \ufb02ow valuation and/or considering evidence from recent
fundraising initiatives undertaken.
Financial assets held at FVPL included in Level 3 fall under two categories.
The \ufb01rst, where the fair value of investment funds is based on underlying asset
values determined by the Fund Manager\u2019s quarterly \ufb01nancial statements. The
second, where management have determined the fair value of convertible loans
based upon the latest trading performance of the equity investments and cash
\ufb02ow forecasts of the investments and applying these to a discounted cash \ufb02ow
valuation. See Note 21.4 for the terms of these loans.
The fair value of deferred consideration included in Level 3 has been determined by management based upon the latest trading performance and forecasts of the
\n
underlying business and applying these forecasts to the relevant deferred consideration earn-out criteria. The fair value of the expected deferred consideration due to be
\n
paid is then discounted to determine the fair value of the deferred consideration payable.
\n
21.1 Categories of \ufb01nancial instruments
Financial
Financial
Financial
assets at
Total
assets at
assets at
amortised
carrying
FVPL
FVOCI
cost
amount
\u00a3m
2025
2025
2025
2025
Financial assets at FVOCI
\u2013
4.9
\u2013
4.9
Financial assets at FVPL
27.8
\u2013
\u2013
27.8
Trade and other receivables
\u2013
\u2013
741.4
741.4
Derivative \ufb01nancial instruments
0.8
\u2013
\u2013
0.8
Cash and cash equivalents
\u2013
\u2013
531.6
531.6
Total \ufb01nancial assets
28.6
4.9
1,273.0
1,306.5
Financial
Financial
Financial
assets at
Total
assets at
assets at
amortised
carrying
FVPL
FVOCI
cost
amount
\u00a3m
2024
2024
2024
2024
Financial assets at FVOCI
\u2013
4.6
\u2013
4.6
Financial assets at FVPL
27.3
\u2013
\u2013
27.3
Trade and other receivables
\u2013
\u2013
684.1
684.1
Derivative \ufb01nancial instruments
0.3
\u2013
\u2013
0.3
Cash and cash equivalents
\u2013
\u2013
536.5
536.5
Total \ufb01nancial assets
27.6
4.6
1,220.6
1,252.8
Financial
Financial
liabilities at
Total
liabilities
amortised
carrying
at FVPL
cost
amount
\u00a3m
2025
2025
2025
Borrowings
\u2013
176.7
176.7
Overdrafts in notional pooling arrangements
\u2013
187.2
187.2
Lease liabilities
\u2013
255.4
255.4
Trade and other payables
2.6
335.3
337.9
Derivative \ufb01nancial instruments
26.5
\u2013
26.5
Total \ufb01nancial liabilities
29.1
954.6
983.7
Financial
Financial
liabilities at
Total
liabilities
amortised
carrying
at FVPL
cost
amount
\u00a3m
2024
2024
2024
Borrowings
\u2013
160.9
160.9
Overdrafts in notional pooling arrangements
\u2013
199.3
199.3
Lease liabilities
\u2013
233.1
233.1
Trade and other payables
2.3
352.9
355.2
Derivative \ufb01nancial instruments
13.9
\u2013
13.9
Total \ufb01nancial liabilities
16.2
946.2
962.4
21.2 Fair value hierarchy
\u00a0
Level 2
Level 3
Total
2025
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u00a0 \u00a0 \u00a0
\u2013 Unlisted equity investments
\u2013
4.9
4.9
Financial assets at FVPL
\u2013
27.8
27.8
Derivative \ufb01nancial instruments
0.8
\u2013
0.8
Total assets
0.8
32.7
33.5
Liabilities
\u00a0 \u00a0 \u00a0
Deferred consideration
\u2013
2.6
2.6
Derivative \ufb01nancial instruments
0.5
26.0
26.5
Total liabilities
0.5
28.6
29.1
\u00a0
Level 2
Level 3
Total
2024
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u00a0 \u00a0 \u00a0
\u2013 Unlisted equity investments
\u2013
4.6
4.6
Financial assets at FVPL
\u2013
27.3
27.3
Derivative \ufb01nancial instruments
0.3
\u2013
0.3
Total assets
0.3
31.9
32.2
Liabilities
\u00a0 \u00a0 \u00a0
Deferred consideration
\u2013
2.3
2.3
Derivative \ufb01nancial instruments
1.3
12.6
13.9
Total liabilities
1.3
14.9
16.2
\n
The gross notional principal amounts of the outstanding forward foreign exchange
\n
contracts at 31 December 2025 were \u00a3182.0m (2024: \u00a3135.4m). All contracts mature
\n
within one year and are classed as current.
\n
The following table presents the changes in Level 3 \ufb01nancial (liabilities)/assets for the
\n
period ended 31 December 2025:
\u00a0
Contingent
Derivative
Financial
Financial
\u00a0
deferred
\ufb01nancial
assets at
assets at
\u00a3m
consideration
instruments
FVOCI
FVPL
Opening balance 1 January 2025
(2.3)
(12.6)
4.6
27.3
Additions \u2013 recognised through
\u00a0 \u00a0 \u00a0 \u00a0
reserves
\u2013
(13.8)
\u2013
\u2013
Additions \u2013 recognised through
\u00a0 \u00a0 \u00a0 \u00a0
the\u00a0income statement
\u2013
(1.5)
\u2013
\u2013
Additions
\u2013
\u2013
0.1
1.8
Reclassi\ufb01cation
(0.6)
\u2013
\u2013
\u2013
Disposals
\u2013
\u2013
(0.2)
(1.4)
Settlement
0.2
\u2013
\u2013
\u2013
Conversion of loan
\u2013
\u2013
0.4
\u2013
Remeasurement
0.1
0.9
0.1
0.2
Exchange movement
\u2013
1.0
(0.1)
(0.1)
Closing balance 31 December 2025
(2.6)
(26.0)
4.9
27.8
\n
The derivative \ufb01nancial liabilities classi\ufb01ed as Level 3 relate to put and call options, the
\n
fair value of which is derived from management\u2019s best estimate of the average EBITDA
\n
forecast of the relevant businesses. Subsequent to initial recognition, gains and losses
\n
on these options are recognised in operating pro\ufb01ts in the income statement.
\n
Derivative \ufb01nancial liabilities as at 31 December 2025 include:
\n
\u00a7
\n
A put and call option on the remaining 20% of the AMS group, exercisable in 2027.
\n
The\u00a0option is classi\ufb01ed as non-current.
\n
\u00a7
\n
A put and call option for the remaining 40% shareholding in the LCA group,
\n
exercisable in 2026. The option is classi\ufb01ed as current.
\n
\u00a7
\n
A put and call option for the remaining 45% shareholding in Savills India, exercisable
\n
in \ufb01ve tranches between 2029 and 2034. This option is classi\ufb01ed as non-current.
\u00a7
A put and call option for the remaining 40% shareholding in Savills Projects
Holdings Pte Ltd group (\u2018Merx\u2019) which is exercisable in 2027 of which 11% is
expected to exercise early in 2026. The charge upon initial recognition of the
liability has been recognised in reserves in the current year. The option is split
between current and non-current.
\u00a7
A put and call option for the remaining 30% shareholding in K&T Investment
Pte Ltd group (\u2018Alpina\u2019) which is exercisable in 2031. The charge upon initial
recognition of the liability has been recognised in reserves in the current year.
The\u00a0option is classi\ufb01ed as non-current.
\u00a7
A put and call option for the remaining 65% of KMC Property Consultants Pte
Limited (\u2018KMC\u2019) which is exercisable in 2028 (35%) and 2030 (30%) respectively.
As\u00a0an associate, KMC is not consolidated and the charge upon initial recognition
of\u00a0the liability has been recognised through the consolidated income statement.
This option is classi\ufb01ed as non-current. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "value": "21. Investments and derivative \ufb01nancial instruments
Material accounting policies that apply to investments and
derivative \ufb01nancial instruments
Financial assets held at FVOCI
The Group has made an irrevocable election at initial recognition for equity
investments to be classi\ufb01ed as FVOCI (fair value through other comprehensive
income). Changes in fair value are recognised through other comprehensive
income rather than pro\ufb01t or loss. Dividends from these investments are recognised
in pro\ufb01t or loss as other operating income. When such investments are disposed
or become impaired, the accumulated gains and losses, recognised in other
comprehensive income, are reclassi\ufb01ed to retained earnings and will not be
recycled to the income statement.
Financial assets held at FVPL
The Group holds loans and other debt like \ufb01nancial instruments at fair value with
changes in fair value recognised through pro\ufb01t or loss. Any gains or losses that
arise when such instruments are disposed are recognised in operating pro\ufb01t/(loss)
within the income statement.
Derivative \ufb01nancial instruments
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into and are subsequently remeasured at fair value. Changes in the fair
value of the Group\u2019s derivative instruments are recognised immediately in the
income statement.
The three levels of valuation methodology used are:
Level 1
\u2013 uses quoted active market prices.
Level 2
\u2013 uses observable inputs other than quoted active market prices.
The fair value of derivative \ufb01nancial instruments relating to forward foreign
exchange contracts are determined by using valuation techniques using
observable market data.
Gains and losses on forward foreign exchange contracts are recognised in net
foreign exchange gains and losses in the income statement.
Level 3
\u2013 uses inputs that are not based on observable market data, such as
internal models or other valuation methods.
Financial assets held at FVOCI (unlisted equity investments) included in Level 3
fall under two categories. The \ufb01rst, where cost has been determined as the best
approximation of fair value. Cost is considered the best approximation of fair
value in these instances either due to insu\ufb03cient more recent information being
available and/or there being a wide range of possible fair value measurements due
to the nature of the investments and cost is considered the best estimate of fair
value within the range. The second, where management have determined the fair
value of the unlisted equity security based upon the latest trading performance
of the investments, cash \ufb02ow forecasts of the investments and applying these
to a discounted cash \ufb02ow valuation and/or considering evidence from recent
fundraising initiatives undertaken.
Financial assets held at FVPL included in Level 3 fall under two categories.
The \ufb01rst, where the fair value of investment funds is based on underlying asset
values determined by the Fund Manager\u2019s quarterly \ufb01nancial statements. The
second, where management have determined the fair value of convertible loans
based upon the latest trading performance of the equity investments and cash
\ufb02ow forecasts of the investments and applying these to a discounted cash \ufb02ow
valuation. See Note 21.4 for the terms of these loans.
\n
The fair value of deferred consideration included in Level 3 has been determined by management based upon the latest trading performance and forecasts of the
\n
underlying business and applying these forecasts to the relevant deferred consideration earn-out criteria. The fair value of the expected deferred consideration due to be
\n
paid is then discounted to determine the fair value of the deferred consideration payable.
\n
21.1 Categories of \ufb01nancial instruments
Financial
Financial
Financial
assets at
Total
assets at
assets at
amortised
carrying
FVPL
FVOCI
cost
amount
\u00a3m
2025
2025
2025
2025
Financial assets at FVOCI
\u2013
4.9
\u2013
4.9
Financial assets at FVPL
27.8
\u2013
\u2013
27.8
Trade and other receivables
\u2013
\u2013
741.4
741.4
Derivative \ufb01nancial instruments
0.8
\u2013
\u2013
0.8
Cash and cash equivalents
\u2013
\u2013
531.6
531.6
Total \ufb01nancial assets
28.6
4.9
1,273.0
1,306.5
Financial
Financial
Financial
assets at
Total
assets at
assets at
amortised
carrying
FVPL
FVOCI
cost
amount
\u00a3m
2024
2024
2024
2024
Financial assets at FVOCI
\u2013
4.6
\u2013
4.6
Financial assets at FVPL
27.3
\u2013
\u2013
27.3
Trade and other receivables
\u2013
\u2013
684.1
684.1
Derivative \ufb01nancial instruments
0.3
\u2013
\u2013
0.3
Cash and cash equivalents
\u2013
\u2013
536.5
536.5
Total \ufb01nancial assets
27.6
4.6
1,220.6
1,252.8
Financial
Financial
liabilities at
Total
liabilities
amortised
carrying
at FVPL
cost
amount
\u00a3m
2025
2025
2025
Borrowings
\u2013
176.7
176.7
Overdrafts in notional pooling arrangements
\u2013
187.2
187.2
Lease liabilities
\u2013
255.4
255.4
Trade and other payables
2.6
335.3
337.9
Derivative \ufb01nancial instruments
26.5
\u2013
26.5
Total \ufb01nancial liabilities
29.1
954.6
983.7
Financial
Financial
liabilities at
Total
liabilities
amortised
carrying
at FVPL
cost
amount
\u00a3m
2024
2024
2024
Borrowings
\u2013
160.9
160.9
Overdrafts in notional pooling arrangements
\u2013
199.3
199.3
Lease liabilities
\u2013
233.1
233.1
Trade and other payables
2.3
352.9
355.2
Derivative \ufb01nancial instruments
13.9
\u2013
13.9
Total \ufb01nancial liabilities
16.2
946.2
962.4
21.2 Fair value hierarchy
\u00a0
Level 2
Level 3
Total
2025
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u00a0 \u00a0 \u00a0
\u2013 Unlisted equity investments
\u2013
4.9
4.9
Financial assets at FVPL
\u2013
27.8
27.8
Derivative \ufb01nancial instruments
0.8
\u2013
0.8
Total assets
0.8
32.7
33.5
Liabilities
\u00a0 \u00a0 \u00a0
Deferred consideration
\u2013
2.6
2.6
Derivative \ufb01nancial instruments
0.5
26.0
26.5
Total liabilities
0.5
28.6
29.1
\u00a0
Level 2
Level 3
Total
2024
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u00a0 \u00a0 \u00a0
\u2013 Unlisted equity investments
\u2013
4.6
4.6
Financial assets at FVPL
\u2013
27.3
27.3
Derivative \ufb01nancial instruments
0.3
\u2013
0.3
Total assets
0.3
31.9
32.2
Liabilities
\u00a0 \u00a0 \u00a0
Deferred consideration
\u2013
2.3
2.3
Derivative \ufb01nancial instruments
1.3
12.6
13.9
Total liabilities
1.3
14.9
16.2
\n
The gross notional principal amounts of the outstanding forward foreign exchange
\n
contracts at 31 December 2025 were \u00a3182.0m (2024: \u00a3135.4m). All contracts mature
\n
within one year and are classed as current.
\n
The following table presents the changes in Level 3 \ufb01nancial (liabilities)/assets for the
\n
period ended 31 December 2025:
\u00a0
Contingent
Derivative
Financial
Financial
\u00a0
deferred
\ufb01nancial
assets at
assets at
\u00a3m
consideration
instruments
FVOCI
FVPL
Opening balance 1 January 2025
(2.3)
(12.6)
4.6
27.3
Additions \u2013 recognised through
\u00a0 \u00a0 \u00a0 \u00a0
reserves
\u2013
(13.8)
\u2013
\u2013
Additions \u2013 recognised through
\u00a0 \u00a0 \u00a0 \u00a0
the\u00a0income statement
\u2013
(1.5)
\u2013
\u2013
Additions
\u2013
\u2013
0.1
1.8
Reclassi\ufb01cation
(0.6)
\u2013
\u2013
\u2013
Disposals
\u2013
\u2013
(0.2)
(1.4)
Settlement
0.2
\u2013
\u2013
\u2013
Conversion of loan
\u2013
\u2013
0.4
\u2013
Remeasurement
0.1
0.9
0.1
0.2
Exchange movement
\u2013
1.0
(0.1)
(0.1)
Closing balance 31 December 2025
(2.6)
(26.0)
4.9
27.8
\n
The derivative \ufb01nancial liabilities classi\ufb01ed as Level 3 relate to put and call options, the
\n
fair value of which is derived from management\u2019s best estimate of the average EBITDA
\n
forecast of the relevant businesses. Subsequent to initial recognition, gains and losses
\n
on these options are recognised in operating pro\ufb01ts in the income statement.
\n
Derivative \ufb01nancial liabilities as at 31 December 2025 include:
\n
\u00a7
\n
A put and call option on the remaining 20% of the AMS group, exercisable in 2027.
\n
The\u00a0option is classi\ufb01ed as non-current.
\n
\u00a7
\n
A put and call option for the remaining 40% shareholding in the LCA group,
\n
exercisable in 2026. The option is classi\ufb01ed as current.
\n
\u00a7
\n
A put and call option for the remaining 45% shareholding in Savills India, exercisable
\n
in \ufb01ve tranches between 2029 and 2034. This option is classi\ufb01ed as non-current.
\u00a7
A put and call option for the remaining 40% shareholding in Savills Projects
Holdings Pte Ltd group (\u2018Merx\u2019) which is exercisable in 2027 of which 11% is
expected to exercise early in 2026. The charge upon initial recognition of the
liability has been recognised in reserves in the current year. The option is split
between current and non-current.
\u00a7
A put and call option for the remaining 30% shareholding in K&T Investment
Pte Ltd group (\u2018Alpina\u2019) which is exercisable in 2031. The charge upon initial
recognition of the liability has been recognised in reserves in the current year.
The\u00a0option is classi\ufb01ed as non-current.
\u00a7
A put and call option for the remaining 65% of KMC Property Consultants Pte
Limited (\u2018KMC\u2019) which is exercisable in 2028 (35%) and 2030 (30%) respectively.
As\u00a0an associate, KMC is not consolidated and the charge upon initial recognition
of\u00a0the liability has been recognised through the consolidated income statement.
This option is classi\ufb01ed as non-current.
21.3 Financial assets at FVOCI
Financial assets at FVOCI comprise the following individual equity investments:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Unlisted securities
\u00a0 \u00a0
Andor Holdco Limited
1.7
1.7
Income Analytics Limited
1.7
1.2
Thirdfort Limited
0.2
0.2
Home Click Pte Limited
0.2
0.2
Other smaller investments
1.1
1.3
\u00a0
4.9
4.6
\n
21.4 Financial assets at FVPL
Financial assets at FVPL comprise instruments held in Savills Investment
Management investment funds.
At 31 December, the Group also held the following conditional commitments to
co-invest in a number of Savills Investment Management funds:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Asia Paci\ufb01c Income and Growth Fund FCP-RAIF
0.5
0.5
Savills IM UK Value Boxes Fund FCP-RAIF
2.3
2.3
DRC European Real Estate Debt Fund IV LP
0.7
0.9
Simply A\ufb00ordable Homes 2 LP
0.2
0.7
Savills IM UK Build to Rent Fund FCP-RAIF
0.1
0.3
Savills IM European Urban Logistics & Industrial
\u00a0 \u00a0
Fund\u00a0FCP-RAIF
0.4
1.2
Savills IM European Living Fund FCP-RAIF
0.3
0.5
\u00a0
4.5
6.4
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00531": { "value": "Material accounting policies that apply to investments and
derivative \ufb01nancial instruments
Financial assets held at FVOCI
The Group has made an irrevocable election at initial recognition for equity
investments to be classi\ufb01ed as FVOCI (fair value through other comprehensive
income). Changes in fair value are recognised through other comprehensive
income rather than pro\ufb01t or loss. Dividends from these investments are recognised
in pro\ufb01t or loss as other operating income. When such investments are disposed
or become impaired, the accumulated gains and losses, recognised in other
comprehensive income, are reclassi\ufb01ed to retained earnings and will not be
recycled to the income statement.
Financial assets held at FVPL
The Group holds loans and other debt like \ufb01nancial instruments at fair value with
changes in fair value recognised through pro\ufb01t or loss. Any gains or losses that
arise when such instruments are disposed are recognised in operating pro\ufb01t/(loss)
within the income statement.
Derivative \ufb01nancial instruments
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into and are subsequently remeasured at fair value. Changes in the fair
value of the Group\u2019s derivative instruments are recognised immediately in the
income statement.
The three levels of valuation methodology used are:
Level 1
\u2013 uses quoted active market prices.
Level 2
\u2013 uses observable inputs other than quoted active market prices.
The fair value of derivative \ufb01nancial instruments relating to forward foreign
exchange contracts are determined by using valuation techniques using
observable market data.
Gains and losses on forward foreign exchange contracts are recognised in net
foreign exchange gains and losses in the income statement.
Level 3
\u2013 uses inputs that are not based on observable market data, such as
internal models or other valuation methods.
Financial assets held at FVOCI (unlisted equity investments) included in Level 3
fall under two categories. The \ufb01rst, where cost has been determined as the best
approximation of fair value. Cost is considered the best approximation of fair
value in these instances either due to insu\ufb03cient more recent information being
available and/or there being a wide range of possible fair value measurements due
to the nature of the investments and cost is considered the best estimate of fair
value within the range. The second, where management have determined the fair
value of the unlisted equity security based upon the latest trading performance
of the investments, cash \ufb02ow forecasts of the investments and applying these
to a discounted cash \ufb02ow valuation and/or considering evidence from recent
fundraising initiatives undertaken.
Financial assets held at FVPL included in Level 3 fall under two categories.
The \ufb01rst, where the fair value of investment funds is based on underlying asset
values determined by the Fund Manager\u2019s quarterly \ufb01nancial statements. The
second, where management have determined the fair value of convertible loans
based upon the latest trading performance of the equity investments and cash
\ufb02ow forecasts of the investments and applying these to a discounted cash \ufb02ow
valuation. See Note 21.4 for the terms of these loans.
\n
The fair value of deferred consideration included in Level 3 has been determined by management based upon the latest trading performance and forecasts of the
\n
underlying business and applying these forecasts to the relevant deferred consideration earn-out criteria. The fair value of the expected deferred consideration due to be
\npaid is then discounted to determine the fair value of the deferred consideration payable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00533": { "value": "Material accounting policies that apply to investments and derivative \ufb01nancial instrumentsDerivative \ufb01nancial instruments
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into and are subsequently remeasured at fair value. Changes in the fair
value of the Group\u2019s derivative instruments are recognised immediately in the
income statement.
The three levels of valuation methodology used are:
Level 1
\u2013 uses quoted active market prices.
Level 2
\u2013 uses observable inputs other than quoted active market prices.
The fair value of derivative \ufb01nancial instruments relating to forward foreign
exchange contracts are determined by using valuation techniques using
observable market data.
Gains and losses on forward foreign exchange contracts are recognised in net
foreign exchange gains and losses in the income statement.
Level 3
\u2013 uses inputs that are not based on observable market data, such as
internal models or other valuation methods.
Financial assets held at FVOCI (unlisted equity investments) included in Level 3
fall under two categories. The \ufb01rst, where cost has been determined as the best
approximation of fair value. Cost is considered the best approximation of fair
value in these instances either due to insu\ufb03cient more recent information being
available and/or there being a wide range of possible fair value measurements due
to the nature of the investments and cost is considered the best estimate of fair
value within the range. The second, where management have determined the fair
value of the unlisted equity security based upon the latest trading performance
of the investments, cash \ufb02ow forecasts of the investments and applying these
to a discounted cash \ufb02ow valuation and/or considering evidence from recent
fundraising initiatives undertaken.
Financial assets held at FVPL included in Level 3 fall under two categories.
The \ufb01rst, where the fair value of investment funds is based on underlying asset
values determined by the Fund Manager\u2019s quarterly \ufb01nancial statements. The
second, where management have determined the fair value of convertible loans
based upon the latest trading performance of the equity investments and cash
\ufb02ow forecasts of the investments and applying these to a discounted cash \ufb02ow
valuation. See Note 21.4 for the terms of these loans.
\n
The fair value of deferred consideration included in Level 3 has been determined by management based upon the latest trading performance and forecasts of the
\n
underlying business and applying these forecasts to the relevant deferred consideration earn-out criteria. The fair value of the expected deferred consideration due to be
\npaid is then discounted to determine the fair value of the deferred consideration payable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00535": { "value": "Financial assets held at FVOCI
The Group has made an irrevocable election at initial recognition for equity
investments to be classi\ufb01ed as FVOCI (fair value through other comprehensive
income). Changes in fair value are recognised through other comprehensive
income rather than pro\ufb01t or loss. Dividends from these investments are recognised
in pro\ufb01t or loss as other operating income. When such investments are disposed
or become impaired, the accumulated gains and losses, recognised in other
comprehensive income, are reclassi\ufb01ed to retained earnings and will not be
recycled to the income statement.
Financial assets held at FVPL
The Group holds loans and other debt like \ufb01nancial instruments at fair value with
changes in fair value recognised through pro\ufb01t or loss. Any gains or losses that
arise when such instruments are disposed are recognised in operating pro\ufb01t/(loss)
within the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00532": { "value": "Financial assets held at FVPL
The Group holds loans and other debt like \ufb01nancial instruments at fair value with
changes in fair value recognised through pro\ufb01t or loss. Any gains or losses that
arise when such instruments are disposed are recognised in operating pro\ufb01t/(loss)
within the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00534": { "value": "The three levels of valuation methodology used are:
Level 1
\u2013 uses quoted active market prices.
Level 2
\u2013 uses observable inputs other than quoted active market prices.
The fair value of derivative \ufb01nancial instruments relating to forward foreign
exchange contracts are determined by using valuation techniques using
observable market data.
Gains and losses on forward foreign exchange contracts are recognised in net
foreign exchange gains and losses in the income statement.
Level 3
\u2013 uses inputs that are not based on observable market data, such as
internal models or other valuation methods.
Financial assets held at FVOCI (unlisted equity investments) included in Level 3
fall under two categories. The \ufb01rst, where cost has been determined as the best
approximation of fair value. Cost is considered the best approximation of fair
value in these instances either due to insu\ufb03cient more recent information being
available and/or there being a wide range of possible fair value measurements due
to the nature of the investments and cost is considered the best estimate of fair
value within the range. The second, where management have determined the fair
value of the unlisted equity security based upon the latest trading performance
of the investments, cash \ufb02ow forecasts of the investments and applying these
to a discounted cash \ufb02ow valuation and/or considering evidence from recent
fundraising initiatives undertaken.
Financial assets held at FVPL included in Level 3 fall under two categories.
The \ufb01rst, where the fair value of investment funds is based on underlying asset
values determined by the Fund Manager\u2019s quarterly \ufb01nancial statements. The
second, where management have determined the fair value of convertible loans
based upon the latest trading performance of the equity investments and cash
\ufb02ow forecasts of the investments and applying these to a discounted cash \ufb02ow
valuation. See Note 21.4 for the terms of these loans.
\n
The fair value of deferred consideration included in Level 3 has been determined by management based upon the latest trading performance and forecasts of the
\n
underlying business and applying these forecasts to the relevant deferred consideration earn-out criteria. The fair value of the expected deferred consideration due to be
\npaid is then discounted to determine the fair value of the deferred consideration payable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00479": { "value": "21.2 Fair value hierarchy
\u00a0
Level 2
Level 3
Total
2025
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u00a0 \u00a0 \u00a0
\u2013 Unlisted equity investments
\u2013
4.9
4.9
Financial assets at FVPL
\u2013
27.8
27.8
Derivative \ufb01nancial instruments
0.8
\u2013
0.8
Total assets
0.8
32.7
33.5
Liabilities
\u00a0 \u00a0 \u00a0
Deferred consideration
\u2013
2.6
2.6
Derivative \ufb01nancial instruments
0.5
26.0
26.5
Total liabilities
0.5
28.6
29.1
\u00a0
Level 2
Level 3
Total
2024
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u00a0 \u00a0 \u00a0
\u2013 Unlisted equity investments
\u2013
4.6
4.6
Financial assets at FVPL
\u2013
27.3
27.3
Derivative \ufb01nancial instruments
0.3
\u2013
0.3
Total assets
0.3
31.9
32.2
Liabilities
\u00a0 \u00a0 \u00a0
Deferred consideration
\u2013
2.3
2.3
Derivative \ufb01nancial instruments
1.3
12.6
13.9
Total liabilities
1.3
14.9
16.2
\n
The gross notional principal amounts of the outstanding forward foreign exchange
\n
contracts at 31 December 2025 were \u00a3182.0m (2024: \u00a3135.4m). All contracts mature
\n
within one year and are classed as current.
\n
The following table presents the changes in Level 3 \ufb01nancial (liabilities)/assets for the
\n
period ended 31 December 2025:
\u00a0
Contingent
Derivative
Financial
Financial
\u00a0
deferred
\ufb01nancial
assets at
assets at
\u00a3m
consideration
instruments
FVOCI
FVPL
Opening balance 1 January 2025
(2.3)
(12.6)
4.6
27.3
Additions \u2013 recognised through
\u00a0 \u00a0 \u00a0 \u00a0
reserves
\u2013
(13.8)
\u2013
\u2013
Additions \u2013 recognised through
\u00a0 \u00a0 \u00a0 \u00a0
the\u00a0income statement
\u2013
(1.5)
\u2013
\u2013
Additions
\u2013
\u2013
0.1
1.8
Reclassi\ufb01cation
(0.6)
\u2013
\u2013
\u2013
Disposals
\u2013
\u2013
(0.2)
(1.4)
Settlement
0.2
\u2013
\u2013
\u2013
Conversion of loan
\u2013
\u2013
0.4
\u2013
Remeasurement
0.1
0.9
0.1
0.2
Exchange movement
\u2013
1.0
(0.1)
(0.1)
Closing balance 31 December 2025
(2.6)
(26.0)
4.9
27.8
\n
The derivative \ufb01nancial liabilities classi\ufb01ed as Level 3 relate to put and call options, the
\n
fair value of which is derived from management\u2019s best estimate of the average EBITDA
\n
forecast of the relevant businesses. Subsequent to initial recognition, gains and losses
\n
on these options are recognised in operating pro\ufb01ts in the income statement.
\n
Derivative \ufb01nancial liabilities as at 31 December 2025 include:
\n
\u00a7
\n
A put and call option on the remaining 20% of the AMS group, exercisable in 2027.
\n
The\u00a0option is classi\ufb01ed as non-current.
\n
\u00a7
\n
A put and call option for the remaining 40% shareholding in the LCA group,
\n
exercisable in 2026. The option is classi\ufb01ed as current.
\n
\u00a7
\n
A put and call option for the remaining 45% shareholding in Savills India, exercisable
\n
in \ufb01ve tranches between 2029 and 2034. This option is classi\ufb01ed as non-current.
\u00a7
A put and call option for the remaining 40% shareholding in Savills Projects
Holdings Pte Ltd group (\u2018Merx\u2019) which is exercisable in 2027 of which 11% is
expected to exercise early in 2026. The charge upon initial recognition of the
liability has been recognised in reserves in the current year. The option is split
between current and non-current.
\u00a7
A put and call option for the remaining 30% shareholding in K&T Investment
Pte Ltd group (\u2018Alpina\u2019) which is exercisable in 2031. The charge upon initial
recognition of the liability has been recognised in reserves in the current year.
The\u00a0option is classi\ufb01ed as non-current.
\u00a7
A put and call option for the remaining 65% of KMC Property Consultants Pte
Limited (\u2018KMC\u2019) which is exercisable in 2028 (35%) and 2030 (30%) respectively.
As\u00a0an associate, KMC is not consolidated and the charge upon initial recognition
of\u00a0the liability has been recognised through the consolidated income statement.
This option is classi\ufb01ed as non-current. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00480": { "value": "21.2 Fair value hierarchy
\u00a0
Level 2
Level 3
Total
2025
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u00a0 \u00a0 \u00a0
\u2013 Unlisted equity investments
\u2013
4.9
4.9
Financial assets at FVPL
\u2013
27.8
27.8
Derivative \ufb01nancial instruments
0.8
\u2013
0.8
Total assets
0.8
32.7
33.5
Liabilities
\u00a0 \u00a0 \u00a0
Deferred consideration
\u2013
2.6
2.6
Derivative \ufb01nancial instruments
0.5
26.0
26.5
Total liabilities
0.5
28.6
29.1
\u00a0
Level 2
Level 3
Total
2024
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u00a0 \u00a0 \u00a0
\u2013 Unlisted equity investments
\u2013
4.6
4.6
Financial assets at FVPL
\u2013
27.3
27.3
Derivative \ufb01nancial instruments
0.3
\u2013
0.3
Total assets
0.3
31.9
32.2
Liabilities
\u00a0 \u00a0 \u00a0
Deferred consideration
\u2013
2.3
2.3
Derivative \ufb01nancial instruments
1.3
12.6
13.9
Total liabilities
1.3
14.9
16.2
\n
The gross notional principal amounts of the outstanding forward foreign exchange
\n
contracts at 31 December 2025 were \u00a3182.0m (2024: \u00a3135.4m). All contracts mature
\n
within one year and are classed as current.
\n
The following table presents the changes in Level 3 \ufb01nancial (liabilities)/assets for the
\n
period ended 31 December 2025:
\u00a0
Contingent
Derivative
Financial
Financial
\u00a0
deferred
\ufb01nancial
assets at
assets at
\u00a3m
consideration
instruments
FVOCI
FVPL
Opening balance 1 January 2025
(2.3)
(12.6)
4.6
27.3
Additions \u2013 recognised through
\u00a0 \u00a0 \u00a0 \u00a0
reserves
\u2013
(13.8)
\u2013
\u2013
Additions \u2013 recognised through
\u00a0 \u00a0 \u00a0 \u00a0
the\u00a0income statement
\u2013
(1.5)
\u2013
\u2013
Additions
\u2013
\u2013
0.1
1.8
Reclassi\ufb01cation
(0.6)
\u2013
\u2013
\u2013
Disposals
\u2013
\u2013
(0.2)
(1.4)
Settlement
0.2
\u2013
\u2013
\u2013
Conversion of loan
\u2013
\u2013
0.4
\u2013
Remeasurement
0.1
0.9
0.1
0.2
Exchange movement
\u2013
1.0
(0.1)
(0.1)
Closing balance 31 December 2025
(2.6)
(26.0)
4.9
27.8
\n
The derivative \ufb01nancial liabilities classi\ufb01ed as Level 3 relate to put and call options, the
\n
fair value of which is derived from management\u2019s best estimate of the average EBITDA
\n
forecast of the relevant businesses. Subsequent to initial recognition, gains and losses
\n
on these options are recognised in operating pro\ufb01ts in the income statement.
\n
Derivative \ufb01nancial liabilities as at 31 December 2025 include:
\n
\u00a7
\n
A put and call option on the remaining 20% of the AMS group, exercisable in 2027.
\n
The\u00a0option is classi\ufb01ed as non-current.
\n
\u00a7
\n
A put and call option for the remaining 40% shareholding in the LCA group,
\n
exercisable in 2026. The option is classi\ufb01ed as current.
\n
\u00a7
\n
A put and call option for the remaining 45% shareholding in Savills India, exercisable
\n
in \ufb01ve tranches between 2029 and 2034. This option is classi\ufb01ed as non-current.
\u00a7
A put and call option for the remaining 40% shareholding in Savills Projects
Holdings Pte Ltd group (\u2018Merx\u2019) which is exercisable in 2027 of which 11% is
expected to exercise early in 2026. The charge upon initial recognition of the
liability has been recognised in reserves in the current year. The option is split
between current and non-current.
\u00a7
A put and call option for the remaining 30% shareholding in K&T Investment
Pte Ltd group (\u2018Alpina\u2019) which is exercisable in 2031. The charge upon initial
recognition of the liability has been recognised in reserves in the current year.
The\u00a0option is classi\ufb01ed as non-current.
\u00a7
A put and call option for the remaining 65% of KMC Property Consultants Pte
Limited (\u2018KMC\u2019) which is exercisable in 2028 (35%) and 2030 (30%) respectively.
As\u00a0an associate, KMC is not consolidated and the charge upon initial recognition
of\u00a0the liability has been recognised through the consolidated income statement.
This option is classi\ufb01ed as non-current.
21.3 Financial assets at FVOCI
Financial assets at FVOCI comprise the following individual equity investments:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Unlisted securities
\u00a0 \u00a0
Andor Holdco Limited
1.7
1.7
Income Analytics Limited
1.7
1.2
Thirdfort Limited
0.2
0.2
Home Click Pte Limited
0.2
0.2
Other smaller investments
1.1
1.3
\u00a0
4.9
4.6
\n
21.4 Financial assets at FVPL
Financial assets at FVPL comprise instruments held in Savills Investment
Management investment funds.
At 31 December, the Group also held the following conditional commitments to
co-invest in a number of Savills Investment Management funds:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Asia Paci\ufb01c Income and Growth Fund FCP-RAIF
0.5
0.5
Savills IM UK Value Boxes Fund FCP-RAIF
2.3
2.3
DRC European Real Estate Debt Fund IV LP
0.7
0.9
Simply A\ufb00ordable Homes 2 LP
0.2
0.7
Savills IM UK Build to Rent Fund FCP-RAIF
0.1
0.3
Savills IM European Urban Logistics & Industrial
\u00a0 \u00a0
Fund\u00a0FCP-RAIF
0.4
1.2
Savills IM European Living Fund FCP-RAIF
0.3
0.5
\u00a0
4.5
6.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00481": { "value": "21.4 Financial assets at FVPL
Financial assets at FVPL comprise instruments held in Savills Investment
Management investment funds.
At 31 December, the Group also held the following conditional commitments to
co-invest in a number of Savills Investment Management funds:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Asia Paci\ufb01c Income and Growth Fund FCP-RAIF
0.5
0.5
Savills IM UK Value Boxes Fund FCP-RAIF
2.3
2.3
DRC European Real Estate Debt Fund IV LP
0.7
0.9
Simply A\ufb00ordable Homes 2 LP
0.2
0.7
Savills IM UK Build to Rent Fund FCP-RAIF
0.1
0.3
Savills IM European Urban Logistics & Industrial
\u00a0 \u00a0
Fund\u00a0FCP-RAIF
0.4
1.2
Savills IM European Living Fund FCP-RAIF
0.3
0.5
\u00a0
4.5
6.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00482": { "value": "22. Trade and other receivables
Material accounting policies that apply to trade
and other receivables
Trade receivables are recognised initially at their transaction price and
subsequently measured at amortised cost less provision for impairment.
Receivables are discounted where the time value of money is material.
The Group applies the simpli\ufb01ed approach to providing for expected credit losses
prescribed by IFRS 9, which permits the use of the lifetime expected loss provision
for all trade receivables and contract assets. These estimates are based on historic
credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors
and macro-economic and speci\ufb01c country-risk considerations with higher default
rates applied to older balances.
In addition, if speci\ufb01c circumstances exist which would indicate that the receivable
is irrecoverable then a speci\ufb01c provision is made. A provision is made against
trade receivables and contract assets until such time as the Group believes there
to be no reasonable expectation of recovery, after which the trade receivable or
contract\u00a0asset balance is written o\ufb00.
Critical accounting estimate made when reviewing
debtor\u00a0recoverability
Provisions for impairment of trade receivables have been made. In reviewing the
appropriateness of these provisions, consideration has been given to the ageing
of the debt and the potential likelihood of default, taking into account current
and future economic conditions. Impairment analysis is performed by local
management using a provision matrix to measure the expected credit losses,
which is based on historical credit loss experience adjusted for forward-looking
factors speci\ufb01c to the debtors and economic environment.
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Trade receivables
14.8
10.7
Other receivables
2.4
8.7
Other assets
49.0
43.7
Net investment in sub lease (Note 18.3)
7.5
9.5
\u00a0
73.7
72.6
Current
\u00a0 \u00a0
Trade receivables
572.1
542.6
Less: loss allowance/impairment of receivables provision
(20.7)
(22.5)
Trade receivables \u2013 net
551.4
520.1
Other receivables
75.1
70.8
Prepayments
53.2
57.1
Accrued income
90.2
70.9
\u00a0
769.9
718.9
\n
The carrying value of the above receivables is approximate to their fair value.
There is no concentration of credit risk with respect to trade and other receivables as
the Group has a large number of clients internationally dispersed with no individual
client owing a signi\ufb01cant amount. The credit quality of receivables is managed at a
local subsidiary level on a regular basis. The maximum exposure to credit risk at the
reporting date is the carrying value of each class of receivables mentioned above.
The Group does not hold any collateral as security.
Other non-current assets relate primarily to signing-on bonuses that are amortised to
the income statement over the relevant contractual clawback period.
Other non-current receivables include loans of \u00a30.9m receivable from associates (2024:
\u00a30.1m), \u00a31.6m of loans issued to entities that the Group recognises as \ufb01nancial assets
held at FVOCI (2024: \u00a31.9m) and insurance reimbursement assets of \u00a3nil (2024: \u00a36.7m).
Other current receivables relate primarily to employee loans, insurance reimbursement
assets, rental deposits, accrued interest income, client funds and loans due from other
parties. Loans due from other parties include loans of \u00a30.1m receivable from joint
ventures (2024: \u00a30.5m) and loans of \u00a3nil receivable from associates (2024: \u00a31.1m).
The carrying amounts of the Group\u2019s gross current trade receivables are
denominated in the following currencies:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Sterling
222.9
213.4
Euro
103.3
98.1
Hong Kong dollar
36.3
38.9
US dollar
65.7
66.0
Australian dollar
24.0
23.4
Chinese renminbi
33.3
36.0
Other
86.5
66.8
\u00a0
572.1
542.6
\n
22.1 Impairment of trade and other receivables
With the exception of trade receivables, the other classes within trade and other
receivables do not contain material allowances for impairment. Accrued income and
contract assets are measured net of lifetime expected credit losses using a provision
matrix similar to trade receivables.
With respect to trade receivables, an allowance for impairment is made based on
historical credit loss experience adjusted for forward-looking factors speci\ufb01c to
the debtors and economic environment, as evidence of a likely reduction in the
recoverability of the cash \ufb02ows. Local management have assessed the expected
credit losses for trade receivables in the current geopolitical and economic
environment and the expected loss rates have been reviewed based on their
judgement as to the impact on their trade receivables portfolio. In addition, certain
customers have been identi\ufb01ed as having a signi\ufb01cantly elevated risk and have been
provided for on a speci\ufb01c basis. Overall, the expected loss rate on trade receivables
has remained stable at 3.6% (31 December 2024: 4.1%).
The loss allowance provision for trade receivables as at 31 December 2025 and 2024
was determined as follows:
\u00a0 \u00a0
More
More
More
More
\u00a0
\u00a0 \u00a0
than
than
than
than
\u00a0
\u00a0 \u00a0
30 days
60 days
90 days
180 days
\u00a0
2025
Current
past due
past due
past due
past due
Total
Expected loss rate
0.2%
1.2%
0.8%
3.5%
36.4%
3.6%
Gross carrying amount (\u00a3m)
419.0
51.9
26.0
25.7
49.5
572.1
Loss allowance provision (\u00a3m)
(1.0)
(0.6)
(0.2)
(0.9)
(18.0)
(20.7)
\u00a0 \u00a0
More
More
More
More
\u00a0
\u00a0 \u00a0
than
than
than
than
\u00a0
\u00a0 \u00a0
30 days
60 days
90 days
180 days
\u00a0
2024
Current
past due
past due
past due
past due
Total
Expected loss rate
0.3%
0.4%
3.1%
7.0%
45.2%
4.1%
Gross carrying amount (\u00a3m)
398.1
48.7
29.1
25.8
40.9
542.6
Loss allowance provision (\u00a3m)
(1.1)
(0.2)
(0.9)
(1.8)
(18.5)
(22.5)
\n
The loss allowance provision for trade receivables as at 31 December reconciles to the
opening loss allowance provision as follows:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
(22.5)
(19.6)
Increase in loss allowance recognised in the income
\u00a0\u00a0
statement during the period
(2.2)
(7.6)
Receivables written o\ufb00 during the year as uncollectible
3.4
4.3
Foreign exchange
0.6
0.4
At 31 December
(20.7)
(22.5)
\n
A 1% increase in the expected loss rate in each ageing category would increase the
loss allowance provision by \u00a35.7m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00536": { "value": "Material accounting policies that apply to trade
and other receivables
Trade receivables are recognised initially at their transaction price and
subsequently measured at amortised cost less provision for impairment.
Receivables are discounted where the time value of money is material.
The Group applies the simpli\ufb01ed approach to providing for expected credit losses
prescribed by IFRS 9, which permits the use of the lifetime expected loss provision
for all trade receivables and contract assets. These estimates are based on historic
credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors
and macro-economic and speci\ufb01c country-risk considerations with higher default
rates applied to older balances.
In addition, if speci\ufb01c circumstances exist which would indicate that the receivable
is irrecoverable then a speci\ufb01c provision is made. A provision is made against
trade receivables and contract assets until such time as the Group believes there
to be no reasonable expectation of recovery, after which the trade receivable or
contract\u00a0asset balance is written o\ufb00. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00486": { "value": "
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Trade receivables
14.8
10.7
Other receivables
2.4
8.7
Other assets
49.0
43.7
Net investment in sub lease (Note 18.3)
7.5
9.5
\u00a0
73.7
72.6
Current
\u00a0 \u00a0
Trade receivables
572.1
542.6
Less: loss allowance/impairment of receivables provision
(20.7)
(22.5)
Trade receivables \u2013 net
551.4
520.1
Other receivables
75.1
70.8
Prepayments
53.2
57.1
Accrued income
90.2
70.9
\u00a0
769.9
718.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00483": { "value": "Other non-current assets relate primarily to signing-on bonuses that are amortised to
the income statement over the relevant contractual clawback period.
Other non-current receivables include loans of \u00a30.9m receivable from associates (2024:
\u00a30.1m), \u00a31.6m of loans issued to entities that the Group recognises as \ufb01nancial assets
held at FVOCI (2024: \u00a31.9m) and insurance reimbursement assets of \u00a3nil (2024: \u00a36.7m).
Other current receivables relate primarily to employee loans, insurance reimbursement
assets, rental deposits, accrued interest income, client funds and loans due from other
parties. Loans due from other parties include loans of \u00a30.1m receivable from joint
ventures (2024: \u00a30.5m) and loans of \u00a3nil receivable from associates (2024: \u00a31.1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00485": { "value": "Other non-current assets relate primarily to signing-on bonuses that are amortised to
the income statement over the relevant contractual clawback period.
Other non-current receivables include loans of \u00a30.9m receivable from associates (2024:
\u00a30.1m), \u00a31.6m of loans issued to entities that the Group recognises as \ufb01nancial assets
held at FVOCI (2024: \u00a31.9m) and insurance reimbursement assets of \u00a3nil (2024: \u00a36.7m)", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00484": { "value": "Other current receivables relate primarily to employee loans, insurance reimbursement
assets, rental deposits, accrued interest income, client funds and loans due from other
parties. Loans due from other parties include loans of \u00a30.1m receivable from joint
ventures (2024: \u00a30.5m) and loans of \u00a3nil receivable from associates (2024: \u00a31.1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00487": { "value": "The loss allowance provision for trade receivables as at 31 December 2025 and 2024
was determined as follows:
\u00a0 \u00a0
More
More
More
More
\u00a0
\u00a0 \u00a0
than
than
than
than
\u00a0
\u00a0 \u00a0
30 days
60 days
90 days
180 days
\u00a0
2025
Current
past due
past due
past due
past due
Total
Expected loss rate
0.2%
1.2%
0.8%
3.5%
36.4%
3.6%
Gross carrying amount (\u00a3m)
419.0
51.9
26.0
25.7
49.5
572.1
Loss allowance provision (\u00a3m)
(1.0)
(0.6)
(0.2)
(0.9)
(18.0)
(20.7)
\u00a0 \u00a0
More
More
More
More
\u00a0
\u00a0 \u00a0
than
than
than
than
\u00a0
\u00a0 \u00a0
30 days
60 days
90 days
180 days
\u00a0
2024
Current
past due
past due
past due
past due
Total
Expected loss rate
0.3%
0.4%
3.1%
7.0%
45.2%
4.1%
Gross carrying amount (\u00a3m)
398.1
48.7
29.1
25.8
40.9
542.6
Loss allowance provision (\u00a3m)
(1.1)
(0.2)
(0.9)
(1.8)
(18.5)
(22.5)
\n
The loss allowance provision for trade receivables as at 31 December reconciles to the
opening loss allowance provision as follows:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
(22.5)
(19.6)
Increase in loss allowance recognised in the income
\u00a0\u00a0
statement during the period
(2.2)
(7.6)
Receivables written o\ufb00 during the year as uncollectible
3.4
4.3
Foreign exchange
0.6
0.4
At 31 December
(20.7)
(22.5)
\n
A 1% increase in the expected loss rate in each ageing category would increase the
loss allowance provision by \u00a35.7m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00488": { "value": "23. Cash and cash equivalents
Material accounting policies that apply to cash and
cash\u00a0equivalents
Cash and cash equivalents include cash in hand and deposits held on call with
banks, together with other short-term highly liquid investments with original
maturities of three months or less, that are readily convertible to a known amount
of cash and are subject to an insigni\ufb01cant risk of changes in value. Cash and cash
equivalents include cash balances that are operated within a notional cash pooling
arrangement, together with overdraft balances, which are presented separately
in current liabilities in the statement of \ufb01nancial position when IAS 32 o\ufb00setting
requirements are not met. Bank overdrafts are included under borrowings in the
statement of \ufb01nancial position.
For the purpose of the consolidated statement of cash \ufb02ows, cash and cash
equivalents, as de\ufb01ned above, are net of overdraft balances within the notional
cash pooling arrangement and outstanding bank overdrafts as they are considered
an integral part of the Group\u2019s cash management.
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cash at bank and in hand
407.8
427.5
Short-term bank deposits
123.8
109.0
\u00a0
531.6
536.5
\n
The carrying value of cash and cash equivalents approximates their fair value.
The e\ufb00ective interest rate on short-term bank deposits as at 31 December 2025
was\u00a02.42% (2024: 3.72%); these deposits have an average maturity of 37 days
(2024:\u00a035\u00a0days).
Cash subject to restrictions in Asia Paci\ufb01c amounts to \u00a331.1m (2024: \u00a331.5m) which
is cash pledged to banks in relation to property management contracts and cash
remittance restrictions in certain countries. These amounts are accessible by the
Group and are consolidated within the Group\u2019s cash and cash equivalents.
Cash and cash equivalents are denominated in the following currencies:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Sterling
203.5
237.8
Hong Kong dollar
102.0
98.7
Euro
72.5
60.1
Chinese renminbi
31.4
33.1
US dollar
26.8
12.8
Japanese yen
6.7
16.8
Australian dollar
7.2
8.5
South Korean won
8.6
9.2
Singapore dollar
20.3
10.7
Other currencies*
52.6
48.8
\u00a0
531.6
536.5
\n
*
Other currencies include United Arab Emirates dirham, Omani rial, Egyptian pound, Saudi riyal, Bahrain
dinar, Canadian dollar, Czech koruna, New Taiwan dollar, Macau pataca, Thai baht, Vietnamese dong,
New Zealand dollar, Indonesian rupiah, Malaysian ringgit, Indian rupee, Danish krone, Polish zloty, Swiss
franc and Swedish krona.
23.1 Notional pooling arrangement
For internal cash management purposes, the Group maintains a notional cash pooling
arrangement with Barclays Bank PLC, whereby credit and debit cash balances for
the participating bank accounts are notionally o\ufb00set. There is no overdraft cost or
charge associated with any pooled overdraft that is fully o\ufb00set by pooled credit cash
balances. As at 31 December 2025, the notional cash pooling arrangement included
cash balances of \u00a3189.2m presented in cash and cash equivalents (31 December
2024: \u00a3200.2m) and overdrafts of \u00a3187.2m (31 December 2024: \u00a3199.3m) presented
in current liabilities. This represents as at 31 December 2025 surplus pooled credit
cash balances of \u00a32.0m (31 December 2024: surplus pooled credit cash \u00a30.9m).
For the purpose of the statement of cash \ufb02ows, cash and cash equivalents net of
overdrafts comprise the following:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cash and cash equivalents
531.6
536.5
Overdrafts in notional pooling arrangement
(187.2)
(199.3)
Bank overdrafts (see Note 25)
(3.4)
(9.8)
\u00a0
341.0
327.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00537": { "value": "Material accounting policies that apply to cash and
cash\u00a0equivalents
Cash and cash equivalents include cash in hand and deposits held on call with
banks, together with other short-term highly liquid investments with original
maturities of three months or less, that are readily convertible to a known amount
of cash and are subject to an insigni\ufb01cant risk of changes in value. Cash and cash
equivalents include cash balances that are operated within a notional cash pooling
arrangement, together with overdraft balances, which are presented separately
in current liabilities in the statement of \ufb01nancial position when IAS 32 o\ufb00setting
requirements are not met. Bank overdrafts are included under borrowings in the
statement of \ufb01nancial position.
For the purpose of the consolidated statement of cash \ufb02ows, cash and cash
equivalents, as de\ufb01ned above, are net of overdraft balances within the notional
cash pooling arrangement and outstanding bank overdrafts as they are considered
an integral part of the Group\u2019s cash management.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00489": { "value": "Cash subject to restrictions in Asia Paci\ufb01c amounts to \u00a331.1m (2024: \u00a331.5m) which
is cash pledged to banks in relation to property management contracts and cash
remittance restrictions in certain countries. These amounts are accessible by the
Group and are consolidated within the Group\u2019s cash and cash equivalents.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00490": { "value": "For the purpose of the statement of cash \ufb02ows, cash and cash equivalents net of
overdrafts comprise the following:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cash and cash equivalents
531.6
536.5
Overdrafts in notional pooling arrangement
(187.2)
(199.3)
Bank overdrafts (see Note 25)
(3.4)
(9.8)
\u00a0
341.0
327.4
35. Cash generated from operations
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Pro\ufb01t for the year
73.6
52.9
Adjustments for:
\u00a0 \u00a0
Income tax (Note 14.1)
27.4
35.4
Depreciation (Note 18 and 19.1)
69.1
70.2
Amortisation of intangible assets (Note 17)
15.8
16.1
Fair value gain on step acquisition of subsidiaries previously
\u00a0 \u00a0
classi\ufb01ed as associates
\u2013
(4.4)
Net fair value (gain)/loss on derivative \ufb01nancial instrument
\u00a0 \u00a0
and FVPL investments
(1.1)
6.0
Loss/(gain) on disposal of property, plant and equipment,
\u00a0 \u00a0
intangible assets and leases
0.2
(0.2)
Gain on disposal of subsidiaries
(4.5)
\u2013
Impairments
4.6
1.9
Increase in provision for expected credit loss
2.2
8.3
Net \ufb01nance income (Note 13)
(7.5)
(14.5)
Share of post-tax pro\ufb01t from joint ventures and
\u00a0 \u00a0
associates\u00a0(Note 20)
(8.2)
(7.5)
Dividends from other parties
(0.7)
(0.5)
Increase in employee and retirement obligations
3.9
0.6
Exchange movement in operating activities
(1.9)
(3.4)
Increase in provisions
2.2
2.0
(Increase)/decrease in insurance reimbursement asset
(0.2)
0.4
Charge for share-based compensation (Note 33)
28.4
31.4
Operating cash \ufb02ows before movements in working capital
203.3
194.7
Increase in inventories
(0.1)
\u2013
Increase in trade and other receivables and contract assets
(125.8)
(58.2)
Increase in trade and other payables and contract liabilities
125.3
40.8
Cash generated from operations
202.7
177.3
\n
Foreign exchange movements resulted in a \u00a314.6m decrease in current and non-
current trade and other receivables (2024: \u00a32.6m increase) and a \u00a316.0m decrease
in\u00a0current and non-current trade and other payables (2024: \u00a35.7m decrease). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00491": { "value": "24. Trade and other payables
Material accounting policies that apply to trade and
other\u00a0payables
Trade and other payables are initially measured at fair value and subsequently
measured at amortised cost using the e\ufb00ective interest rate method. Trade
payables and other payables are classi\ufb01ed as current liabilities if payment is due
within one year or less. If not, they are presented as non-current liabilities.
\u00a0 \u00a0
2024
\u00a0
2025
restated*
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Deferred consideration
3.0
3.1
Other payables*
\u2013
0.2
Accruals \u2013 relating to deferred and contingent business
\u00a0 \u00a0
acquisition payments linked to employment conditions
5.4
7.1
Accruals*
7.6
4.4
\u00a0
16.0
14.8
Current
\u00a0 \u00a0
Deferred consideration
0.4
0.9
Trade payables*
101.8
108.7
Other taxation and social security
64.6
61.7
Other payables
85.8
59.8
Accruals \u2013 relating to deferred and contingent business
\u00a0 \u00a0
acquisition payments linked to employment conditions
3.7
1.2
Accruals*
503.3
497.4
\u00a0
759.6
729.7
\n
*
2024 includes a restatement of \u00a332.3m from current trade payables to current accruals and \u00a34.4m from
non-current other payables to non-current accruals in relation to commissions.
The carrying value of trade and other payables is approximate to their fair value.
Deferred consideration relates to deferred business acquisition payments not linked
to continuing employment.
The Group\u2019s current accruals include bonus and commission accruals of \u00a3361.6m
(2024: \u00a3351.8m). The Group\u2019s current other payables include amounts owed to clients
with respect to cash held on their behalf of \u00a320.8m (2024: \u00a322.8m) and loans payable
to associates of \u00a3nil (2024: \u00a30.2m).
24.1 Liabilities under supplier \ufb01nance arrangements
The Group has supplier \ufb01nance arrangements within the business in Spain.
Participation in these arrangements is at the suppliers\u2019 own discretion. Suppliers that
participate in the supplier \ufb01nance arrangement will receive early payment on invoices
sent to the business from the external \ufb01nance providers. If suppliers choose to
receive early payment, they pay a fee to the \ufb01nance provider, to which the Group is
not party. In order for the \ufb01nance provider to pay the invoices, the goods must have
been received or supplied and the invoices approved by the business. Payments to
suppliers ahead of the invoice due date are processed by the \ufb01nance providers and,
in the majority of cases, the business settles the original invoice by paying the \ufb01nance
providers in line with the original invoice maturity date. Payment terms with suppliers
have not been renegotiated in conjunction with these arrangements. The Group
provides no security to the \ufb01nance provider.
All trade payables subject to the supplier \ufb01nance arrangement are included in trade
and other payables in the consolidated statement of \ufb01nancial position. There were no
material business combinations or foreign exchange di\ufb00erences that would a\ufb00ect the
liabilities under supplier \ufb01nance arrangements in the year.
All amounts are presented within trade and other payables.
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Carrying amount of liabilities under supplier
\u00a0 \u00a0
\ufb01nance arrangement
\u00a0 \u00a0
Liabilities presented within trade payables
8.3
13.9
\u2013 of which suppliers have received payment
\u00a0 \u00a0
from\u00a0the \ufb01nance provider
3.0
5.3
Range of payment due dates
\u00a0 \u00a0
\u00a0
30\u201390
30\u201390
\u00a0
days after
days after
Liabilities under supplier \ufb01nance arrangement
invoice\u00a0date
invoice\u00a0date
\u00a0
30\u201390
30\u201390
Comparable trade payables that are not part
days after
days after
of\u00a0the\u00a0supplier \ufb01nance arrangement
invoice\u00a0date
invoice\u00a0date
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00538": { "value": "Material accounting policies that apply to trade and
other\u00a0payables
Trade and other payables are initially measured at fair value and subsequently
measured at amortised cost using the e\ufb00ective interest rate method. Trade
payables and other payables are classi\ufb01ed as current liabilities if payment is due
within one year or less. If not, they are presented as non-current liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00492": { "value": "
\u00a0 \u00a0
2024
\u00a0
2025
restated*
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Deferred consideration
3.0
3.1
Other payables*
\u2013
0.2
Accruals \u2013 relating to deferred and contingent business
\u00a0 \u00a0
acquisition payments linked to employment conditions
5.4
7.1
Accruals*
7.6
4.4
\u00a0
16.0
14.8
Current
\u00a0 \u00a0
Deferred consideration
0.4
0.9
Trade payables*
101.8
108.7
Other taxation and social security
64.6
61.7
Other payables
85.8
59.8
Accruals \u2013 relating to deferred and contingent business
\u00a0 \u00a0
acquisition payments linked to employment conditions
3.7
1.2
Accruals*
503.3
497.4
\u00a0
759.6
729.7
\nThe Group\u2019s current accruals include bonus and commission accruals of \u00a3361.6m (2024: \u00a3351.8m).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00493": { "value": "25. Borrowings
Material accounting policies that apply to borrowings
Interest-bearing bank loans, loan notes and overdrafts are initially measured at fair
value, net of transaction costs incurred, and subsequently measured at amortised
cost using the e\ufb00ective interest rate method.
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Secured bank loans
8.8
\u2013
Loan notes
120.0
120.0
Transaction costs (issuance of loan notes)
(0.1)
(0.4)
\u00a0
128.7
119.6
Current
\u00a0 \u00a0
Bank overdrafts
3.4
9.8
Unsecured bank loans due within one year or on demand
33.0
1.5
Secured bank loans due within one year or on demand
11.6
\u2013
Loan notes due within one year or on demand
\u2013
30.0
\u00a0
48.0
41.3
\u00a0
176.7
160.9
\n
As at 31 December 2025, the Group held a \u00a3360.0m multi-currency revolving credit
facility (\u2018RCF\u2019) expiring in February 2029 (with two 1-year extension options and which
can be increased by an additional \u00a390.0m accordion facility). As at 31 December 2025
\u00a330.0m (2024: none) of the RCF was drawn and classi\ufb01ed as\u00a0current. On 4 March
2026, the \ufb01rst 1-year extension option was exercised, extending the RCF\u2019s maturity
to\u00a0February 2030.
In addition to the RCF, unsecured bank loans also include \u00a31.9m of loans in Singapore,
denominated in Singapore dollar (2024: \u00a30.6m) and maturing within one year
(2024: \u00a30.6m). They also include a \u00a30.9m working capital loan in Thailand, which
is repayable on demand and denominated in Thai baht (2024: \u00a30.9m) and a \u00a30.2m
bank loan in Indonesia which is repayable on demand and denominated in Indonesian
rupiah (2024: \u00a3nil).
The secured bank loans include the following loans in Singapore, all denominated
\n
in\u00a0Singapore dollar:
\n
\u00a7
\n
a term loan amounting to \u00a39.5m (2024: \u00a3nil) with \u00a38.1m classi\ufb01ed as non-
\n
current. The loan is repayable in monthly instalments and matures in 2032.
\n
The loan is secured by a mortgage on the Group\u2019s investment property and its
\n
rental\u00a0proceeds.
\n
\u00a7
\n
money market loans amounting to \u00a33.1m (2024: \u00a3nil) and revolving credit facilities
\n
amounting to \u00a33.3m (2024: \u00a3nil). These are secured by term deposits amounting
\n
to \u00a31.5m.
\n
\u00a7
\n
a term loan amounting to \u00a33.7m (2024: \u00a3nil), which is secured by a customer
\n
contract and its proceeds in Singapore.
\n
\u00a7
\n
a term loan amounting to \u00a30.8m (2024: \u00a3nil), with \u00a30.7m classi\ufb01ed as non-current.
\n
The loan is repayable in monthly instalments and matures in 2032. The loan is
\n
secured by a mortgage on leasehold property, plant and equipment in Singapore.
\n
Non-current loan notes re\ufb02ect the \u00a3120.0m (2024: \u00a3150.0m, of which \u00a3120.0m
\n
was non-current and \u00a330.0m was current) of debt held by the Group through the
\n
issuance of 7, 10 and 12 year \ufb01xed-rate private placement notes in the US institutional
\n
market which were issued in June 2018. The 7 year private placement notes, totalling
\n
\u00a330.0m, were repaid in June 2025.
\n
Movements in borrowings are analysed as follows:
\n\n \n
2025
2024
\u00a3m
\u00a3m
Opening amount as at 1 January
160.9
157.2
Additional borrowings (including overdraft movement)*
137.8
90.3
Repayments of borrowings (including overdraft movement)*
(141.3)
(88.2)
Addition through business combination
19.2
1.3
Amortisation of transaction costs
0.3
0.4
Foreign exchange
(0.2)
(0.1)
Closing amount as at 31 December
176.7
160.9
\n
*
2025 includes \u00a36.2m in repayments of borrowings in relation to overdrafts. 2024 includes a \u00a35.1m increase
\n
in overdraft balances within additional borrowings and \u00a30.8m increase in repayments of borrowings.
\n
The carrying value of the Group\u2019s borrowings exposed to interest rate changes at the
\n
reporting date is:
\n\n \n
2025
2024
\u00a3m
\u00a3m
Less than 1 year
54.6
11.1
54.6
11.1
\n
The Group\u2019s remaining borrowings are \ufb01xed rate instruments and therefore excluded
\n
from the above analysis.
\n
The e\ufb00ective interest rates at the reporting date were as follows:
\n\n \n
2025
2024
%
%
Bank overdrafts
9.00
5.52
Bank loans
3.94
5.80
Loan notes
3.21
3.16
\n
The carrying amounts of borrowings are materially approximate to their fair value,
\n
with the exception of the Group\u2019s long-term \ufb01xed rate private note placements. The
\n
fair value of these loan notes as at 31 December 2025 is \u00a3112.2m (31 December 2024:
\n
\u00a3136.7m). The di\ufb00erence between the fair value and the book value is not recognised
\n
in the reported results for the year. The fair value has been calculated based upon a
\n
discounted cash \ufb02ow valuation utilising observable market rates of borrowing that
\n
are comparable to the remaining length of the loan notes. The valuation technique
\n
falls within Level 2 of the fair value hierarchy in IFRS 13.
\n
The carrying amounts of the Group\u2019s borrowings are denominated in the
\n
following\u00a0currencies:
\n\n \n
2025
2024
\u00a3m
\u00a3m
Sterling
149.9
158.9
Indian rupee
3.1
\u2013
Singapore dollar
22.3
0.6
Other
1.4
1.4
176.7
160.9
The Group has the following undrawn borrowing facilities:
\u00a0
2025
2024
\u00a0
Fixed
Floating
Total
Fixed
Floating
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Expiring within 1 year or on demand
0.1
80.7
80.8
0.1
61.2
61.3
Expiring between 1 and 5 years
\u2013
330.0
330.0
\u2013
360.0
360.0
Expiring greater than 5 years
0.4
3.4
3.8
\u2013
\u2013
\u2013
\u00a0
0.5
414.1
414.6
0.1
421.2
421.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00539": { "value": "Material accounting policies that apply to borrowings
Interest-bearing bank loans, loan notes and overdrafts are initially measured at fair
value, net of transaction costs incurred, and subsequently measured at amortised
cost using the e\ufb00ective interest rate method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "value": "26. Provisions
Material accounting policies that apply to provisions
Provisions are recognised when the Group has a present legal or constructive
obligation as a result of a past event, it is probable that the Group will be required
to settle that obligation and the amount has been reliably estimated. Provisions
are measured at the Directors\u2019 best estimate of the expenditure required to settle
the obligation at the reporting date and are discounted to present value where the
e\ufb00ect is material, with the unwinding of the discount included in \ufb01nance costs.
Professional indemnity claims
These arise from various legal actions, proceedings and other claims that are
pending against the Group and are based on management\u2019s best estimates of the
most likely outcome, taking into account the opinions of legal counsel. The non-
current portion of these provisions is expected to be utilised within the next two
to \ufb01ve years. Provisions on professional indemnity claims are recognised when it is
probable that the Group will be required to settle claims against it as a result of a
past event and the amount of the obligation can be reliably estimated. The Group
recognises a provision based on the expected settlement amount for the claim,
based on management\u2019s best estimate and taking into account opinions of legal
counsel. The nature of the amounts provided in respect of legal actions, proceedings
and other claims is such that the extent and timing of cash \ufb02ows can be di\ufb03cult to
estimate and the ultimate liability may vary from the amounts provided.
A separate receivable from insurers in relation to professional indemnity claims is
recognised to the extent it is virtually certain of being received. This receivable is
recognised within other receivables.
Dilapidation provisions
The Group is required to perform dilapidation repairs and restore properties
to agreed speci\ufb01cations on leased properties prior to the properties being
vacated at the end of their lease term. Provision for such cost is made where a
legal obligation is identi\ufb01ed and the liability can be reasonably quanti\ufb01ed. The
provisions are reviewed on an annual basis for changes in cost estimates. These
amounts are based on management\u2019s best estimates of repair and restoration
costs at a future date and therefore a degree of uncertainty exists over the value
of future cash out\ufb02ows, given that these are subject to repair and restoration cost
price \ufb02uctuations and the extent of repairs to be completed at the end of the
lease\u00a0term.
Restructuring provisions
A provision is recognised when there is a present constructive obligation to meet
the costs of restructure. This arises when there is a detailed formal plan for the
restructuring, identifying at least the business or part of the business concerned,
principal locations a\ufb00ected and the location, function and approximate number
of employees to be compensated for terminating their services and when the
plan has been communicated to those a\ufb00ected by it, raising an expectation that
the plan will be carried out. These amounts are based on management\u2019s best
estimates and comprise primarily termination payments to employees a\ufb00ected
by\u00a0restructuring.
Other provisions
Other provisions includes obligations relating to sales tax payable and other claims
against the Group (not related to professional indemnity claims). These amounts
are based on reasonable estimates, taking into account the opinions of subject
matter experts and legal counsel. Other provisions also includes provisions for
loss-making contracts, with provision based on management\u2019s estimated losses
over the length of the contract.
\u00a0
Professional
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
indemnity
Dilapidation
Restructuring
Other
\u00a0
\u00a0
claims
provisions
provision
provisions
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2025
11.6
13.6
12.0
5.4
42.6
Provided during
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
the\u00a0year
6.4
0.8
30.0
1.4
38.6
Interest unwind
\u2013
0.2
\u2013
\u2013
0.2
Utilised during the year
(4.5)
\u2013
(27.7)
(3.2)
(35.4)
Additions through
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
business combinations
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(Note 29)
\u2013
0.1
\u2013
0.7
0.8
Released during
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
the\u00a0year
\u2013
\u2013
\u2013
(1.2)
(1.2)
Exchange movement
(0.5)
\u2013
0.2
(0.1)
(0.4)
Closing amount as at
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2025
13.0
14.7
14.5
3.0
45.2
Current
8.8
3.8
14.5
2.7
29.8
Non-current
4.2
10.9
\u2013
0.3
15.4
Expected utilisation of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
non-current portion
2\u20135 years
2\u201312 years
\u2013
2\u20135 years
\u2013
\u00a0
Professional
\u00a0\u00a0\u00a0\u00a0
\u00a0
indemnity
Dilapidation
Restructuring
Other
\u00a0
\u00a0
claims
provisions
provision
provisions
Total
At 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Current
0.4
1.7
12.0
5.1
19.2
Non-current
11.2
11.9
\u2013
0.3
23.4
Total
11.6
13.6
12.0
5.4
42.6
\n
Other information about provisions
The professional indemnity claims provision and related insurance asset are
presented in the accounts as follows:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Provisions \u2013 current
8.8
0.4
Provisions \u2013 non-current
4.2
11.2
Trade and other receivables \u2013 non-current
\u2013
(6.7)
Trade and other receivables \u2013 current
(6.4)
\u2013
\u00a0
6.6
4.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00495": { "value": "26. Provisions
Material accounting policies that apply to provisions
Provisions are recognised when the Group has a present legal or constructive
obligation as a result of a past event, it is probable that the Group will be required
to settle that obligation and the amount has been reliably estimated. Provisions
are measured at the Directors\u2019 best estimate of the expenditure required to settle
the obligation at the reporting date and are discounted to present value where the
e\ufb00ect is material, with the unwinding of the discount included in \ufb01nance costs.
Professional indemnity claims
These arise from various legal actions, proceedings and other claims that are
pending against the Group and are based on management\u2019s best estimates of the
most likely outcome, taking into account the opinions of legal counsel. The non-
current portion of these provisions is expected to be utilised within the next two
to \ufb01ve years. Provisions on professional indemnity claims are recognised when it is
probable that the Group will be required to settle claims against it as a result of a
past event and the amount of the obligation can be reliably estimated. The Group
recognises a provision based on the expected settlement amount for the claim,
based on management\u2019s best estimate and taking into account opinions of legal
counsel. The nature of the amounts provided in respect of legal actions, proceedings
and other claims is such that the extent and timing of cash \ufb02ows can be di\ufb03cult to
estimate and the ultimate liability may vary from the amounts provided.
A separate receivable from insurers in relation to professional indemnity claims is
recognised to the extent it is virtually certain of being received. This receivable is
recognised within other receivables.
Dilapidation provisions
The Group is required to perform dilapidation repairs and restore properties
to agreed speci\ufb01cations on leased properties prior to the properties being
vacated at the end of their lease term. Provision for such cost is made where a
legal obligation is identi\ufb01ed and the liability can be reasonably quanti\ufb01ed. The
provisions are reviewed on an annual basis for changes in cost estimates. These
amounts are based on management\u2019s best estimates of repair and restoration
costs at a future date and therefore a degree of uncertainty exists over the value
of future cash out\ufb02ows, given that these are subject to repair and restoration cost
price \ufb02uctuations and the extent of repairs to be completed at the end of the
lease\u00a0term.
Restructuring provisions
A provision is recognised when there is a present constructive obligation to meet
the costs of restructure. This arises when there is a detailed formal plan for the
restructuring, identifying at least the business or part of the business concerned,
principal locations a\ufb00ected and the location, function and approximate number
of employees to be compensated for terminating their services and when the
plan has been communicated to those a\ufb00ected by it, raising an expectation that
the plan will be carried out. These amounts are based on management\u2019s best
estimates and comprise primarily termination payments to employees a\ufb00ected
by\u00a0restructuring.
Other provisions
Other provisions includes obligations relating to sales tax payable and other claims
against the Group (not related to professional indemnity claims). These amounts
are based on reasonable estimates, taking into account the opinions of subject
matter experts and legal counsel. Other provisions also includes provisions for
loss-making contracts, with provision based on management\u2019s estimated losses
over the length of the contract.
\u00a0
Professional
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
indemnity
Dilapidation
Restructuring
Other
\u00a0
\u00a0
claims
provisions
provision
provisions
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2025
11.6
13.6
12.0
5.4
42.6
Provided during
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
the\u00a0year
6.4
0.8
30.0
1.4
38.6
Interest unwind
\u2013
0.2
\u2013
\u2013
0.2
Utilised during the year
(4.5)
\u2013
(27.7)
(3.2)
(35.4)
Additions through
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
business combinations
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(Note 29)
\u2013
0.1
\u2013
0.7
0.8
Released during
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
the\u00a0year
\u2013
\u2013
\u2013
(1.2)
(1.2)
Exchange movement
(0.5)
\u2013
0.2
(0.1)
(0.4)
Closing amount as at
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2025
13.0
14.7
14.5
3.0
45.2
Current
8.8
3.8
14.5
2.7
29.8
Non-current
4.2
10.9
\u2013
0.3
15.4
Expected utilisation of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
non-current portion
2\u20135 years
2\u201312 years
\u2013
2\u20135 years
\u2013
\u00a0
Professional
\u00a0\u00a0\u00a0\u00a0
\u00a0
indemnity
Dilapidation
Restructuring
Other
\u00a0
\u00a0
claims
provisions
provision
provisions
Total
At 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Current
0.4
1.7
12.0
5.1
19.2
Non-current
11.2
11.9
\u2013
0.3
23.4
Total
11.6
13.6
12.0
5.4
42.6
\n
Other information about provisions
The professional indemnity claims provision and related insurance asset are
presented in the accounts as follows:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Provisions \u2013 current
8.8
0.4
Provisions \u2013 non-current
4.2
11.2
Trade and other receivables \u2013 non-current
\u2013
(6.7)
Trade and other receivables \u2013 current
(6.4)
\u2013
\u00a0
6.6
4.9
\n34. Contingent liabilities
The Group is involved in a number of disputes in the ordinary course of business.
Provision is made in the \ufb01nancial statements for all claims where costs can be
estimated reliably and settlement is probable, refer to Note 25 for further details", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00540": { "value": "Material accounting policies that apply to provisions
Provisions are recognised when the Group has a present legal or constructive
obligation as a result of a past event, it is probable that the Group will be required
to settle that obligation and the amount has been reliably estimated. Provisions
are measured at the Directors\u2019 best estimate of the expenditure required to settle
the obligation at the reporting date and are discounted to present value where the
e\ufb00ect is material, with the unwinding of the discount included in \ufb01nance costs.
Professional indemnity claims
These arise from various legal actions, proceedings and other claims that are
pending against the Group and are based on management\u2019s best estimates of the
most likely outcome, taking into account the opinions of legal counsel. The non-
current portion of these provisions is expected to be utilised within the next two
to \ufb01ve years. Provisions on professional indemnity claims are recognised when it is
probable that the Group will be required to settle claims against it as a result of a
past event and the amount of the obligation can be reliably estimated. The Group
recognises a provision based on the expected settlement amount for the claim,
based on management\u2019s best estimate and taking into account opinions of legal
counsel. The nature of the amounts provided in respect of legal actions, proceedings
and other claims is such that the extent and timing of cash \ufb02ows can be di\ufb03cult to
estimate and the ultimate liability may vary from the amounts provided.
A separate receivable from insurers in relation to professional indemnity claims is
recognised to the extent it is virtually certain of being received. This receivable is
recognised within other receivables.
Dilapidation provisions
The Group is required to perform dilapidation repairs and restore properties
to agreed speci\ufb01cations on leased properties prior to the properties being
vacated at the end of their lease term. Provision for such cost is made where a
legal obligation is identi\ufb01ed and the liability can be reasonably quanti\ufb01ed. The
provisions are reviewed on an annual basis for changes in cost estimates. These
amounts are based on management\u2019s best estimates of repair and restoration
costs at a future date and therefore a degree of uncertainty exists over the value
of future cash out\ufb02ows, given that these are subject to repair and restoration cost
price \ufb02uctuations and the extent of repairs to be completed at the end of the
lease\u00a0term.
Restructuring provisions
A provision is recognised when there is a present constructive obligation to meet
the costs of restructure. This arises when there is a detailed formal plan for the
restructuring, identifying at least the business or part of the business concerned,
principal locations a\ufb00ected and the location, function and approximate number
of employees to be compensated for terminating their services and when the
plan has been communicated to those a\ufb00ected by it, raising an expectation that
the plan will be carried out. These amounts are based on management\u2019s best
estimates and comprise primarily termination payments to employees a\ufb00ected
by\u00a0restructuring.
Other provisions
Other provisions includes obligations relating to sales tax payable and other claims
against the Group (not related to professional indemnity claims). These amounts
are based on reasonable estimates, taking into account the opinions of subject
matter experts and legal counsel. Other provisions also includes provisions for
loss-making contracts, with provision based on management\u2019s estimated losses
over the length of the contract.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00541": { "value": "Types of retirement bene\ufb01t plans
De\ufb01ned bene\ufb01t plans
A de\ufb01ned bene\ufb01t plan is a pension plan that de\ufb01nes an amount of pension bene\ufb01t
that an employee will receive on retirement, usually dependent on one or more
factors, such as age, years of service and compensation.
The asset or liability recognised in the statement of \ufb01nancial position in respect
of de\ufb01ned bene\ufb01t pension plans is the present value of the de\ufb01ned bene\ufb01t
obligations at the reporting date less the fair value of plan assets. The de\ufb01ned
bene\ufb01t obligations are calculated annually by independent actuaries using the
projected unit credit method. The present value of the de\ufb01ned bene\ufb01t obligations
are determined by discounting the estimated future cash out\ufb02ows.
The de\ufb01ned bene\ufb01t scheme charge consists of net interest costs, past service
costs and the impact of any settlements or curtailments and is charged as an
expense as they fall due.
All actuarial gains and losses are recognised immediately in other comprehensive
income in the period in which they arise.
De\ufb01ned contribution plans
A de\ufb01ned contribution plan is a pension plan under which the Group pays \ufb01xed
contributions into a separate entity. The Group has no legal or constructive
obligations to pay further contributions if the fund does not hold su\ufb03cient assets
to pay all employees the bene\ufb01ts relating to employee service in the current and
prior years. Contributions in respect of de\ufb01ned contribution pension schemes
are charged to the income statement when they are payable. The Group has
no further payment obligations once the contributions have been paid. Prepaid
contributions are recognised as an asset to the extent that a cash refund or a
reduction in the future payments is available.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00496": { "value": "29. Transactions
Acquisition of subsidiaries
The fair values of the assets acquired and liabilities assumed as part of the Group\u2019s acquisitions in the year are provisional and will be \ufb01nalised within 12 months of the
acquisition date. These are summarised below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Provisional fair value to the Group
\u00a0 \u00a0
Alpina
Others
Total
\u00a0 \u00a0
\u00a3m
\u00a3m
\u00a3m
Non-current assets:
Property, plant and equipment
1.4
\u2013
1.4
\u00a0
Investment property
14.5
\u2013
14.5
\u00a0
Right-of-use assets
4.6
0.5
5.1
\u00a0
Intangible assets
1.1
1.7
2.8
\u00a0
Deferred tax asset
0.1
\u2013
0.1
Current assets:
Inventories
0.8
\u2013
0.8
\u00a0
Trade and other receivables
43.1
0.6
43.7
\u00a0
Cash and cash equivalents
4.6
2.9
7.5
Current liabilities:
Borrowings
(10.3)
\u2013
(10.3)
\u00a0
Lease liabilities
(0.3)
(0.1)
(0.4)
\u00a0
Contract liabilities
\u2013
(0.5)
(0.5)
\u00a0
Trade and other payables
(33.0)
(1.5)
(34.5)
\u00a0
Income tax liabilities
(0.6)
(0.3)
(0.9)
\u00a0
Employee bene\ufb01t obligations
(0.2)
\u2013
(0.2)
\u00a0
Provisions
\u2013
(0.4)
(0.4)
Non-current liabilities:
Borrowings
(8.9)
\u2013
(8.9)
\u00a0
Lease liabilities
(0.8)
(0.5)
(1.3)
\u00a0
Provisions
(0.1)
(0.3)
(0.4)
\u00a0
Deferred tax liabilities
(0.8)
\u2013
(0.8)
Net assets
\u00a0
15.2
2.1
17.3
Non-controlling interest share of net liabilities/assets
\u00a0
(4.6)
\u2013
(4.6)
Net assets acquired
\u00a0
10.6
2.1
12.7
Goodwill
\u00a0
11.8
5.4
17.2
Purchase consideration
\u00a0
22.4
7.5
29.9
Consideration satis\ufb01ed by:
\u00a0 \u00a0 \u00a0 \u00a0
Cash paid
\u00a0
22.4
7.5
29.9
K&T Investment Pte Ltd (\u2018Alpina\u2019)
\n
On 4 December 2025, the Group purchased 70% of the K&T Investment Pte Ltd
\n
group which includes Alpina Holdings Pte Limited, Digo Corporation Pte Limited,
\n
Kontourz Pte Limited, Digo Building Construction Pte Limited, Alpina Energy Pte Ltd
\n
and Wan Dormitory Pte Ltd. Alpina is a leading provider of government and public
\n
sector works in Singapore which o\ufb00ers a comprehensive range of building solutions
\n
and Savills has options to increase the ownership to 100% in 2030.
\n
Total acquisition consideration is provisionally determined at \u00a322.4m which was paid
\n
upon acquisition.
\n
Goodwill of \u00a311.8m has been determined. Goodwill is attributable to the experience
\n
and expertise of key sta\ufb00 members and is not expected to be deductible for
\n
tax\u00a0purposes.
\n
Acquisition-related costs of \u00a30.3m have been expensed as incurred to the income
\n
statement and classi\ufb01ed within other operating expenses.
\n
The acquired business contributed revenue of \u00a310.3m and pro\ufb01t of \u00a33.1m to the
\n
Group for the period from the date of acquisition to 31 December 2025. Had the
\n
acquisition been made at the beginning of the \ufb01nancial year, revenue would have
\n
been \u00a365.6m and a pro\ufb01t of \u00a35.1m would have been recognised.
\n
The fair value of trade and other receivables of \u00a343.1m includes \u00a38.0m of trade
\n
receivables. The gross contractual amount for trade receivables is \u00a38.6m, \u00a30.6m of
\n
which is expected to be uncollectible.
\n
Other acquisitions
\n
On 31 March 2025, the Group acquired 100% of the equity interest in Osborne King &
\n
Megran Limited (\u2018Osborne King\u2019), a commercial property agency in Northern Ireland.
\n
In addition, on 1 August 2025 the Group purchased 100% of Richard L. Ho\ufb00man &
\n
Associates, Inc. and Compustall Services Inc. (\u2018Ho\ufb00man\u2019), a relocation management
\n
consulting \ufb01rm in the United States.
\n
Total acquisition consideration for these transactions is provisionally determined
\n
at \u00a37.5m, which was all paid as cash consideration upon completion. In addition,
\n
earn-out payments (contingent on retention of property management clients and
\n
operating pro\ufb01t targets) are payable in relation to the Osborne King acquisition
\n
over the period until the end of 2027. The maximum value of these payments totals
\n
\u00a33.5m and is deemed to be linked to continued active engagement with the business.
\n
Earn-out payments are also due on the Ho\ufb00man acquisition (contingent on retention
\n
and operating pro\ufb01t targets), which are payable over the period to December 2032.
\n
The maximum value of these payments totals \u00a313.5m and is deemed to be linked to
\n
continued active engagement with the business. As required by IFRS 3, the expected
\n
value of these payments will be expensed to the income statement over the relevant
\n
period of engagement.
\n
Goodwill of \u00a35.4m has been provisionally determined. Goodwill is attributable to
\n
the experience and expertise of key sta\ufb00 and strong industry reputation and is not
\n
expected to be deductible for tax purposes.
\n
Acquisition-related costs of \u00a30.4m have been expensed as incurred to the income
\n
statement and classi\ufb01ed within other operating expenses.
\n
The acquired businesses contributed revenue of \u00a38.4m and a pro\ufb01t of \u00a30.7m to the
\n
Group for the period from acquisition to 31 December 2025. Had the acquisitions
\n
been made at the beginning of the \ufb01nancial year, revenue would have been \u00a318.2m
\n
and the pro\ufb01t would have been \u00a32.1m. The impact on the Group\u2019s overall revenue and
\n
pro\ufb01ts is not material.
\n
The fair value of trade and other receivables acquired of \u00a30.6m includes \u00a30.3m of
\n
trade receivables. The gross contractual amount for trade receivables is \u00a30.3m, all of
\n
which is expected to be collectible.
Disposal of subsidiaries
On 24 February 2025, the Group sold 51% of its ordinary A shares in Cureoscity
Technologies Limited (\u2018CTL\u2019) for cash proceeds of \u00a32.3m. From this date the Group
ceased to have control, with the Group equity accounting for CTL as an associate
from this date. The Group derecognised \u00a30.9m of net assets, including \u00a30.2m of cash,
and recognised a \u00a32.6m investment in an associate. The Group incurred transaction
costs of \u00a30.2m, resulting in a pro\ufb01t on disposal of \u00a33.8m.
On 30 September 2025, the Group sold its 100% holding in Loudden Bygg-och
Fastighetsservice AB for cash proceeds of \u00a30.6m. The Group derecognised net
liabilities of \u00a30.1m, including \u00a30.1m of cash, and recognised a pro\ufb01t on disposal
of\u00a0\u00a30.7m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "value": "29. Transactions
Acquisition of subsidiaries
The fair values of the assets acquired and liabilities assumed as part of the Group\u2019s acquisitions in the year are provisional and will be \ufb01nalised within 12 months of the
acquisition date. These are summarised below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Provisional fair value to the Group
\u00a0 \u00a0
Alpina
Others
Total
\u00a0 \u00a0
\u00a3m
\u00a3m
\u00a3m
Non-current assets:
Property, plant and equipment
1.4
\u2013
1.4
\u00a0
Investment property
14.5
\u2013
14.5
\u00a0
Right-of-use assets
4.6
0.5
5.1
\u00a0
Intangible assets
1.1
1.7
2.8
\u00a0
Deferred tax asset
0.1
\u2013
0.1
Current assets:
Inventories
0.8
\u2013
0.8
\u00a0
Trade and other receivables
43.1
0.6
43.7
\u00a0
Cash and cash equivalents
4.6
2.9
7.5
Current liabilities:
Borrowings
(10.3)
\u2013
(10.3)
\u00a0
Lease liabilities
(0.3)
(0.1)
(0.4)
\u00a0
Contract liabilities
\u2013
(0.5)
(0.5)
\u00a0
Trade and other payables
(33.0)
(1.5)
(34.5)
\u00a0
Income tax liabilities
(0.6)
(0.3)
(0.9)
\u00a0
Employee bene\ufb01t obligations
(0.2)
\u2013
(0.2)
\u00a0
Provisions
\u2013
(0.4)
(0.4)
Non-current liabilities:
Borrowings
(8.9)
\u2013
(8.9)
\u00a0
Lease liabilities
(0.8)
(0.5)
(1.3)
\u00a0
Provisions
(0.1)
(0.3)
(0.4)
\u00a0
Deferred tax liabilities
(0.8)
\u2013
(0.8)
Net assets
\u00a0
15.2
2.1
17.3
Non-controlling interest share of net liabilities/assets
\u00a0
(4.6)
\u2013
(4.6)
Net assets acquired
\u00a0
10.6
2.1
12.7
Goodwill
\u00a0
11.8
5.4
17.2
Purchase consideration
\u00a0
22.4
7.5
29.9
Consideration satis\ufb01ed by:
\u00a0 \u00a0 \u00a0 \u00a0
Cash paid
\u00a0
22.4
7.5
29.9
\n\n\n
K&T Investment Pte Ltd (\u2018Alpina\u2019)
\n
On 4 December 2025, the Group purchased 70% of the K&T Investment Pte Ltd
\n
group which includes Alpina Holdings Pte Limited, Digo Corporation Pte Limited,
\n
Kontourz Pte Limited, Digo Building Construction Pte Limited, Alpina Energy Pte Ltd
\n
and Wan Dormitory Pte Ltd. Alpina is a leading provider of government and public
\n
sector works in Singapore which o\ufb00ers a comprehensive range of building solutions
\n
and Savills has options to increase the ownership to 100% in 2030.
\n
Total acquisition consideration is provisionally determined at \u00a322.4m which was paid
\n
upon acquisition.
\n
Goodwill of \u00a311.8m has been determined. Goodwill is attributable to the experience
\n
and expertise of key sta\ufb00 members and is not expected to be deductible for
\n
tax\u00a0purposes.
\n
Acquisition-related costs of \u00a30.3m have been expensed as incurred to the income
\n
statement and classi\ufb01ed within other operating expenses.
\n
The acquired business contributed revenue of \u00a310.3m and pro\ufb01t of \u00a33.1m to the
\n
Group for the period from the date of acquisition to 31 December 2025. Had the
\n
acquisition been made at the beginning of the \ufb01nancial year, revenue would have
\n
been \u00a365.6m and a pro\ufb01t of \u00a35.1m would have been recognised.
\n
The fair value of trade and other receivables of \u00a343.1m includes \u00a38.0m of trade
\n
receivables. The gross contractual amount for trade receivables is \u00a38.6m, \u00a30.6m of
\n
which is expected to be uncollectible.
\n
Other acquisitions
\n
On 31 March 2025, the Group acquired 100% of the equity interest in Osborne King &
\n
Megran Limited (\u2018Osborne King\u2019), a commercial property agency in Northern Ireland.
\n
In addition, on 1 August 2025 the Group purchased 100% of Richard L. Ho\ufb00man &
\n
Associates, Inc. and Compustall Services Inc. (\u2018Ho\ufb00man\u2019), a relocation management
\n
consulting \ufb01rm in the United States.
\n
Total acquisition consideration for these transactions is provisionally determined
\n
at \u00a37.5m, which was all paid as cash consideration upon completion. In addition,
\n
earn-out payments (contingent on retention of property management clients and
\n
operating pro\ufb01t targets) are payable in relation to the Osborne King acquisition
\n
over the period until the end of 2027. The maximum value of these payments totals
\n
\u00a33.5m and is deemed to be linked to continued active engagement with the business.
\n
Earn-out payments are also due on the Ho\ufb00man acquisition (contingent on retention
\n
and operating pro\ufb01t targets), which are payable over the period to December 2032.
\n
The maximum value of these payments totals \u00a313.5m and is deemed to be linked to
\n
continued active engagement with the business. As required by IFRS 3, the expected
\n
value of these payments will be expensed to the income statement over the relevant
\n
period of engagement.
\n
Goodwill of \u00a35.4m has been provisionally determined. Goodwill is attributable to
\n
the experience and expertise of key sta\ufb00 and strong industry reputation and is not
\n
expected to be deductible for tax purposes.
\n
Acquisition-related costs of \u00a30.4m have been expensed as incurred to the income
\n
statement and classi\ufb01ed within other operating expenses.
\n
The acquired businesses contributed revenue of \u00a38.4m and a pro\ufb01t of \u00a30.7m to the
\n
Group for the period from acquisition to 31 December 2025. Had the acquisitions
\n
been made at the beginning of the \ufb01nancial year, revenue would have been \u00a318.2m
\n
and the pro\ufb01t would have been \u00a32.1m. The impact on the Group\u2019s overall revenue and
\n
pro\ufb01ts is not material.
\n
The fair value of trade and other receivables acquired of \u00a30.6m includes \u00a30.3m of
\n
trade receivables. The gross contractual amount for trade receivables is \u00a30.3m, all of
\n
which is expected to be collectible.
Disposal of subsidiaries
On 24 February 2025, the Group sold 51% of its ordinary A shares in Cureoscity
Technologies Limited (\u2018CTL\u2019) for cash proceeds of \u00a32.3m. From this date the Group
ceased to have control, with the Group equity accounting for CTL as an associate
from this date. The Group derecognised \u00a30.9m of net assets, including \u00a30.2m of cash,
and recognised a \u00a32.6m investment in an associate. The Group incurred transaction
costs of \u00a30.2m, resulting in a pro\ufb01t on disposal of \u00a33.8m.
On 30 September 2025, the Group sold its 100% holding in Loudden Bygg-och
Fastighetsservice AB for cash proceeds of \u00a30.6m. The Group derecognised net
liabilities of \u00a30.1m, including \u00a30.1m of cash, and recognised a pro\ufb01t on disposal
of\u00a0\u00a30.7m. 39. Group investments
In accordance with Section 409 of the Companies Act 2006 a full list of subsidiaries, partnerships, associates and joint ventures, including the registered o\ufb03ce and the
e\ufb00ective percentage of equity owned by the Group, as at 31 December 2025, is disclosed below. Unless otherwise stated, all subsidiary undertakings are consolidated into
the Group \ufb01nancial statements and share capital wholly comprises ordinary shares which are indirectly held by the Company. Unless otherwise stated, percentage of equity
owned is the same as the percentage of voting rights.
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Incoll Group Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Incoll Management Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Moores Cost Consulting Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (ACT) Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (Aust) Holdings Pty Limited
(ii)
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (Aust) Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (NSW) Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (QLD) Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (SA) Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (TAS) Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (VIC) Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (WA) Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Capital Advisory Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Occupier Services Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Project Management Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Project Services (SA) Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Valuations Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Sales W.L.L.
Bahrain
Flat/shop: 2802, Building: 2504, Road: 2832,
Savills Middle East Co. W.L.L.
Bahrain
Flat/shop: 2804, Building: 2504, Road: 2832,
Savills Canada, Inc.
Canada
181 Bay Street \u2013 Suite 200, Toronto, ON M5J 2T3
Savills Inc.
Canada
181 Bay Street \u2013 Suite 200, Toronto, ON M5J 2T3
Savills Services Inc.
Canada
181 Bay Street \u2013 Suite 200, Toronto, ON M5J 2T3
\n \n
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Guardian Property Services (Shanghai) Company Limited
China
Room 220, Block 1, No.100 Jinyu Road, Pu Dong, Shanghai
Savills Business Information Technology (Shenzhen) Limited
China
Unit 201, A Tower, No.1 QianWan Yi Road, Qianhai Shengan Cooperation
District, Shenzhen
Savills Property Services (Beijing) Company Limited
China
2101 East Tower, Twin Towers, B-12 Jianguomenwai Avenue, Chaoyang
District, Beijing 100022
Savills Property Services (Chengdu) Company Limited
China
Room 2106, Yanlord Landmark, No.1 Section 2, Renmin South Road,
Chengdu 610016
Savills Property Services (Chongqing) Company Limited
China
Room 1601, 16th \ufb02oor, GuoHua Financial Center, No. 9 JuXianYan Square,
JiangBeiZui, Chongqing
Savills Property Services (Guangzhou) Company Limited
China
Room 1301, R&F Center, No.10 Hua Xia Road, Zhujiang New Town,
Guangzhou 510623
Savills Property Services (Hainan) Limited
China
Room 9A, Baifang Building, Baifang Square, No.105 Binhai Avenue,
Longhua District, Haikou
Savills Property Services (Hengqin) Limited
China
Room 105-19233, No. 6 Baohua Road, Hengqin new area, Zhuhai
Savills Property Services (Shanghai) Company Limited
China
Unit D, Room 62, Block 3, No.227, Ru Shan Road, Shanghai
Savills Property Services (Tianjin) Company Limited
China
Unit 4607, Tianjin World Financial Center, No.2 Dagu North Road,
Xiaobailou Street, Heping District, Tianjin
Savills Property Services (Wuhan) Company Limited
China
Unit 08-10, 27th Floor, CITIC PACIFIC Mansion, No.1627 Zhongshan
Avenue, Jiang\u2019an District
Savills Property Services (Zhuhai) Company Limited
China
Unit 3702-12, CITIC Southern Airlines International Plaza, No. 52 South
Haibin Road, Xiangzhou District, Zhuhai
Savills Real Estate Valuation (Guangzhou) Company Limited
China
Room 2105, R&F Center, No.10 Hua Xia Road, Zhujiang New Town,
Guangzhou 510623
Savills Technology Innovation Services (Shanghai) Company Limited
China
Room 205, \ufb02oor 2 west, No. 707 Zhangyang road, China (Shanghai) Pilot
Free Trade Zone
Shenzhen Guardian Property Management Limited
China
Unit 03, 9/F, China Resources Tower, No.2666, Keyuan South Road,
Nanshan District, Shenzhen, 518000
Swan Property Services (Beijing) Company Limited
China
2101 East Tower, Twin Towers, B-12 Jianguomenwai Avenue, Chaoyang
District, Beijing 100022
\n \n
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Savills Engineering Consulting Shanghai Company Limited
China
Room 205, \ufb02oor 2 west, No. 707 Zhangyang road, China (Shanghai)
Pilot Free Trade Zone
Savills CZ s.r.o.
Czech Republic
Florentinum, Building C, Na Florenci 2116/15, Prague 1, 110 00
Cluttons Egypt Consulting JSC
Egypt
Building 17, Street 210, Al Maadi, Cairo
Savills Egypt Consulting JSC
Egypt
Building 17, Street 210, Maadi, Cairo.
Savills SASU
France
59, Rue De Tocqueville, 75017, Paris
Savills Valuation SAS
France
59, Rue De Tocqueville, 75017, Paris
BRICKBYTE GmbH
Germany
Rosental 4, 80331 M\u00fcnchen
Savills Advisory Services GmbH
Germany
Taunusanlage 18, 60325 Frankfurt am Main
Savills Advisory Services Germany GmbH & Co. KG
Germany
Taunusanlage 18, 60325 Frankfurt am Main
Savills Immobilien Beratungs GmbH
Germany
Taunusanlage 18, 60325 Frankfurt am Main
Savills Immobilien Beteiligungs \u2013 GmbH
Germany
Taunusanlage 18, 60325 Frankfurt am Main
Savills Immobilien Management GmbH
Germany
Taunusanlage 18, 60325 Frankfurt am Main
Savills Property Management Deutschland GmbH
Germany
Bonner Stra\u00dfe 209, 50968 K\u00f6ln
Savills Facility Management Deutschland GmbH
Germany
Bonner Stra\u00dfe 209, 50968 K\u00f6ln
Savills Channel Islands Limited
Guernsey
Royal Terrace, Glategny Esplanade, St Peter Port, GY1 2HN
Savills plc 1992 Employee Bene\ufb01t Trust
(v)
Guernsey
Third Floor Cambridge House, Le Truchot, St Peter Port, GY1 1WD
Absolute Result Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Bridgewater Management Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
BTHK Property Management Limited
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Champion Insurance and Computer Services Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Dominion O\ufb03ce Centre Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills IT Solutions Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Express Engineering Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Express Maintenance Services Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
\n \n
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Gateway Contractors Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Greenscape Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
GRVM Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guard Able Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Care Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Management Services Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Mandarin Management Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Partners Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Property Agencies Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Property Management Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Integrated Management Services Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian ProTech Facilities Management Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Hip Kwan Property Management Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Kenda Services Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Kwik Park Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Mount Link Services Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Quartey Properties Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills (China) Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills (Hong Kong) Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Asia Paci\ufb01c Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Building Services Limited
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Design Limited
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Engineering Limited
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Guardian (Holdings) Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills India Holding Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Indonesia Holding Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
\n \n
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Savills Management Services Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Philippines Holding Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Project Consultancy Limited
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Property Management Holdings Limited
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Property Management Limited
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Realty Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Regional Services Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Property Services Limited
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Valuation and Professional Services Limited
Hong Kong
Room 1208, 1111 King\u2019s Road, Taikoo Shing
Savills Valuation and Professional Services (China) Limited
Hong Kong
Room 1208, 1111 King\u2019s Road, Taikoo Shing
Security and Safety Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Swan Hygiene Services Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Swan Hygiene Solutions Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Swan Pest Control Services Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Tarrayon Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
The Peninsular Centre Retailers Association Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills International Realty Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Prestige Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills Smart Management Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills Smart Parking Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Premium Plus Services Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
PT Savills Indonesia IRE
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia Afrika Lot.19, Jakarta 10270
PT Savills Consultants Indonesia
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia Afrika Lot.19, Jakarta 10270
Savills Valuation Advisor LLP
India
463 Embassy Lake Terrace, L-6,T-4, Kempapura Hebbal, P&T Col.
Kavalbyrasandra, Bangalore North, Bangalore-560032, Karnataka
Actium
(ii)
Ireland
33 Molesworth Street, Dublin 2
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Anateo Limited
(ii)
Ireland
33 Molesworth Street, Dublin 2
Savills Advisory Services (Ireland) Limited
Ireland
33 Molesworth Street, Dublin 2
Savills Commercial (Ireland) Limited
(ii)
Ireland
33 Molesworth Street, Dublin 2
Savills Management Resource Ireland Limited
Ireland
33 Molesworth Street, Dublin 2
Savills Residential (Ireland) Limited
Ireland
33 Molesworth Street, Dublin 2
Savills Italia S.r.l.
Italy
Via Manzoni, 37 \u2013 20121 Milano
Savills Italy SRL (EUR)
Italy
Via Manzoni, 37 \u2013 20121 Milano
Savills Asset Advisory Company Limited
Japan
TOHO Hibiya Promenade Building 8F, 1-5-2 Yurakucho, Chiyoda-ku,
Tokyo 100-0006
Savills Japan Company Limited
Japan
TOHO Hibiya Promenade Building 8F, 1-5-2 Yurakucho, Chiyoda-ku,
Tokyo 100-0006
Savills Japan Valuation GK
Japan
TOHO Hibiya Promenade Building 8F, 1-5-2 Yurakucho, Chiyoda-ku,
Tokyo 100-0006
1992 EBT Holdings Limited
(v)
Jersey
50 La Colomberie, St. Helier, JE2 4QB
Savills plc 2025 Employee Bene\ufb01t Trust
(v)
Jersey
13 Castle Street, St Helier, JE1 1ES
Savills (Jersey) Limited
Jersey
19 Halkett Place, St Helier, JE2 4WG
Savills (Macau) Limited
Macau
Suite 1309-1310, 13/F Macau Landmark, 555 Avenida da Amizade
Savills Project Consultancy (Macau) Limited
Macau
Suite 1309-1310, 13/F Macau Landmark, 555 Avenida da Amizade
Savills Property Management (Macau) Limited
Macau
Suite 1309-1310, 13/F Macau Landmark, 555 Avenida da Amizade
Savills (Myanmar) Limited
Myanmar
No. 8, Unit 8-A, Centerpoint Towers, No. 65, Corner of Sule Pagoda Road
& Merchant Street, Kyauktada Township, Yangon
Savills Asset and Property Management BV
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam 1082 MD
Savills Agency B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam 1082 MD
Savills B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam 1082 MD
Savills Building & Project Consultancy B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam 1082 MD
Savills Consultancy B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam 1082 MD
Savills Holdings B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam 1082 MD
\n \n
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Savills Investments B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam 1082 MD
Savills Nederland Holdings BV
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam 1082 MD
Savills Retail B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam 1082 MD
Savills (NZ) Limited
New Zealand
Level 6, 41 Shortland Street, Auckland Central, Auckland, 1010
Savills Sp Z o.o.
Poland
Al. Jana Paw\u0142a II 22, Warszawa
Savills Portugal \u2013 Consultoria, Lda.
Portugal
Avenida Miguel Bombarda 4, 1000-208 Lisboa
Savills Portugal \u2013 Media\u00e7ao Imobiliaria Lda
Portugal
Avenida Miguel Bombarda 4, 1000-208 Lisboa
Predibisa \u2013 Sociedade de Mediacao imobiliaria Lda
Portugal
R. Jos\u00e9 Gomes Ferreira 117
Savills for Business Services SPC
Saudi Arabia
PO Box 17, Riyadh, Post Code: 11411
Savills Arabia for Real Estate Valuation LLC
Saudi Arabia
PO Box 17, Riyadh, Post Code: 11411
Savills Regional Headquarters
Saudi Arabia
2908 Prince Muhammad Ibn Abdulaziz, Riyadh, 12241
Savills (SEA) Pte Limited
(ii)
Singapore
30 Cecil Street #20-03 Prudential Tower, 049712
Savills (Singapore) Pte Limited
Singapore
30 Cecil Street #20-03 Prudential Tower, 049712
Savills Capital Advisors (Asia Paci\ufb01c) Private Limited
Singapore
30 Cecil Street #20-03 Prudential Tower, 049712
Savills Property Management Pte Limited
Singapore
20 Martin Road #03-01/02 Seng Kee Building, 239070
Savills Valuation & Professional Services (S) Pte Limited
Singapore
30 Cecil Street #20-03 Prudential Tower, 049712
Savills Korea Advisors Realty Company Limited
South Korea
13/F Seoul Finance Center, 136 Sejong-daero Jung-gu, Seoul
Savills Korea Company Limited
South Korea
13/F Seoul Finance Center, 136 Sejong-daero Jung-gu, Seoul
Savills Diseno y Construccion Barcelona, SAU
Spain
Avda. Diagonal 609-615, Barcelona
Savills Arquitectura SAU
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Barcelona SAU
Spain
Avda. Diagonal 609-615, Barcelona
Savills Consultores Real Estate, SAU
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Corporate Finance, SAU
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills RE Spain SAU
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Valoraciones y Tasaciones SAU
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Consultores Inmobiliarios SA
Spain
Paseo de la Castellana, 81 28046 Madrid
\n \n
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Medasil Desarrollos S.L
Spain
calle Pedro I Pons, n\u00ba 9-11, Puerta 6, Planta 2. Barcelona
Savills F\u00f6rvaltning AB
Sweden
Regeringsgatan 48, 111 56 Stockholm
Savills Sweden AB
Sweden
Regeringsgatan 48, 111 56 Stockholm
Savills Sweden Investment AB
Sweden
Regeringsgatan 48, 111 56 Stockholm
Verbier Hospitality SA
Switzerland
45 Route de Verbier Station, CH-1936 Verbier, Valais
Savills (Taiwan) Limited
Taipei
21/F, No. 68, Sec. 5, Zhong-Xiao East Road, Taipei 110
Savills Residential Services (Taiwan) Limited
Taipei
21/F, No. 68, Sec. 5, Zhong-Xiao East Road, Taipei 110
Savills Valuation & Professional Services (Taiwan)
(iii)
Taipei
21/F, No. 68, Sec. 5, Zhong-Xiao East Road, Taipei 110
Savills (Thailand) Limited
Thailand
990 Abdulrahim Place Building, 26/F, Rama IV Road, Silom Subdistrict,
Bang Rak District, Bangkok
Savills Services (Thailand) Limited
Thailand
990 Abdulrahim Place Building, 26/F, Rama IV Road, Silom Subdistrict,
Bang Rak District, Bangkok
Savills Real Estate LLC (Dubai)
United Arab Emirates
22nd Floor, Arenco Tower, Sheikh Zayed Road, PO Box 3087 Dubai
Savills Real Estate LLC (Sharjah)
United Arab Emirates
2702C, Al Marzouqi Towers, King Faisal Street
Automotive Property Consultancy Holdings Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Automotive Property Consultancy Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
B Bids Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Cordea Savills Investments Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Currell Residential Limited
United Kingdom
9 Bonhill Street, London, EC2A 4DJ
Grosvenor Hill Ventures Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Nash Bond Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Osborne King & Megran Limited
United Kingdom
Longbridge House 2nd Floor, 16-24 Waring Street, Belfast, BT1 2DX
Prime Purchase Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills (L&P) Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills (NI) Limited
United Kingdom
2nd Floor, Longbridge House, 16-24 Waring Street, Belfast, BT1 2DX
Savills (Overseas Holdings) Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
\n \n
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Savills (UK) Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Advisory Services (L&P) Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Advisory Services Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Asia Paci\ufb01c Holding Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Co-Investment Holdings Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Capital Advisors Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Commercial Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Finance Holdings plc
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Holding Company Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills India Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Italy Holding Limited
(i)
United Kingdom
33 Margaret Street, London W1G 0JD
Savills KSA Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Management Resources Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Management Resources Northern Ireland Limited
United Kingdom
2nd Floor, Longbridge House, 16-24 Waring Street, Belfast, BT1 2DX
Savills ME Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Middle East Holdings Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Pension Trust Company Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Telecom Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Trust Company Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Situu Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Situu Management Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Smiths Gore Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
The Currell Group Limited
United Kingdom
9 Bonhill Street, London, EC2A 4DJ
BTR Capital Advisors I, LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
BTR Capital Advisors II, Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
BTR Capital Advisors III, Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
\n \n
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Kelly, Legan & Gerard Inc.
United States
398 Park Avenue \u2013 11th FL, New York, NY 10022
Savills Dallas Lease Administration LLC
United States
15660 N Dallas Pkway, Ste 1200 Dallas, TX 75248
Macro Consultants LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Savills (L&P) Inc
United States
Unex House, 132\u2013134 Hills Road, Cambridge, CB2 8PA
Savills America Limited
United States
1521 Concord Pike Suite 201, Wilmington, Delaware, 19803
Gravitas Lease Audit Services LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Savills Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Savills Rabbi Trust
(v)
United States
570 Lexington Ave, New York, NY 10022
Savills Occupier Services Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Studley International, Inc
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Studley Advisors, Inc
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
SVS (GA) Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
T3 Realty Advisors West Corp
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
T3 Realty Advisors, LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
The Great Studley Stamp Company
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Richard L. Ho\ufb00man & Associates, Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Compustall Services Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Savills Vietnam Company Limited
Vietnam
21/F, T\u00f2a T\u00e2y-Lotte Center Hanoi, 54 Lieu Giai Street, Cong Vi Ward,
Ba\u00a0Dinh District, Hanoi City
SVVN Price Valuation Limited Liability Company
Vietnam
17 Fl., Vincom Centre Building, 72 Le Thanh Ton Str., Ben Nghe Ward,
Dist\u00a01, Ho Chi Minh City
\n \n
Subsidiaries of which the Group owns less than 100%
% owned
Country of incorporation
Registered o\ufb03ce
Savills Investment Management (Australia) Pty Limited
71
Australia
Level 36, Gateway, 1 Macquarie Place, Sydney NSW 2000
Savills Retail Management Pty Limited
(vi)
55
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Belux Group SA
99.9
Belgium
Avenue Louise 81, 1050 Brussels
DRC UK Whole Loan Fund (Feeder) (GP) Limited
71
Cayman
94 Solaris Avenue, Camana Bay,
PO Box 1348, Grand Cayman, KY1-1108
DRC UK Whole Loan Fund (GP) Limited
71
Cayman
94 Solaris Avenue, Camana Bay,
PO Box 1348, Grand Cayman, KY1-1108
European Real Estate Debt Fund II (GP) Limited
71
Cayman
94 Solaris Avenue, Camana Bay,
PO Box 1348, Grand Cayman, KY1-1108
European Real Estate Senior Debt (GP 1) Limited
71
Cayman
94 Solaris Avenue, Camana Bay,
PO Box 1348, Grand Cayman, KY1-1108
European Real Estate Senior Debt (GP 2) Limited
71
Cayman
94 Solaris Avenue, Camana Bay,
PO Box 1348, Grand Cayman, KY1-1108
European Real Estate Senior Debt (GP 3) Limited
71
Cayman
94 Solaris Avenue, Camana Bay,
PO Box 1348, Grand Cayman, KY1-1108
Savills IM Japan Residential Fund II Feeder GP Limited
71
Cayman
c/o Walkers Corporate Limited, Cayman Corporate Centre,
27 Hospital Road, George Town, Grand Cayman KY1-9008
Savills Property Services (Shenzhen) Company Limited
85
China
Unit 02, 9/F, China Resources Tower, No.2666, Keyuan
South Road, Nanshan District, Shenzhen, 518000
Savills Egypt
55
Egypt
Building 17, Street 210, Maadi, Cairo
Riviera Estates SAS
75
France
11 Avenue Jean Medecin, 06000, Nice
Savills Investment Management SAS
71
France
54\u201356 Avenue Hoche, 75008 Paris
Savills Fund Management GmbH
71
Germany
Rotfeder-Ring 7, D-60327 Frankfurt-am-Main
Savills Fund Management Holding AG
71
Germany
Rotfeder-Ring 7, D-60327 Frankfurt-am-Main
Savills Investment Management (Germany) GmbH
71
Germany
Sonnenstrasse 19, Munich
Savills Investment Management (KVG) GmbH
63.83
Germany
Rotfeder-Ring 7, D-60327 Frankfurt-am-Main
Jiayi Savills Property Services Limited
51
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
\n \n
Subsidiaries of which the Group owns less than 100%
% owned
Country of incorporation
Registered o\ufb03ce
Savills Projects HK Limited
60
Hong Kong
Rooms 1202-04, 12/F, 1111 King\u2019s Road, Taikoo Shing
Savills Billion Property Management Limited
80
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Investment Management Asia Limited
71
Hong Kong
Level 54, Hopewell Centre, 183 Queen\u2019s Road East
The Aurora Management Services Limited
80
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Vignature Property Management Limited
70
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills The Vision Property Management Limited
60
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Property Services (India) Private Limited
55
India
15th Floor, SKAV SEETHALAKSHMI, Corporation No.21,
Kasturba Road, Bangalore-560001, Karnataka
PT Savills Advisory Services
70
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia Afrika Lot.19,
Jakarta 10270
PT Savills Management Services
60
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia Afrika Lot.19,
Jakarta 10270
PT Savills Research Consultancy
60
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia Afrika Lot.19,
Jakarta 10270
Savills Investment Management SGR S.p.A
71
Italy
Via San Paolo 7, 20121 Milan
Savills Residential Italy SRL
(vi)
51
Italy
Via di Montoro, 8 \u2013 00186 Roma (RM)
JVF GP GK
64.52
Japan
c/o Akasaka International Accounting O\ufb03ce 2-10-5
Akasaka, Minato-ku, Tokyo
Savills Investment Architecture Design GK
71
Japan
3F BPR Place Kamiyacho, 1-11-9 Azabudai, 1 Chome-11
Azabudai, Minato-ku, Tokyo 106-0041
SIM Real Estate GK
71
Japan
3F BPR Place Kamiyacho, 1-11-9 Azabudai, 1 Chome-11
Azabudai, Minato-ku, Tokyo 106-0041
DRC European Real Estate Debt Fund III (GP) Limited
71
Jersey
The Forum, 4 Grenville Street, St Helier, JE2 4UF
DRC European Real Estate Debt Fund III (SLI GP) Limited
71
Jersey
The Forum, 4 Grenville Street, St Helier, JE2 4UF
DRC European Real Estate Debt Fund IV (GP) Limited
71
Jersey
The Forum, 4 Grenville Street, St Helier, JE2 4UF
DRC European Real Estate Debt Fund IV (SLI) LP
71
Jersey
4th Floor, Ensign House, 29 Seaton Place, St. Helier, JE2 3QL
\n \n
Subsidiaries of which the Group owns less than 100%
% owned
Country of incorporation
Registered o\ufb03ce
DRC Evergreen Whole Loan (GP) Limited
71
Jersey
The Forum, 4 Grenville Street, St Helier, JE2 4UF
DRC UK Whole Loan Fund II (GP) Limited
71
Jersey
The Forum, 4 Grenville Street, St Helier, JE2 4UF
European Real Estate Senior Debt 4 (GP) Limited
71
Jersey
The Forum, 4 Grenville Street, St Helier, JE2 4UF
European Real Estate Senior Debt Fund (GP 7) Limited
71
Jersey
IFC 5, St Helier, JE1 1ST
Prime London Residential Development Jersey GP Limited
71
Jersey
3rd Floor Walker House, 28-34 Hill Street, St Helier,
JE4 8PN
Prime London Residential Development Co-Investment Jersey II
71
Jersey
4th Floor Ensign House, 29 Seaton Place, St. Helier,
GP Limited
JE2 3QL
Prime London Residential Development Jersey II GP Limited
71
Jersey
3rd Floor Walker House, 28-34 Hill Street, St Helier,
JE4 8PN
DRC European Real Estate Debt Fund IV (GP II) Sarl
71
Luxembourg
6H Route de Treves, Senningerberg L-2633
DRC SIM Australia Real Estate Debt Fund I (GP) Sarl
71
Luxembourg
10, rue C.M. Spoo
DRC SIM Real Estate Debt (GP) Sarl
71
Luxembourg
10, rue C.M. Spoo
European Real Estate Senior Debt 5 (GP) Sarl
71
Luxembourg
Airport Center Luxembourg 5, Heienha\ufb00, L-1736
Senningerberg
European Real Estate Senior Debt 6 (GP) Sarl
71
Luxembourg
Airport Center Luxembourg 5, Heienha\ufb00, L-1736
Senningerberg
European Real Estate Senior Debt 8 Sarl
71
Luxembourg
6H Route de Treves, Senningerberg L-2633
Savills IM European Fund V GP S.a.r.l
71
Luxembourg
10, rue C.M. Spoo
Savills IM Japan Residential Evergreen Feeder Fund A (GP) Sarl
71
Luxembourg
10, rue C.M. Spoo
Savills Investment Management (Luxembourg) S.\u00e0 r.l.
63.83
Luxembourg
10, rue C.M. Spoo
Merx Macau Limited
60
Macau
Avenida da Praia Grande, n\u00ba 665, Edif\u00edcio Great Will, 16\u00ba
andar, Unidade A
Actus Sdn. Bhd.
60
Malaysia
D-2-5, Megan Avenue 1, 189, Jalan Tun Razak, 50400
Kuala\u00a0Lumpur, Wilayah Persekutuan
Savills Projects Malaysia Sdn. Bhd.
60
Malaysia
Unit 1336, Suite-A, Lobby 7, Block A, Damansara Intan
No 1, Jalan SS20/27 47400 Petaling Jaya, Selangor
\n \n
Subsidiaries of which the Group owns less than 100%
% owned
Country of incorporation
Registered o\ufb03ce
LCA Core Sdn. Bhd.
60
Malaysia
18-2, Jalan PJU 5/4, Dataran Sunway, Kota Damansara,
47810 Petaling Jaya, Selangor
Savills Investment Management B.V
71
Netherlands
Vida Building, Kabelweg 57, 1014 BA Amsterdam
Savills & Partners LLC
65
Oman
Hatat Complex Suite 30-36, Ground Floor, P O Box 1475,
Ruwi, Sultanate of Oman, Location \u2013 Wadi Adai \u2013 Romellah
Savills Investment Management SP Z o.o.
71
Poland
Gdanski Business Center \u2013 building B (3rd \ufb02oor), In\ufb02ancka
4 st., 00-189 Warsaw
K.D.P. Real Estate GP Pte Limited
71
Singapore
50 Ra\ufb04es Place, #29-01, Singapore Land Tower,
Singapore\u00a0048623
Absolute Maintenance Services Pte Limited
80
Singapore
13 Kaki Bukit Place Absolute Maintenance Building S416191
Alpina Energy Pte Limited
70
Singapore
54 Senoko road, Woodlands East Industrial Estate,
Singapore 758118
Alpina Holdings Pte Limited
70
Singapore
54 Senoko road, Woodlands East Industrial Estate,
Singapore 758118
Digo Building Construction Pte Limited
70
Singapore
54 Senoko road, Woodlands East Industrial Estate,
Singapore 758118
Digo Corporation Pte Limited
70
Singapore
54 Senoko road, Woodlands East Industrial Estate,
Singapore 758118
K&T Investment Pte Limited
70
Singapore
45 Jalan Sendudok, Singapore 769470
Kontourz Pte Limited
70
Singapore
54 Senoko road, Woodlands East Industrial Estate,
Singapore 758118
Wan Dormitory Pte Limited
70
Singapore
180 Woodlands Industrial Park E5, #02-10a, Woodlands
Auto Hub, Singapore 757512
Savills Projects Holdings Pte Limited
60
Singapore
168 Robinson Road, #12 Capital Tower, Singapore 068912
Savills Projects Singapore Pte Limited
60
Singapore
168 Robinson Road, #12 Capital Tower, Singapore 068912
Savills Investment Management Pte. Limited
71
Singapore
83 Amoy Street, 01-01 Singapore 069960
Savills IM Japan Value Fund II GP Pte Limited
71
Singapore
61 Robinson Road #16-02, Robinson Centre
Singapore 068893
\n \n
Subsidiaries of which the Group owns less than 100%
% owned
Country of incorporation
Registered o\ufb03ce
Savills IM Japan Residential Fund II GP Pte Limited
71
Singapore
61 Robinson Road #16-02, Robinson Centre
Singapore 068893
Solute Pte Limited
80
Singapore
13 Kaki Bukit Place Absolute Maintenance Building S416191
Savills Investment Management SLU
71
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Investment Management AB
71
Sweden
Regeringsgatan 48, 5th Floor, 111 56 Stockholm
Cordea Savills SLP GP Limited
71
United Kingdom
Wemyss House, 8 Wemyss Place, Edinburgh, EH3 6DH
Cordea Savills SLP II LP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Cordea Savills SLP LP
71
United Kingdom
Wemyss House, 3 Wemyss Place, Edinburgh, EH3 6DH
DRC Savills Investment Management LLP
71
United Kingdom
4th Floor, 6 Duke Street St James\u2019s, London, SW1Y 6BN
Savills IM Residential UK Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Prime London Residential Development Co-Investment GP LLP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Prime London Residential Development Co-Investment II GP LLP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Prime London Residential Development Co-Investment II LP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Prime London Residential Development Co-Investment LP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Prime London Residential Development GP LLP
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Prime London Residential Development II GP LLP
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills IM SLP II GP LLP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Savills IM Euro V Co-Investment GP LLP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Savills IM Euro V Co-Investment LP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Savills IM Holdings Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills IM Investco Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills IM Investments Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills IM JVF II Co-Investment GP LLP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Savills IM JVF II Co-Investment LP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Savills IM SLP General Partner LLP
71
United Kingdom
Wemyss House, 8 Wemyss Place, Edinburgh, EH3 6DH
Savills IM UK One Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Subsidiaries of which the Group owns less than 100%
% owned
Country of incorporation
Registered o\ufb03ce
Savills IM UK Two Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Investment Management (UK) Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Investment Management LLP
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Investment Management Overseas Holdings Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Simply A\ufb00ordable Homes 1 GP Limited
63.9
United Kingdom
33 Margaret Street, London, W1G 0JD
Simply A\ufb00ordable Homes 2 GP Limited
63.9
United Kingdom
33 Margaret Street, London, W1G 0JD
Simply A\ufb00ordable Homes LLP
63.9
United Kingdom
33 Margaret Street, London, W1G 0JD
DRCSIM US Holdings LLC
71
United States
Corporation Service Company, 251 Little Falls Drives,
Wilmington, Delaware
SGDN Limited
51
United Kingdom
Stuart House, City Road, Peterborough, PE1 1QF
Savills Investment Management Inc
75
United States
251 Little Falls Drive, Wilmington, Delaware
DRCSIM US LLC
36.21
United States
251 Little Falls Drive, Wilmington, Delaware
Fully owned entities not controlled by the Group
Country of incorporation
Registered o\ufb03ce
Li\ufb00ey Valley Management Limited
Ireland
33 Molesworth Street, Dublin 2
Mahon Point Management Limited
Ireland
33 Molesworth Street, Dublin 2
White Water (Newbridge) Limited
Ireland
33 Molesworth Street, Dublin 2
White Water Management Limited
Ireland
33 Molesworth Street, Dublin 2
White Water Residential DAC (Designated Activity Company)
Ireland
33 Molesworth Street, Dublin 2
2GCSSO Limited
Ireland
33 Molesworth Street, Dublin 2
Liverpool ONE Management Services Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Moor House Management Services Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
\n
(i) Directly owned by Savills plc.
\n
(ii) Both ordinary and redeemable shares owned by the Group.
\n
(iii) Partnership interest.
\n
(iv) The Group does not control these entities (as de\ufb01ned by IFRS 10) and they are not consolidated in to the Group\u2019s \ufb01nancial statements.
\n
(v)
The Group does not have a shareholding in these employee bene\ufb01t trusts, however, these trusts are speci\ufb01cally designed to serve the purposes of the sponsoring Group entity and to ensure that there will be minimal
\n
risk of any con\ufb02ict arising between the duties of the trustees and the interest of the Group entity. Accordingly, these trusts are under the de facto control of the Group entity. IFRS 10 control assessment also supports
\n
that these trusts are under control of the Group entity and are consolidated into the Group\u2019s \ufb01nancial statements on that basis.
\n
(vi)
Listed as a non-wholly owned subsidiary as equity ownership is less than 100% however due to the Group having a present ownership interest in the remaining equity shares subject to put options, it has been
\n
determined that there is no non-controlling interest present and the entity is accounted for as a wholly owned subsidiary.
\n
The Group holds a number of investments in associates and joint ventures where it holds more than 50% of the shareholding in these entities. Similarly, the Group holds
\n
a number of joint ventures and associates where the shareholding is less than 50% and three subsidiaries where the shareholding is less than 50%. In all these instances
\n
management has determined the appropriate classi\ufb01cation of these shareholdings based on the contractual arrangements and agreements in place, in particular focusing on
\n
the parties who have the ability to direct/control the relevant activities of the investment taking into account representation on the Board of Directors, ability to participate/
\ndirect policy making processes and the rights to variable returns from the investee.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00497": { "value": "30. Non-controlling interests
Material non-controlling interests
The total non-controlling interest at the end of the year is \u00a338.0m (2024: \u00a331.0m).
The majority of non-controlling interests in respect of the Group\u2019s subsidiaries where
the Group does not own a holding of 100% are not considered to be individually
material, with the exception of the 29% non-controlling interest held by Samsung Life
in the Savills IM Group (31 December 2025: \u00a337.0m, 31 December 2024: \u00a336.8m). The
pro\ufb01t after tax allocated to the non-controlling interest of the Savills IM Group for the
year ended 31 December 2025 was \u00a31.0m (31 December 2024: \u00a32.8m loss after tax).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Savills IM Group
\u00a3m
\u00a3m
Non-current assets
95.4
101.7
Current assets
77.4
82.7
Current liabilities
(32.0)
(43.1)
Non-current liabilities
(12.0)
(14.3)
Net assets
128.8
127.0
Revenue
94.8
94.1
Pro\ufb01t/(loss) after tax
2.9
(10.3)
Reconciliation of non-controlling interests
\n\n \n
Non-
Total non-
controlling
controlling
Savills IM
interest in
Other non-
Total non-
interests
Group net
Savills IM
controlling
controlling
presented
assets
Group
interests
interests
Transfer
in reserves
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2025
127.0
36.8
(5.8)
31.0
\u2013
31.0
Pro\ufb01t for the year
2.9
1.0
1.7
2.7
\u2013
2.7
Other comprehensive income/(loss):
Remeasurement of de\ufb01ned bene\ufb01t pension scheme
1.2
0.3
\u2013
0.3
(0.3)
\u2013
Tax on items taken to other comprehensive income
(0.3)
(0.1)
\u2013
(0.1)
0.1
\u2013
Currency translation di\ufb00erences
0.9
0.3
0.8
1.1
(1.1)
\u2013
Total comprehensive income for the year
4.7
1.5
2.5
4.0
(1.3)
2.7
Employee share option scheme: value of services provided
0.6
0.2
\u2013
0.2
(0.2)
\u2013
Dividends
(0.6)
\u2013
(2.0)
(2.0)
\u2013
(2.0)
Other reserve movements:
\u2013 EBT contributions to Savills plc
(2.9)
(0.9)
\u2013
(0.9)
0.9
\u2013
Transfer between reserves
\u2013
(0.6)
0.1
(0.5)
0.6
0.1
Transactions with non-controlling interest holders
\u2013
\u2013
1.6
1.6
\u2013
1.6
Acquisitions of subsidiaries
\u2013
\u2013
4.6
4.6
\u2013
4.6
Balance at 31 December 2025
128.8
37.0
1.0
38.0
\u2013
38.0
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Non-
\u00a0 \u00a0 \u00a0
Total non-
\u00a0 \u00a0
controlling
\u00a0 \u00a0 \u00a0
controlling
\u00a0
Savills IM
interest in
Other non-
Total non-
\u00a0
interests
\u00a0
Group net
Savills IM
controlling
controlling
\u00a0
presented
\u00a0
assets
Group
interests
interests
Transfer
in reserves
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2024
134.1
33.5
1.4
34.9
\u2013
34.9
(Loss)/pro\ufb01t for the year
(10.3)
(2.8)
2.1
(0.7)
\u2013
(0.7)
Other comprehensive loss:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Tax on items taken to other comprehensive income
(0.3)
(0.1)
\u2013
(0.1)
0.1
\u2013
Currency translation di\ufb00erences
(2.6)
(0.8)
(0.3)
(1.1)
\u2013
(1.1)
Total comprehensive (loss)/pro\ufb01t for the year
(13.2)
(3.7)
1.8
(1.9)
0.1
(1.8)
Employee share option scheme: value of services provided
1.9
0.6
\u2013
0.6
(0.6)
\u2013
Dividends
\u2013
\u2013
(2.6)
(2.6)
\u2013
(2.6)
Other reserve movements:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Issue of deferred shares
7.6
2.1
\u2013
2.1
(2.1)
\u2013
\u2013 EBT contributions to Savills plc
(2.5)
(0.7)
\u2013
(0.7)
0.7
\u2013
\u2013 Other
(0.9)
(0.3)
\u2013
(0.3)
0.3
\u2013
Transfer between reserves
\u2013
\u2013
1.2
1.2
\u2013
1.2
Transactions with non-controlling interest holders
\u2013
5.3
(0.8)
4.5
1.6
6.1
Acquisitions of subsidiaries
\u2013
\u2013
(6.8)
(6.8)
\u2013
(6.8)
Balance at 31 December 2024
127.0
36.8
(5.8)
31.0
\u2013
31.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00498": { "value": "31. Share capital and premium
Material accounting policies relating to share capital
\n
Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable
\n
to the issue of new shares or options are shown in equity as a deduction, net
\n
of tax, from the proceeds. When share capital is repurchased, the amount of
\n
consideration paid, including directly attributable costs, is recognised as a charge
\n
to equity. Repurchased shares which are not cancelled, or shares purchased for
\n
the Employee Bene\ufb01t Trusts and the Savills Rabbi Trust, are classi\ufb01ed as treasury
\n
shares and presented as a deduction from total equity.
\u00a0
2025
2024
2025
2024
Authorised and allotted
Number of shares*
Number of shares*
\u00a3m
\u00a3m
Ordinary shares of 2.5p each:
\u00a0 \u00a0 \u00a0 \u00a0
Authorised
202,000,000
202,000,000
5.1
5.1
Issued, called up and fully paid
146,046,938
144,560,279
3.7
3.6
\n
Movement in issued, called-up and fully paid share capital:
\u00a0\u00a0
Share
Share
\u00a0\u00a0
capital
premium
\u00a0
Number of shares*
\u00a3m
\u00a3m
At 1 January 2024
144,389,919
3.6
104.9
Issued to direct participants on
\u00a0\u00a0\u00a0
exercise of options under the
\u00a0\u00a0\u00a0
Sharesave Scheme
16,140
\u2013
0.1
Issued to direct participants under
\u00a0\u00a0\u00a0
the\u00a0Performance Share Plan
154,220
\u2013
\u2013
At 31 December 2024
144,560,279
3.6
105.0
Issued to direct participants on
\u00a0\u00a0\u00a0
exercise of options under the
\u00a0\u00a0\u00a0
Sharesave Scheme
1,467,700
0.1
11.1
Issued to direct participants under
\u00a0\u00a0\u00a0
the\u00a0Performance Share Plan
18,959
\u2013
\u2013
At 31 December 2025
146,046,938
3.7
116.1
\n
*
Number of shares are stated before the impact of the shares held by the EBTs and Rabbi Trust.
\n
Each issued, called-up and fully paid ordinary share of 2.5p is a voting share in the
\n
capital of the Company, is entitled to participate in the pro\ufb01ts of the Company and
\n
on winding-up is entitled to participate in the assets of the Company.
\n
At the Annual General Meeting (\u2018AGM\u2019) held on 14 May 2025, the Shareholders gave
\n
the Company authority, subject to stated conditions, to purchase for cancellation
\n
up to 14,456,771 of its own ordinary shares (AGM held on 15 May 2024: 14,439,084).
\n
Such authority remains valid until the conclusion of the next AGM or 14 August 2026,
\n
whichever is the earlier.
As at 31 December 2025, the EBTs held 7,490,723 shares (2024: 8,057,705 shares)
and the Rabbi Trust held 304,873 shares (2024: 821,163). These shares are held
by the Group as \u2018treasury shares\u2019. Any voting or other similar decisions relating to
these shares are taken by the trustees of the EBTs and the Rabbi Trust, who may
take account of any recommendation of the Company. The EBTs waive all of their
dividend entitlement. For further details of the EBTs and the Rabbi Trust refer to
Note 33. A reconciliation of the movement in treasury shares for the year ended
31\u00a0December is shown below:
Number of treasury shares
2025
2024
At 1 January
8,878,868
9,117,575
Shares acquired
1,800,738
2,112,426
Shares reissued
(2,884,010)
(2,351,133)
At 31 December
7,795,596
8,878,868
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00500": { "value": "31. Share capital and premium
Material accounting policies relating to share capital
\n
Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable
\n
to the issue of new shares or options are shown in equity as a deduction, net
\n
of tax, from the proceeds. When share capital is repurchased, the amount of
\n
consideration paid, including directly attributable costs, is recognised as a charge
\n
to equity. Repurchased shares which are not cancelled, or shares purchased for
\n
the Employee Bene\ufb01t Trusts and the Savills Rabbi Trust, are classi\ufb01ed as treasury
\n
shares and presented as a deduction from total equity.
\u00a0
2025
2024
2025
2024
Authorised and allotted
Number of shares*
Number of shares*
\u00a3m
\u00a3m
Ordinary shares of 2.5p each:
\u00a0 \u00a0 \u00a0 \u00a0
Authorised
202,000,000
202,000,000
5.1
5.1
Issued, called up and fully paid
146,046,938
144,560,279
3.7
3.6
\n
Movement in issued, called-up and fully paid share capital:
\u00a0\u00a0
Share
Share
\u00a0\u00a0
capital
premium
\u00a0
Number of shares*
\u00a3m
\u00a3m
At 1 January 2024
144,389,919
3.6
104.9
Issued to direct participants on
\u00a0\u00a0\u00a0
exercise of options under the
\u00a0\u00a0\u00a0
Sharesave Scheme
16,140
\u2013
0.1
Issued to direct participants under
\u00a0\u00a0\u00a0
the\u00a0Performance Share Plan
154,220
\u2013
\u2013
At 31 December 2024
144,560,279
3.6
105.0
Issued to direct participants on
\u00a0\u00a0\u00a0
exercise of options under the
\u00a0\u00a0\u00a0
Sharesave Scheme
1,467,700
0.1
11.1
Issued to direct participants under
\u00a0\u00a0\u00a0
the\u00a0Performance Share Plan
18,959
\u2013
\u2013
At 31 December 2025
146,046,938
3.7
116.1
\n
*
Number of shares are stated before the impact of the shares held by the EBTs and Rabbi Trust.
\n
Each issued, called-up and fully paid ordinary share of 2.5p is a voting share in the
\n
capital of the Company, is entitled to participate in the pro\ufb01ts of the Company and
\n
on winding-up is entitled to participate in the assets of the Company.
\n
At the Annual General Meeting (\u2018AGM\u2019) held on 14 May 2025, the Shareholders gave
\n
the Company authority, subject to stated conditions, to purchase for cancellation
\n
up to 14,456,771 of its own ordinary shares (AGM held on 15 May 2024: 14,439,084).
\n
Such authority remains valid until the conclusion of the next AGM or 14 August 2026,
\n
whichever is the earlier.
As at 31 December 2025, the EBTs held 7,490,723 shares (2024: 8,057,705 shares)
and the Rabbi Trust held 304,873 shares (2024: 821,163). These shares are held
by the Group as \u2018treasury shares\u2019. Any voting or other similar decisions relating to
these shares are taken by the trustees of the EBTs and the Rabbi Trust, who may
take account of any recommendation of the Company. The EBTs waive all of their
dividend entitlement. For further details of the EBTs and the Rabbi Trust refer to
Note 33. A reconciliation of the movement in treasury shares for the year ended
31\u00a0December is shown below:
Number of treasury shares
2025
2024
At 1 January
8,878,868
9,117,575
Shares acquired
1,800,738
2,112,426
Shares reissued
(2,884,010)
(2,351,133)
At 31 December
7,795,596
8,878,868
32. Retained earnings and other reserves
The share premium account represents the premium on shares issued. This reserve is
non-distributable.
The share-based payments reserve is used to recognise the value of equity-settled
share-based payments provided to employees, including key management personnel,
as part of their remuneration. Refer to Note 33 for further details of these plans.
When the employees exercise their awards, the portion of the share-based payments
reserve which represents the share-based payment charge for those awards is
transferred to retained earnings and the Group discharges its obligation.
Treasury shares represent the cost of shares in Savills plc purchased in the market
and held in trust to satisfy the exercise of share options.
The capital reserve includes mandatory minimum required capital reserves for certain
regulated entities within the Investment Management business. These reserves are
restricted with respect to dividend payments and distributions and are required to
be\u00a0treated separately to regular retained earnings.
The capital redemption reserve includes the nominal value of shares bought back by
the Company. This reserve is non-distributable.
The merger relief reserve arose from the acquisition of Studley Inc (2014 acquisition)
and records the premium value of the shares issued as part of the consideration for
the acquisition of this business. This reserve is non-distributable.
The foreign exchange reserve primarily records exchange di\ufb00erences arising from the
translation of the balance sheets of foreign currency denominated subsidiaries.
The revaluation reserve primarily records fair value movements on the Group\u2019s equity
investments held at FVOCI (see Note 21). This reserve is non-distributable.
\n \n
Attributable to owners of the parent
Share-
Capital
based
Pro\ufb01t
Total
redemption
Merger
Foreign
Total
payments
Treasury
and loss
retained
and capital
relief
exchange
Revaluation
other
reserve
shares
account*
earnings*
reserve
reserve
reserve
reserve
reserves
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2025
68.0
(91.5)
572.4
548.9
(0.8)
37.9
67.4
(15.2)
89.3
Pro\ufb01t attributable to owners of the Company
\u2013
\u2013
70.9
70.9
\u2013
\u2013
\u2013
\u2013
\u2013
Other comprehensive income/(loss)
\u2013
\u2013
1.4
1.4
\u2013
\u2013
(18.3)
0.1
(18.2)
Employee share option scheme:
\u2013 Value of services provided
28.4
\u2013
\u2013
28.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Tax on employee share option schemes
0.2
\u2013
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Exercise of options
(30.8)
29.5
1.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Exercise of options: tax on employee share option schemes
(0.2)
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Purchase of treasury shares
\u2013
(17.4)
\u2013
(17.4)
\u2013
\u2013
\u2013
\u2013
\u2013
Dividends
\u2013
\u2013
(41.2)
(41.2)
\u2013
\u2013
\u2013
\u2013
\u2013
Reclassi\ufb01cation
\u2013
\u2013
(0.3)
(0.3)
\u2013
\u2013
\u2013
0.3
0.3
Transactions with non-controlling interest holders
\u2013
\u2013
(1.8)
(1.8)
\u2013
\u2013
\u2013
\u2013
\u2013
Transfer between reserves
\u2013
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
Fair value of derivative \ufb01nancial instruments
\u2013
\u2013
(13.8)
(13.8)
\u2013
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2025
65.6
(79.4)
589.0
575.2
(0.8)
37.9
49.1
(14.8)
71.4
\n
*
Included within pro\ufb01t and loss account is tax on items taken directly to equity (Note 14.4) as disclosed above.
\u00a0
Attributable to owners of the parent
\u00a0
Share-
\u00a0 \u00a0 \u00a0
Capital
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
based
\u00a0
Pro\ufb01t
Total
redemption
Merger
Foreign
\u00a0
Total
\u00a0
payments
Treasury
and loss
retained
and capital
relief
exchange
Revaluation
other
\u00a0
reserve
shares
account*
earnings*
reserve
reserve
reserve
reserve
reserves
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2024
60.3
(92.6)
547.2
514.9
(0.8)
37.9
71.9
(14.5)
94.5
Pro\ufb01t attributable to owners of the Company
\u2013
\u2013
53.6
53.6
\u2013
\u2013
\u2013
\u2013
\u2013
Other comprehensive (loss)/income
\u2013
\u2013
7.6
7.6
\u2013
\u2013
(4.5)
(0.8)
(5.3)
Employee share option scheme:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Value of services provided
31.4
\u2013
\u2013
31.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Tax on employee share option schemes
0.8
\u2013
\u2013
0.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Exercise of options
(24.0)
24.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Exercise of options: tax on employee share option schemes
(0.5)
\u2013
0.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Purchase of treasury shares
\u2013
(22.9)
\u2013
(22.9)
\u2013
\u2013
\u2013
\u2013
\u2013
Dividends
\u2013
\u2013
(31.2)
(31.2)
\u2013
\u2013
\u2013
\u2013
\u2013
Transfer between reserves
\u2013
\u2013
(1.3)
(1.3)
\u2013
\u2013
\u2013
0.1
0.1
Transactions with non-controlling interest holders
\u2013
\u2013
4.4
4.4
\u2013
\u2013
\u2013
\u2013
\u2013
Fair value of derivative \ufb01nancial instruments
\u2013
\u2013
(8.4)
(8.4)
\u2013
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2024
68.0
(91.5)
572.4
548.9
(0.8)
37.9
67.4
(15.2)
89.3
\n
*
Included within pro\ufb01t and loss account is tax on items taken directly to equity (Note 14.4) as disclosed above.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00546": { "value": "Material accounting policies relating to share capital
Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable
\n
to the issue of new shares or options are shown in equity as a deduction, net
\n
of tax, from the proceeds. When share capital is repurchased, the amount of
\n
consideration paid, including directly attributable costs, is recognised as a charge
\n
to equity. Repurchased shares which are not cancelled, or shares purchased for
\n
the Employee Bene\ufb01t Trusts and the Savills Rabbi Trust, are classi\ufb01ed as treasury
\nshares and presented as a deduction from total equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00625": { "value": "Repurchased shares which are not cancelled, or shares purchased for
the Employee Bene\ufb01t Trusts and the Savills Rabbi Trust, are classi\ufb01ed as treasury
shares and presented as a deduction from total equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00501": { "value": "As at 31 December 2025, the EBTs held 7,490,723 shares (2024: 8,057,705 shares)
and the Rabbi Trust held 304,873 shares (2024: 821,163). These shares are held
by the Group as \u2018treasury shares\u2019. Any voting or other similar decisions relating to
these shares are taken by the trustees of the EBTs and the Rabbi Trust, who may
take account of any recommendation of the Company. The EBTs waive all of their
dividend entitlement. For further details of the EBTs and the Rabbi Trust refer to
Note 33. A reconciliation of the movement in treasury shares for the year ended
31\u00a0December is shown below:
Number of treasury shares
2025
2024
At 1 January
8,878,868
9,117,575
Shares acquired
1,800,738
2,112,426
Shares reissued
(2,884,010)
(2,351,133)
At 31 December
7,795,596
8,878,868
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00499": { "value": "32. Retained earnings and other reserves
The share premium account represents the premium on shares issued. This reserve is
non-distributable.
The share-based payments reserve is used to recognise the value of equity-settled
share-based payments provided to employees, including key management personnel,
as part of their remuneration. Refer to Note 33 for further details of these plans.
When the employees exercise their awards, the portion of the share-based payments
reserve which represents the share-based payment charge for those awards is
transferred to retained earnings and the Group discharges its obligation.
Treasury shares represent the cost of shares in Savills plc purchased in the market
and held in trust to satisfy the exercise of share options.
The capital reserve includes mandatory minimum required capital reserves for certain
regulated entities within the Investment Management business. These reserves are
restricted with respect to dividend payments and distributions and are required to
be\u00a0treated separately to regular retained earnings.
The capital redemption reserve includes the nominal value of shares bought back by
the Company. This reserve is non-distributable.
The merger relief reserve arose from the acquisition of Studley Inc (2014 acquisition)
and records the premium value of the shares issued as part of the consideration for
the acquisition of this business. This reserve is non-distributable.
The foreign exchange reserve primarily records exchange di\ufb00erences arising from the
translation of the balance sheets of foreign currency denominated subsidiaries.
The revaluation reserve primarily records fair value movements on the Group\u2019s equity
investments held at FVOCI (see Note 21). This reserve is non-distributable.
\n\n\n\n \n
Attributable to owners of the parent
Share-
Capital
based
Pro\ufb01t
Total
redemption
Merger
Foreign
Total
payments
Treasury
and loss
retained
and capital
relief
exchange
Revaluation
other
reserve
shares
account*
earnings*
reserve
reserve
reserve
reserve
reserves
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2025
68.0
(91.5)
572.4
548.9
(0.8)
37.9
67.4
(15.2)
89.3
Pro\ufb01t attributable to owners of the Company
\u2013
\u2013
70.9
70.9
\u2013
\u2013
\u2013
\u2013
\u2013
Other comprehensive income/(loss)
\u2013
\u2013
1.4
1.4
\u2013
\u2013
(18.3)
0.1
(18.2)
Employee share option scheme:
\u2013 Value of services provided
28.4
\u2013
\u2013
28.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Tax on employee share option schemes
0.2
\u2013
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Exercise of options
(30.8)
29.5
1.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Exercise of options: tax on employee share option schemes
(0.2)
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Purchase of treasury shares
\u2013
(17.4)
\u2013
(17.4)
\u2013
\u2013
\u2013
\u2013
\u2013
Dividends
\u2013
\u2013
(41.2)
(41.2)
\u2013
\u2013
\u2013
\u2013
\u2013
Reclassi\ufb01cation
\u2013
\u2013
(0.3)
(0.3)
\u2013
\u2013
\u2013
0.3
0.3
Transactions with non-controlling interest holders
\u2013
\u2013
(1.8)
(1.8)
\u2013
\u2013
\u2013
\u2013
\u2013
Transfer between reserves
\u2013
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
Fair value of derivative \ufb01nancial instruments
\u2013
\u2013
(13.8)
(13.8)
\u2013
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2025
65.6
(79.4)
589.0
575.2
(0.8)
37.9
49.1
(14.8)
71.4
\n
*
Included within pro\ufb01t and loss account is tax on items taken directly to equity (Note 14.4) as disclosed above.
\u00a0
Attributable to owners of the parent
\u00a0
Share-
\u00a0 \u00a0 \u00a0
Capital
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
based
\u00a0
Pro\ufb01t
Total
redemption
Merger
Foreign
\u00a0
Total
\u00a0
payments
Treasury
and loss
retained
and capital
relief
exchange
Revaluation
other
\u00a0
reserve
shares
account*
earnings*
reserve
reserve
reserve
reserve
reserves
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2024
60.3
(92.6)
547.2
514.9
(0.8)
37.9
71.9
(14.5)
94.5
Pro\ufb01t attributable to owners of the Company
\u2013
\u2013
53.6
53.6
\u2013
\u2013
\u2013
\u2013
\u2013
Other comprehensive (loss)/income
\u2013
\u2013
7.6
7.6
\u2013
\u2013
(4.5)
(0.8)
(5.3)
Employee share option scheme:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Value of services provided
31.4
\u2013
\u2013
31.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Tax on employee share option schemes
0.8
\u2013
\u2013
0.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Exercise of options
(24.0)
24.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Exercise of options: tax on employee share option schemes
(0.5)
\u2013
0.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Purchase of treasury shares
\u2013
(22.9)
\u2013
(22.9)
\u2013
\u2013
\u2013
\u2013
\u2013
Dividends
\u2013
\u2013
(31.2)
(31.2)
\u2013
\u2013
\u2013
\u2013
\u2013
Transfer between reserves
\u2013
\u2013
(1.3)
(1.3)
\u2013
\u2013
\u2013
0.1
0.1
Transactions with non-controlling interest holders
\u2013
\u2013
4.4
4.4
\u2013
\u2013
\u2013
\u2013
\u2013
Fair value of derivative \ufb01nancial instruments
\u2013
\u2013
(8.4)
(8.4)
\u2013
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2024
68.0
(91.5)
572.4
548.9
(0.8)
37.9
67.4
(15.2)
89.3
\n
*
Included within pro\ufb01t and loss account is tax on items taken directly to equity (Note 14.4) as disclosed above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00502": { "value": "33. Share-based payment arrangements
Material accounting policies relating to share-based
payment\u00a0arrangements
The Group operates equity-settled share-based compensation plans. The fair
value of the employee services received in exchange for the grant of the options
is\u00a0recognised as an expense.
All equity-settled share-based payments are measured at fair value at the date
of grant. Fair value is based on the market value of the underlying shares at the
date of grant of the option or measured by use of the Actuarial Binomial option
pricing model. The fair value determined at the grant date of the equity-settled
share-based payments is expensed on a straight-line basis over the vesting period.
Market performance conditions are re\ufb02ected within the grant date fair value.
Service and non-market performance conditions are included in assumptions
about the number of options that are expected to vest. At the end of each
reporting period, the Group revises its estimate of the number of options that are
expected to vest based on the service and non-market performance conditions.
It recognises the impact of the revision to original estimates, if any, in the income
statement, with a corresponding adjustment to equity.
Any cash proceeds received net of any directly attributable transaction costs are
credited to share capital (nominal value) and share premium when the options
are\u00a0exercised.
Where National Insurance contributions are payable in respect of some of the
share-based payment transactions upon exercise, a liability is accrued in relation
to\u00a0this.
Employee Bene\ufb01t Trust and Savills Rabbi Trust
The Company has established the Savills plc 1992 Employee Bene\ufb01t Trust, the
Savills plc 2025 Employee Bene\ufb01t Trust (collectively the \u2018EBTs\u2019) and the Savills
Rabbi Trust (the \u2018Rabbi Trust\u2019), the purposes of which are to grant awards to
employees, to acquire shares in the Company pursuant to the Savills Deferred
Share Bonus Plan and the Savills Deferred Share Plan and to hold shares in the
Company for subsequent transfer to employees on the vesting of the awards
granted under the schemes. The assets and liabilities of the EBTs and Rabbi Trust
are included in the Group statement of \ufb01nancial position. Investments in the
Group\u2019s own shares are shown as a deduction from equity. The Savills plc 2025
Employee Bene\ufb01t Trust was established during the year.
The Group operates four equity-settled share-based payment arrangements,
namely the Sharesave Scheme, the Performance Share Plan (\u2018PSP\u2019), the Deferred
Share Plan (\u2018DSP\u2019) and the Deferred Share Bonus Plan (\u2018DSBP\u2019). The Group
recognised total expenses relating to equity-settled share-based payment
transactions of \u00a328.4m in 2025 (2024: \u00a331.4m). Of the total share-based payments
charge, \u00a31.0m (2024: \u00a31.2m) relates to the Sharesave Scheme, \u00a39.0m (2024:
\u00a310.4m) relates to the DSP, \u00a318.0m (2024: \u00a319.4m) relates to the DSBP and \u00a30.4m
(2024: \u00a30.4m) relates to the PSP.
Refer to the Remuneration Report for details of the PSP, page 137. Refer to the
Directors\u2019 Report for details of the Sharesave Scheme, page 144. The DSBP
has been established to provide employees with an element of the annual
performance-related pro\ufb01t share which is deferred and awarded as shares in
Savills plc. DSBP awards have a deferral period of between three and \ufb01ve years.
The DSP provides certain employees with an award over Savills plc shares for
purposes including recruitment and retention. Current awards under the DSP
have a deferral period of between one and seven years. In addition to continued
employment, DSP awards may be granted with performance conditions attaching,
primarily relating to \ufb01nancial targets.
33.1 Movements in share schemes
\n\n \n
Sharesave
PSP
DSP
DSBP
2025 number of awards (\u2018000)
awards
awards
awards
awards
Outstanding at 1 January
1,899
485
3,284
7,012
Granted
\u2013
\u2013
970
1,696
Exercised
(1,468)
(16)
(757)
(1,836)
Cancelled
(27)
\u2013
\u2013
\u2013
Forfeited/lapsed
(51)
(112)
(227)
(149)
Outstanding at 31 December
353
357
3,270
6,723
Exercisable at 31 December
Weighted average exercise price
for awards outstanding at the
beginning of the year, exercised
in the year and forfeited/lapsed
in\u00a0the\u00a0year (pence)
756.9
\u2013
\u2013
\u2013
Weighted average exercise price
for\u00a0awards granted and outstanding
at end of the year (pence)
756.9
\u2013
\u2013
\u2013
Weighted average remaining
contractual life (years)
\u2013
2.3
1.6
1.6
Weighted average share price at
the date of exercise for awards
exercised in the year (pence)
1,000.2
1,016.0
979.1
970.8
\n\n \n
Sharesave
PSP
DSP
DSBP
2024 number of awards (\u2018000)
awards
awards
awards
awards
Outstanding at 1 January
2,091
641
3,770
6,661
Granted
\u2013
116
669
1,785
Exercised
(16)
(136)
(952)
(1,245)
Cancelled
(84)
\u2013
\u2013
\u2013
Forfeited/lapsed
(92)
(136)
(203)
(189)
Outstanding at 31 December
1,899
485
3,284
7,012
Exercisable at 31 December
Weighted average exercise price
for awards outstanding at the
beginning of the year, exercised
in the year and forfeited/lapsed
in\u00a0the\u00a0year (pence)
756.9
\u2013
\u2013
\u2013
Weighted average exercise price
for\u00a0awards granted and outstanding
at end of the year (pence)
756.9
\u2013
\u2013
\u2013
Weighted average remaining
contractual life (years)
0.8
3.0
1.7
1.7
Weighted average share price at
the date of exercise for awards
exercised in the year (pence)
1,103.8
1,020.3
1,090.8
1,092.7
33.2 Fair value of options
For all the DSP and DSBP schemes the fair value of awards is the closing share price
before award date. The Actuarial Binomial model of actuaries Lane Clark & Peacock
LLP is used to fair value awards granted under the PSP and Sharesave schemes.
The fair values of options granted in the period are shown below.
\u00a0 \u00a0 \u00a0
Fair value
Grant
Grant date
Deferred period
pence
DSBP 2025
10 June 2025
2.8\u20133 years
964.0
DSBP 2025
10 June 2025
4 years
964.0
DSP 2025
10 June 2025
0.5\u20135 years
964.0
DSP 2025
27 October 2025
3\u20134 years
1,028.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00626": { "value": "Material accounting policies relating to share-based
payment\u00a0arrangements
The Group operates equity-settled share-based compensation plans. The fair
value of the employee services received in exchange for the grant of the options
is\u00a0recognised as an expense.
All equity-settled share-based payments are measured at fair value at the date
of grant. Fair value is based on the market value of the underlying shares at the
date of grant of the option or measured by use of the Actuarial Binomial option
pricing model. The fair value determined at the grant date of the equity-settled
share-based payments is expensed on a straight-line basis over the vesting period.
Market performance conditions are re\ufb02ected within the grant date fair value.
Service and non-market performance conditions are included in assumptions
about the number of options that are expected to vest. At the end of each
reporting period, the Group revises its estimate of the number of options that are
expected to vest based on the service and non-market performance conditions.
It recognises the impact of the revision to original estimates, if any, in the income
statement, with a corresponding adjustment to equity.
Any cash proceeds received net of any directly attributable transaction costs are
credited to share capital (nominal value) and share premium when the options
are\u00a0exercised.
Where National Insurance contributions are payable in respect of some of the
share-based payment transactions upon exercise, a liability is accrued in relation
to\u00a0this.
Employee Bene\ufb01t Trust and Savills Rabbi Trust
The Company has established the Savills plc 1992 Employee Bene\ufb01t Trust, the
Savills plc 2025 Employee Bene\ufb01t Trust (collectively the \u2018EBTs\u2019) and the Savills
Rabbi Trust (the \u2018Rabbi Trust\u2019), the purposes of which are to grant awards to
employees, to acquire shares in the Company pursuant to the Savills Deferred
Share Bonus Plan and the Savills Deferred Share Plan and to hold shares in the
Company for subsequent transfer to employees on the vesting of the awards
granted under the schemes. The assets and liabilities of the EBTs and Rabbi Trust
are included in the Group statement of \ufb01nancial position. Investments in the
Group\u2019s own shares are shown as a deduction from equity. The Savills plc 2025
Employee Bene\ufb01t Trust was established during the year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00503": { "value": "34. Contingent liabilities
The Group is involved in a number of disputes in the ordinary course of business.
Provision is made in the \ufb01nancial statements for all claims where costs can be
estimated reliably and settlement is probable, refer to Note 25 for further details", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00504": { "value": "34. Contingent liabilities
The Group is involved in a number of disputes in the ordinary course of business.
Provision is made in the \ufb01nancial statements for all claims where costs can be
estimated reliably and settlement is probable, refer to Note 25 for further details", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00505": { "value": "36. Analysis of liabilities arising from \ufb01nancing activities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Non-cash
\u00a0
Movements
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
movements
\u00a0
through
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
recognised in
Other
business
\u00a0 \u00a0
\u00a0
At
\u00a0
the income
non-cash
combinations
Exchange
At
\u00a0
1 January
Cash \ufb02ows
statement
movements
and disposals
movement
31 December
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loans
(1.5)
(32.7)
\u2013
\u2013
(19.2)
\u2013
(53.4)
Loan notes
(150.0)
30.0
\u2013
\u2013
\u2013
\u2013
(120.0)
Transaction costs
0.4
\u2013
(0.3)
\u2013
\u2013
\u2013
0.1
Lease liabilities
(233.1)
65.9
(9.9)
(80.7)
(1.4)
3.8
(255.4)
Liabilities arising from \ufb01nancing activities
(384.2)
63.2
(10.2)
(80.7)
(20.6)
3.8
(428.7)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Non-cash
\u00a0
Movements
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
movements
\u00a0
through
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
recognised in
Other
business
\u00a0 \u00a0
\u00a0
At
\u00a0
the income
non-cash
combinations
Exchange
At
\u00a0
1 January
Cash \ufb02ows
statement
movements
and disposals
movement
31 December
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loans
(3.1)
1.5
\u2013
\u2013
\u2013
0.1
(1.5)
Loan notes
(150.7)
0.7
\u2013
\u2013
\u2013
\u2013
(150.0)
Transaction costs
0.8
\u2013
(0.4)
\u2013
\u2013
\u2013
0.4
Lease liabilities
(254.3)
68.7
(9.1)
(38.8)
(1.7)
2.1
(233.1)
Liabilities arising from \ufb01nancing activities
(407.3)
70.9
(9.5)
(38.8)
(1.7)
2.2
(384.2)
\n
Non-cash movements recognised in the income statement represent amortisation of transaction costs and unwinding of discount on lease liabilities. Other non-cash
movements to lease liabilities represent new leases and disposal of leases.
The part of the lease payment that represents cash payments for the principal portion of the lease liability is presented as a cash \ufb02ow resulting from \ufb01nancing activities
(2025:\u00a0\u00a356.0m, 2024: \u00a359.6m). The part of the lease payment that represents the interest portion of the lease liability is presented as an operating cash \ufb02ow, consistent
with\u00a0the presentation of the Group\u2019s loan and bank interest payments (2025: \u00a39.9m, 2024: \u00a39.1m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00507": { "value": "38. Post-balance sheet events
Proposed acquisition of Eastdil Secured Holdings, LLC (\u2018Eastdil\u2019)
On 12 March 2026, the Group signed a de\ufb01nitive agreement to acquire Eastdil, the
global real estate investment bank, for total consideration of US$921.25m (c.\u00a3685m).
Total consideration is equal to the enterprise value of US$1,112.5m (c.\u00a3827m),
less Eastdil\u2019s existing debt of US$191.25m (c.\u00a3142m). Of the total consideration,
US$552.75m (c.\u00a3411m) will be payable in cash on completion, subject to customary
completion adjustments, and US$368.50m (c.\u00a3274m) will be satis\ufb01ed by the
allotment and issue of new ordinary shares to the ultimate holders of equity interests
in Eastdil. Completion is subject to customary regulatory clearances and is expected
to occur in Q2/Q3 2026.
As at the date of approval of these \ufb01nancial statements, the acquisition has not yet
completed, and the Group does not have control over Eastdil.
Other
There have been no events that occurred after the reporting period that require
disclosure or events that require adjustment to the \ufb01nancial statements or are
considered to have a material impact on the understanding of the Group\u2019s current
\ufb01nancial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00508": { "value": "39. Group investments
In accordance with Section 409 of the Companies Act 2006 a full list of subsidiaries, partnerships, associates and joint ventures, including the registered o\ufb03ce and the
e\ufb00ective percentage of equity owned by the Group, as at 31 December 2025, is disclosed below. Unless otherwise stated, all subsidiary undertakings are consolidated into
the Group \ufb01nancial statements and share capital wholly comprises ordinary shares which are indirectly held by the Company. Unless otherwise stated, percentage of equity
owned is the same as the percentage of voting rights.
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Incoll Group Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Incoll Management Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Moores Cost Consulting Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (ACT) Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (Aust) Holdings Pty Limited
(ii)
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (Aust) Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (NSW) Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (QLD) Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (SA) Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (TAS) Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (VIC) Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (WA) Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Capital Advisory Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Occupier Services Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Project Management Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Project Services (SA) Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Valuations Pty Limited
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Sales W.L.L.
Bahrain
Flat/shop: 2802, Building: 2504, Road: 2832,
Savills Middle East Co. W.L.L.
Bahrain
Flat/shop: 2804, Building: 2504, Road: 2832,
Savills Canada, Inc.
Canada
181 Bay Street \u2013 Suite 200, Toronto, ON M5J 2T3
Savills Inc.
Canada
181 Bay Street \u2013 Suite 200, Toronto, ON M5J 2T3
Savills Services Inc.
Canada
181 Bay Street \u2013 Suite 200, Toronto, ON M5J 2T3
\n \n
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Guardian Property Services (Shanghai) Company Limited
China
Room 220, Block 1, No.100 Jinyu Road, Pu Dong, Shanghai
Savills Business Information Technology (Shenzhen) Limited
China
Unit 201, A Tower, No.1 QianWan Yi Road, Qianhai Shengan Cooperation
District, Shenzhen
Savills Property Services (Beijing) Company Limited
China
2101 East Tower, Twin Towers, B-12 Jianguomenwai Avenue, Chaoyang
District, Beijing 100022
Savills Property Services (Chengdu) Company Limited
China
Room 2106, Yanlord Landmark, No.1 Section 2, Renmin South Road,
Chengdu 610016
Savills Property Services (Chongqing) Company Limited
China
Room 1601, 16th \ufb02oor, GuoHua Financial Center, No. 9 JuXianYan Square,
JiangBeiZui, Chongqing
Savills Property Services (Guangzhou) Company Limited
China
Room 1301, R&F Center, No.10 Hua Xia Road, Zhujiang New Town,
Guangzhou 510623
Savills Property Services (Hainan) Limited
China
Room 9A, Baifang Building, Baifang Square, No.105 Binhai Avenue,
Longhua District, Haikou
Savills Property Services (Hengqin) Limited
China
Room 105-19233, No. 6 Baohua Road, Hengqin new area, Zhuhai
Savills Property Services (Shanghai) Company Limited
China
Unit D, Room 62, Block 3, No.227, Ru Shan Road, Shanghai
Savills Property Services (Tianjin) Company Limited
China
Unit 4607, Tianjin World Financial Center, No.2 Dagu North Road,
Xiaobailou Street, Heping District, Tianjin
Savills Property Services (Wuhan) Company Limited
China
Unit 08-10, 27th Floor, CITIC PACIFIC Mansion, No.1627 Zhongshan
Avenue, Jiang\u2019an District
Savills Property Services (Zhuhai) Company Limited
China
Unit 3702-12, CITIC Southern Airlines International Plaza, No. 52 South
Haibin Road, Xiangzhou District, Zhuhai
Savills Real Estate Valuation (Guangzhou) Company Limited
China
Room 2105, R&F Center, No.10 Hua Xia Road, Zhujiang New Town,
Guangzhou 510623
Savills Technology Innovation Services (Shanghai) Company Limited
China
Room 205, \ufb02oor 2 west, No. 707 Zhangyang road, China (Shanghai) Pilot
Free Trade Zone
Shenzhen Guardian Property Management Limited
China
Unit 03, 9/F, China Resources Tower, No.2666, Keyuan South Road,
Nanshan District, Shenzhen, 518000
Swan Property Services (Beijing) Company Limited
China
2101 East Tower, Twin Towers, B-12 Jianguomenwai Avenue, Chaoyang
District, Beijing 100022
\n \n
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Savills Engineering Consulting Shanghai Company Limited
China
Room 205, \ufb02oor 2 west, No. 707 Zhangyang road, China (Shanghai)
Pilot Free Trade Zone
Savills CZ s.r.o.
Czech Republic
Florentinum, Building C, Na Florenci 2116/15, Prague 1, 110 00
Cluttons Egypt Consulting JSC
Egypt
Building 17, Street 210, Al Maadi, Cairo
Savills Egypt Consulting JSC
Egypt
Building 17, Street 210, Maadi, Cairo.
Savills SASU
France
59, Rue De Tocqueville, 75017, Paris
Savills Valuation SAS
France
59, Rue De Tocqueville, 75017, Paris
BRICKBYTE GmbH
Germany
Rosental 4, 80331 M\u00fcnchen
Savills Advisory Services GmbH
Germany
Taunusanlage 18, 60325 Frankfurt am Main
Savills Advisory Services Germany GmbH & Co. KG
Germany
Taunusanlage 18, 60325 Frankfurt am Main
Savills Immobilien Beratungs GmbH
Germany
Taunusanlage 18, 60325 Frankfurt am Main
Savills Immobilien Beteiligungs \u2013 GmbH
Germany
Taunusanlage 18, 60325 Frankfurt am Main
Savills Immobilien Management GmbH
Germany
Taunusanlage 18, 60325 Frankfurt am Main
Savills Property Management Deutschland GmbH
Germany
Bonner Stra\u00dfe 209, 50968 K\u00f6ln
Savills Facility Management Deutschland GmbH
Germany
Bonner Stra\u00dfe 209, 50968 K\u00f6ln
Savills Channel Islands Limited
Guernsey
Royal Terrace, Glategny Esplanade, St Peter Port, GY1 2HN
Savills plc 1992 Employee Bene\ufb01t Trust
(v)
Guernsey
Third Floor Cambridge House, Le Truchot, St Peter Port, GY1 1WD
Absolute Result Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Bridgewater Management Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
BTHK Property Management Limited
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Champion Insurance and Computer Services Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Dominion O\ufb03ce Centre Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills IT Solutions Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Express Engineering Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Express Maintenance Services Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
\n \n
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Gateway Contractors Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Greenscape Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
GRVM Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guard Able Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Care Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Management Services Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Mandarin Management Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Partners Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Property Agencies Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Property Management Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Integrated Management Services Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian ProTech Facilities Management Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Hip Kwan Property Management Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Kenda Services Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Kwik Park Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Mount Link Services Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Quartey Properties Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills (China) Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills (Hong Kong) Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Asia Paci\ufb01c Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Building Services Limited
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Design Limited
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Engineering Limited
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Guardian (Holdings) Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills India Holding Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Indonesia Holding Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
\n \n
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Savills Management Services Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Philippines Holding Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Project Consultancy Limited
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Property Management Holdings Limited
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Property Management Limited
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Realty Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Regional Services Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Property Services Limited
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Valuation and Professional Services Limited
Hong Kong
Room 1208, 1111 King\u2019s Road, Taikoo Shing
Savills Valuation and Professional Services (China) Limited
Hong Kong
Room 1208, 1111 King\u2019s Road, Taikoo Shing
Security and Safety Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Swan Hygiene Services Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Swan Hygiene Solutions Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Swan Pest Control Services Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Tarrayon Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
The Peninsular Centre Retailers Association Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills International Realty Limited
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Prestige Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills Smart Management Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills Smart Parking Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Premium Plus Services Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
PT Savills Indonesia IRE
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia Afrika Lot.19, Jakarta 10270
PT Savills Consultants Indonesia
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia Afrika Lot.19, Jakarta 10270
Savills Valuation Advisor LLP
India
463 Embassy Lake Terrace, L-6,T-4, Kempapura Hebbal, P&T Col.
Kavalbyrasandra, Bangalore North, Bangalore-560032, Karnataka
Actium
(ii)
Ireland
33 Molesworth Street, Dublin 2
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Anateo Limited
(ii)
Ireland
33 Molesworth Street, Dublin 2
Savills Advisory Services (Ireland) Limited
Ireland
33 Molesworth Street, Dublin 2
Savills Commercial (Ireland) Limited
(ii)
Ireland
33 Molesworth Street, Dublin 2
Savills Management Resource Ireland Limited
Ireland
33 Molesworth Street, Dublin 2
Savills Residential (Ireland) Limited
Ireland
33 Molesworth Street, Dublin 2
Savills Italia S.r.l.
Italy
Via Manzoni, 37 \u2013 20121 Milano
Savills Italy SRL (EUR)
Italy
Via Manzoni, 37 \u2013 20121 Milano
Savills Asset Advisory Company Limited
Japan
TOHO Hibiya Promenade Building 8F, 1-5-2 Yurakucho, Chiyoda-ku,
Tokyo 100-0006
Savills Japan Company Limited
Japan
TOHO Hibiya Promenade Building 8F, 1-5-2 Yurakucho, Chiyoda-ku,
Tokyo 100-0006
Savills Japan Valuation GK
Japan
TOHO Hibiya Promenade Building 8F, 1-5-2 Yurakucho, Chiyoda-ku,
Tokyo 100-0006
1992 EBT Holdings Limited
(v)
Jersey
50 La Colomberie, St. Helier, JE2 4QB
Savills plc 2025 Employee Bene\ufb01t Trust
(v)
Jersey
13 Castle Street, St Helier, JE1 1ES
Savills (Jersey) Limited
Jersey
19 Halkett Place, St Helier, JE2 4WG
Savills (Macau) Limited
Macau
Suite 1309-1310, 13/F Macau Landmark, 555 Avenida da Amizade
Savills Project Consultancy (Macau) Limited
Macau
Suite 1309-1310, 13/F Macau Landmark, 555 Avenida da Amizade
Savills Property Management (Macau) Limited
Macau
Suite 1309-1310, 13/F Macau Landmark, 555 Avenida da Amizade
Savills (Myanmar) Limited
Myanmar
No. 8, Unit 8-A, Centerpoint Towers, No. 65, Corner of Sule Pagoda Road
& Merchant Street, Kyauktada Township, Yangon
Savills Asset and Property Management BV
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam 1082 MD
Savills Agency B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam 1082 MD
Savills B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam 1082 MD
Savills Building & Project Consultancy B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam 1082 MD
Savills Consultancy B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam 1082 MD
Savills Holdings B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam 1082 MD
\n \n
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Savills Investments B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam 1082 MD
Savills Nederland Holdings BV
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam 1082 MD
Savills Retail B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam 1082 MD
Savills (NZ) Limited
New Zealand
Level 6, 41 Shortland Street, Auckland Central, Auckland, 1010
Savills Sp Z o.o.
Poland
Al. Jana Paw\u0142a II 22, Warszawa
Savills Portugal \u2013 Consultoria, Lda.
Portugal
Avenida Miguel Bombarda 4, 1000-208 Lisboa
Savills Portugal \u2013 Media\u00e7ao Imobiliaria Lda
Portugal
Avenida Miguel Bombarda 4, 1000-208 Lisboa
Predibisa \u2013 Sociedade de Mediacao imobiliaria Lda
Portugal
R. Jos\u00e9 Gomes Ferreira 117
Savills for Business Services SPC
Saudi Arabia
PO Box 17, Riyadh, Post Code: 11411
Savills Arabia for Real Estate Valuation LLC
Saudi Arabia
PO Box 17, Riyadh, Post Code: 11411
Savills Regional Headquarters
Saudi Arabia
2908 Prince Muhammad Ibn Abdulaziz, Riyadh, 12241
Savills (SEA) Pte Limited
(ii)
Singapore
30 Cecil Street #20-03 Prudential Tower, 049712
Savills (Singapore) Pte Limited
Singapore
30 Cecil Street #20-03 Prudential Tower, 049712
Savills Capital Advisors (Asia Paci\ufb01c) Private Limited
Singapore
30 Cecil Street #20-03 Prudential Tower, 049712
Savills Property Management Pte Limited
Singapore
20 Martin Road #03-01/02 Seng Kee Building, 239070
Savills Valuation & Professional Services (S) Pte Limited
Singapore
30 Cecil Street #20-03 Prudential Tower, 049712
Savills Korea Advisors Realty Company Limited
South Korea
13/F Seoul Finance Center, 136 Sejong-daero Jung-gu, Seoul
Savills Korea Company Limited
South Korea
13/F Seoul Finance Center, 136 Sejong-daero Jung-gu, Seoul
Savills Diseno y Construccion Barcelona, SAU
Spain
Avda. Diagonal 609-615, Barcelona
Savills Arquitectura SAU
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Barcelona SAU
Spain
Avda. Diagonal 609-615, Barcelona
Savills Consultores Real Estate, SAU
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Corporate Finance, SAU
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills RE Spain SAU
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Valoraciones y Tasaciones SAU
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Consultores Inmobiliarios SA
Spain
Paseo de la Castellana, 81 28046 Madrid
\n \n
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Medasil Desarrollos S.L
Spain
calle Pedro I Pons, n\u00ba 9-11, Puerta 6, Planta 2. Barcelona
Savills F\u00f6rvaltning AB
Sweden
Regeringsgatan 48, 111 56 Stockholm
Savills Sweden AB
Sweden
Regeringsgatan 48, 111 56 Stockholm
Savills Sweden Investment AB
Sweden
Regeringsgatan 48, 111 56 Stockholm
Verbier Hospitality SA
Switzerland
45 Route de Verbier Station, CH-1936 Verbier, Valais
Savills (Taiwan) Limited
Taipei
21/F, No. 68, Sec. 5, Zhong-Xiao East Road, Taipei 110
Savills Residential Services (Taiwan) Limited
Taipei
21/F, No. 68, Sec. 5, Zhong-Xiao East Road, Taipei 110
Savills Valuation & Professional Services (Taiwan)
(iii)
Taipei
21/F, No. 68, Sec. 5, Zhong-Xiao East Road, Taipei 110
Savills (Thailand) Limited
Thailand
990 Abdulrahim Place Building, 26/F, Rama IV Road, Silom Subdistrict,
Bang Rak District, Bangkok
Savills Services (Thailand) Limited
Thailand
990 Abdulrahim Place Building, 26/F, Rama IV Road, Silom Subdistrict,
Bang Rak District, Bangkok
Savills Real Estate LLC (Dubai)
United Arab Emirates
22nd Floor, Arenco Tower, Sheikh Zayed Road, PO Box 3087 Dubai
Savills Real Estate LLC (Sharjah)
United Arab Emirates
2702C, Al Marzouqi Towers, King Faisal Street
Automotive Property Consultancy Holdings Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Automotive Property Consultancy Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
B Bids Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Cordea Savills Investments Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Currell Residential Limited
United Kingdom
9 Bonhill Street, London, EC2A 4DJ
Grosvenor Hill Ventures Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Nash Bond Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Osborne King & Megran Limited
United Kingdom
Longbridge House 2nd Floor, 16-24 Waring Street, Belfast, BT1 2DX
Prime Purchase Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills (L&P) Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills (NI) Limited
United Kingdom
2nd Floor, Longbridge House, 16-24 Waring Street, Belfast, BT1 2DX
Savills (Overseas Holdings) Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
\n \n
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Savills (UK) Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Advisory Services (L&P) Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Advisory Services Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Asia Paci\ufb01c Holding Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Co-Investment Holdings Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Capital Advisors Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Commercial Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Finance Holdings plc
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Holding Company Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills India Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Italy Holding Limited
(i)
United Kingdom
33 Margaret Street, London W1G 0JD
Savills KSA Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Management Resources Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Management Resources Northern Ireland Limited
United Kingdom
2nd Floor, Longbridge House, 16-24 Waring Street, Belfast, BT1 2DX
Savills ME Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Middle East Holdings Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Pension Trust Company Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Telecom Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Trust Company Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Situu Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Situu Management Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Smiths Gore Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
The Currell Group Limited
United Kingdom
9 Bonhill Street, London, EC2A 4DJ
BTR Capital Advisors I, LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
BTR Capital Advisors II, Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
BTR Capital Advisors III, Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
\n \n
Fully owned subsidiary
Country of incorporation
Registered o\ufb03ce
Kelly, Legan & Gerard Inc.
United States
398 Park Avenue \u2013 11th FL, New York, NY 10022
Savills Dallas Lease Administration LLC
United States
15660 N Dallas Pkway, Ste 1200 Dallas, TX 75248
Macro Consultants LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Savills (L&P) Inc
United States
Unex House, 132\u2013134 Hills Road, Cambridge, CB2 8PA
Savills America Limited
United States
1521 Concord Pike Suite 201, Wilmington, Delaware, 19803
Gravitas Lease Audit Services LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Savills Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Savills Rabbi Trust
(v)
United States
570 Lexington Ave, New York, NY 10022
Savills Occupier Services Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Studley International, Inc
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Studley Advisors, Inc
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
SVS (GA) Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
T3 Realty Advisors West Corp
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
T3 Realty Advisors, LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
The Great Studley Stamp Company
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Richard L. Ho\ufb00man & Associates, Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Compustall Services Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Savills Vietnam Company Limited
Vietnam
21/F, T\u00f2a T\u00e2y-Lotte Center Hanoi, 54 Lieu Giai Street, Cong Vi Ward,
Ba\u00a0Dinh District, Hanoi City
SVVN Price Valuation Limited Liability Company
Vietnam
17 Fl., Vincom Centre Building, 72 Le Thanh Ton Str., Ben Nghe Ward,
Dist\u00a01, Ho Chi Minh City
\n \n
Subsidiaries of which the Group owns less than 100%
% owned
Country of incorporation
Registered o\ufb03ce
Savills Investment Management (Australia) Pty Limited
71
Australia
Level 36, Gateway, 1 Macquarie Place, Sydney NSW 2000
Savills Retail Management Pty Limited
(vi)
55
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Belux Group SA
99.9
Belgium
Avenue Louise 81, 1050 Brussels
DRC UK Whole Loan Fund (Feeder) (GP) Limited
71
Cayman
94 Solaris Avenue, Camana Bay,
PO Box 1348, Grand Cayman, KY1-1108
DRC UK Whole Loan Fund (GP) Limited
71
Cayman
94 Solaris Avenue, Camana Bay,
PO Box 1348, Grand Cayman, KY1-1108
European Real Estate Debt Fund II (GP) Limited
71
Cayman
94 Solaris Avenue, Camana Bay,
PO Box 1348, Grand Cayman, KY1-1108
European Real Estate Senior Debt (GP 1) Limited
71
Cayman
94 Solaris Avenue, Camana Bay,
PO Box 1348, Grand Cayman, KY1-1108
European Real Estate Senior Debt (GP 2) Limited
71
Cayman
94 Solaris Avenue, Camana Bay,
PO Box 1348, Grand Cayman, KY1-1108
European Real Estate Senior Debt (GP 3) Limited
71
Cayman
94 Solaris Avenue, Camana Bay,
PO Box 1348, Grand Cayman, KY1-1108
Savills IM Japan Residential Fund II Feeder GP Limited
71
Cayman
c/o Walkers Corporate Limited, Cayman Corporate Centre,
27 Hospital Road, George Town, Grand Cayman KY1-9008
Savills Property Services (Shenzhen) Company Limited
85
China
Unit 02, 9/F, China Resources Tower, No.2666, Keyuan
South Road, Nanshan District, Shenzhen, 518000
Savills Egypt
55
Egypt
Building 17, Street 210, Maadi, Cairo
Riviera Estates SAS
75
France
11 Avenue Jean Medecin, 06000, Nice
Savills Investment Management SAS
71
France
54\u201356 Avenue Hoche, 75008 Paris
Savills Fund Management GmbH
71
Germany
Rotfeder-Ring 7, D-60327 Frankfurt-am-Main
Savills Fund Management Holding AG
71
Germany
Rotfeder-Ring 7, D-60327 Frankfurt-am-Main
Savills Investment Management (Germany) GmbH
71
Germany
Sonnenstrasse 19, Munich
Savills Investment Management (KVG) GmbH
63.83
Germany
Rotfeder-Ring 7, D-60327 Frankfurt-am-Main
Jiayi Savills Property Services Limited
51
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
\n \n
Subsidiaries of which the Group owns less than 100%
% owned
Country of incorporation
Registered o\ufb03ce
Savills Projects HK Limited
60
Hong Kong
Rooms 1202-04, 12/F, 1111 King\u2019s Road, Taikoo Shing
Savills Billion Property Management Limited
80
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Investment Management Asia Limited
71
Hong Kong
Level 54, Hopewell Centre, 183 Queen\u2019s Road East
The Aurora Management Services Limited
80
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Vignature Property Management Limited
70
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills The Vision Property Management Limited
60
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Property Services (India) Private Limited
55
India
15th Floor, SKAV SEETHALAKSHMI, Corporation No.21,
Kasturba Road, Bangalore-560001, Karnataka
PT Savills Advisory Services
70
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia Afrika Lot.19,
Jakarta 10270
PT Savills Management Services
60
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia Afrika Lot.19,
Jakarta 10270
PT Savills Research Consultancy
60
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia Afrika Lot.19,
Jakarta 10270
Savills Investment Management SGR S.p.A
71
Italy
Via San Paolo 7, 20121 Milan
Savills Residential Italy SRL
(vi)
51
Italy
Via di Montoro, 8 \u2013 00186 Roma (RM)
JVF GP GK
64.52
Japan
c/o Akasaka International Accounting O\ufb03ce 2-10-5
Akasaka, Minato-ku, Tokyo
Savills Investment Architecture Design GK
71
Japan
3F BPR Place Kamiyacho, 1-11-9 Azabudai, 1 Chome-11
Azabudai, Minato-ku, Tokyo 106-0041
SIM Real Estate GK
71
Japan
3F BPR Place Kamiyacho, 1-11-9 Azabudai, 1 Chome-11
Azabudai, Minato-ku, Tokyo 106-0041
DRC European Real Estate Debt Fund III (GP) Limited
71
Jersey
The Forum, 4 Grenville Street, St Helier, JE2 4UF
DRC European Real Estate Debt Fund III (SLI GP) Limited
71
Jersey
The Forum, 4 Grenville Street, St Helier, JE2 4UF
DRC European Real Estate Debt Fund IV (GP) Limited
71
Jersey
The Forum, 4 Grenville Street, St Helier, JE2 4UF
DRC European Real Estate Debt Fund IV (SLI) LP
71
Jersey
4th Floor, Ensign House, 29 Seaton Place, St. Helier, JE2 3QL
\n \n
Subsidiaries of which the Group owns less than 100%
% owned
Country of incorporation
Registered o\ufb03ce
DRC Evergreen Whole Loan (GP) Limited
71
Jersey
The Forum, 4 Grenville Street, St Helier, JE2 4UF
DRC UK Whole Loan Fund II (GP) Limited
71
Jersey
The Forum, 4 Grenville Street, St Helier, JE2 4UF
European Real Estate Senior Debt 4 (GP) Limited
71
Jersey
The Forum, 4 Grenville Street, St Helier, JE2 4UF
European Real Estate Senior Debt Fund (GP 7) Limited
71
Jersey
IFC 5, St Helier, JE1 1ST
Prime London Residential Development Jersey GP Limited
71
Jersey
3rd Floor Walker House, 28-34 Hill Street, St Helier,
JE4 8PN
Prime London Residential Development Co-Investment Jersey II
71
Jersey
4th Floor Ensign House, 29 Seaton Place, St. Helier,
GP Limited
JE2 3QL
Prime London Residential Development Jersey II GP Limited
71
Jersey
3rd Floor Walker House, 28-34 Hill Street, St Helier,
JE4 8PN
DRC European Real Estate Debt Fund IV (GP II) Sarl
71
Luxembourg
6H Route de Treves, Senningerberg L-2633
DRC SIM Australia Real Estate Debt Fund I (GP) Sarl
71
Luxembourg
10, rue C.M. Spoo
DRC SIM Real Estate Debt (GP) Sarl
71
Luxembourg
10, rue C.M. Spoo
European Real Estate Senior Debt 5 (GP) Sarl
71
Luxembourg
Airport Center Luxembourg 5, Heienha\ufb00, L-1736
Senningerberg
European Real Estate Senior Debt 6 (GP) Sarl
71
Luxembourg
Airport Center Luxembourg 5, Heienha\ufb00, L-1736
Senningerberg
European Real Estate Senior Debt 8 Sarl
71
Luxembourg
6H Route de Treves, Senningerberg L-2633
Savills IM European Fund V GP S.a.r.l
71
Luxembourg
10, rue C.M. Spoo
Savills IM Japan Residential Evergreen Feeder Fund A (GP) Sarl
71
Luxembourg
10, rue C.M. Spoo
Savills Investment Management (Luxembourg) S.\u00e0 r.l.
63.83
Luxembourg
10, rue C.M. Spoo
Merx Macau Limited
60
Macau
Avenida da Praia Grande, n\u00ba 665, Edif\u00edcio Great Will, 16\u00ba
andar, Unidade A
Actus Sdn. Bhd.
60
Malaysia
D-2-5, Megan Avenue 1, 189, Jalan Tun Razak, 50400
Kuala\u00a0Lumpur, Wilayah Persekutuan
Savills Projects Malaysia Sdn. Bhd.
60
Malaysia
Unit 1336, Suite-A, Lobby 7, Block A, Damansara Intan
No 1, Jalan SS20/27 47400 Petaling Jaya, Selangor
\n \n
Subsidiaries of which the Group owns less than 100%
% owned
Country of incorporation
Registered o\ufb03ce
LCA Core Sdn. Bhd.
60
Malaysia
18-2, Jalan PJU 5/4, Dataran Sunway, Kota Damansara,
47810 Petaling Jaya, Selangor
Savills Investment Management B.V
71
Netherlands
Vida Building, Kabelweg 57, 1014 BA Amsterdam
Savills & Partners LLC
65
Oman
Hatat Complex Suite 30-36, Ground Floor, P O Box 1475,
Ruwi, Sultanate of Oman, Location \u2013 Wadi Adai \u2013 Romellah
Savills Investment Management SP Z o.o.
71
Poland
Gdanski Business Center \u2013 building B (3rd \ufb02oor), In\ufb02ancka
4 st., 00-189 Warsaw
K.D.P. Real Estate GP Pte Limited
71
Singapore
50 Ra\ufb04es Place, #29-01, Singapore Land Tower,
Singapore\u00a0048623
Absolute Maintenance Services Pte Limited
80
Singapore
13 Kaki Bukit Place Absolute Maintenance Building S416191
Alpina Energy Pte Limited
70
Singapore
54 Senoko road, Woodlands East Industrial Estate,
Singapore 758118
Alpina Holdings Pte Limited
70
Singapore
54 Senoko road, Woodlands East Industrial Estate,
Singapore 758118
Digo Building Construction Pte Limited
70
Singapore
54 Senoko road, Woodlands East Industrial Estate,
Singapore 758118
Digo Corporation Pte Limited
70
Singapore
54 Senoko road, Woodlands East Industrial Estate,
Singapore 758118
K&T Investment Pte Limited
70
Singapore
45 Jalan Sendudok, Singapore 769470
Kontourz Pte Limited
70
Singapore
54 Senoko road, Woodlands East Industrial Estate,
Singapore 758118
Wan Dormitory Pte Limited
70
Singapore
180 Woodlands Industrial Park E5, #02-10a, Woodlands
Auto Hub, Singapore 757512
Savills Projects Holdings Pte Limited
60
Singapore
168 Robinson Road, #12 Capital Tower, Singapore 068912
Savills Projects Singapore Pte Limited
60
Singapore
168 Robinson Road, #12 Capital Tower, Singapore 068912
Savills Investment Management Pte. Limited
71
Singapore
83 Amoy Street, 01-01 Singapore 069960
Savills IM Japan Value Fund II GP Pte Limited
71
Singapore
61 Robinson Road #16-02, Robinson Centre
Singapore 068893
\n \n
Subsidiaries of which the Group owns less than 100%
% owned
Country of incorporation
Registered o\ufb03ce
Savills IM Japan Residential Fund II GP Pte Limited
71
Singapore
61 Robinson Road #16-02, Robinson Centre
Singapore 068893
Solute Pte Limited
80
Singapore
13 Kaki Bukit Place Absolute Maintenance Building S416191
Savills Investment Management SLU
71
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Investment Management AB
71
Sweden
Regeringsgatan 48, 5th Floor, 111 56 Stockholm
Cordea Savills SLP GP Limited
71
United Kingdom
Wemyss House, 8 Wemyss Place, Edinburgh, EH3 6DH
Cordea Savills SLP II LP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Cordea Savills SLP LP
71
United Kingdom
Wemyss House, 3 Wemyss Place, Edinburgh, EH3 6DH
DRC Savills Investment Management LLP
71
United Kingdom
4th Floor, 6 Duke Street St James\u2019s, London, SW1Y 6BN
Savills IM Residential UK Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Prime London Residential Development Co-Investment GP LLP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Prime London Residential Development Co-Investment II GP LLP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Prime London Residential Development Co-Investment II LP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Prime London Residential Development Co-Investment LP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Prime London Residential Development GP LLP
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Prime London Residential Development II GP LLP
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills IM SLP II GP LLP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Savills IM Euro V Co-Investment GP LLP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Savills IM Euro V Co-Investment LP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Savills IM Holdings Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills IM Investco Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills IM Investments Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills IM JVF II Co-Investment GP LLP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Savills IM JVF II Co-Investment LP
71
United Kingdom
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Savills IM SLP General Partner LLP
71
United Kingdom
Wemyss House, 8 Wemyss Place, Edinburgh, EH3 6DH
Savills IM UK One Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Subsidiaries of which the Group owns less than 100%
% owned
Country of incorporation
Registered o\ufb03ce
Savills IM UK Two Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Investment Management (UK) Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Investment Management LLP
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Investment Management Overseas Holdings Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Simply A\ufb00ordable Homes 1 GP Limited
63.9
United Kingdom
33 Margaret Street, London, W1G 0JD
Simply A\ufb00ordable Homes 2 GP Limited
63.9
United Kingdom
33 Margaret Street, London, W1G 0JD
Simply A\ufb00ordable Homes LLP
63.9
United Kingdom
33 Margaret Street, London, W1G 0JD
DRCSIM US Holdings LLC
71
United States
Corporation Service Company, 251 Little Falls Drives,
Wilmington, Delaware
SGDN Limited
51
United Kingdom
Stuart House, City Road, Peterborough, PE1 1QF
Savills Investment Management Inc
75
United States
251 Little Falls Drive, Wilmington, Delaware
DRCSIM US LLC
36.21
United States
251 Little Falls Drive, Wilmington, Delaware
\n \n
Joint ventures
% owned
Country of incorporation
Registered o\ufb03ce
Shanghai No.1 and FPD Savills Property Management
47
China
Building No1, 3rd Floor, No.400, Fangchun Rd, Pudong
Company Limited
District,\u00a0Shanghai
Zhuhai Hengqin Savills Assets Operation Management
51
China
Room 105-1460, No. 6 Baohua road, Hengqin new area, Zhuhai
Company\u00a0Limited
Chuangtuo Savills Property Management (Shanghai) Co., Limited.
50
China
Rm 408, No.481 Zhengli Rd., Yangpu District, Shanghai
Beijing Baiwang Savills Real Estate Company Limited
49
China
Room 501, 5F, Block 2, No. 2 South Yongjie Rd., Haidian
District,\u00a0Beijing
Beijing Wangjing High Tech Savills Consultancy Services Co., Limited.
40
China
Room 406, 4/F, Tower A, No. 2 Lize Zhonger Road, Chaoyang
District, Beijing
Foshan Meizhi & Savills Property Management Co., Limited
40
China
Unit 2404, Building No.4, Midea Fortune Plaza, 1 Chende Road,
Shunde District, Foshan
Gohigh Savills (Shanghai) Property Management Company Limited
49
China
Unit 1904,-5-G, Main Tower, No. 2 Huashan Road, Jingan
District,\u00a0Shanghai
Guangzhou Nansi & Savills Property Management Co Limited
49
China
Room 603, No.1 Jingmao Zhonger Street, Nan Sha Area,
Guang\u00a0Zhou
Shanghai Qihui Savills Property Services Company Limited
49
China
Rm 548, 9F, No. 583 Lingmu Rd., Xuhui District, Shanghai
Beijing Haizhi Savills Property Management Company Limited
30
China
Zone B, 6/F, Tower B, No.18 Zhong Guan Cun Avenue, Haidian
District, Beijing
Beijing Hongyuan Savills Property Management Company Limited
40
China
Unit 104, F1,Building 4, No.2 Jinsui Avenue, Shunyi District, Beijing
Shenzhen Qianhai Savills Property Services Company Limited
40
China
Unit 05, 3/F, Qianhai Shengang Innovation Center D, No.4008,
Menghai Avenue, Qianhai Shengan Cooperation District, Shenzhen
Shanghai Kuntin Savills Property Management Company Limited.
40
China
Room 252, 2F, No. 309 Meilong Rd, Xuhui District, Shanghai
Daisy Savills Property Management (Beijing) Company Limited
35
China
Unit 301, 3/F, No. 18 Jianguomennei Avenue, Chaoyang
District,\u00a0Beijing
Suzhou Industrial Park Hengtai Savills Property Management
35
China
Unit 701, Building 1, Moon Bay International Business Center,
Company\u00a0Limited
9\u00a0Cuiwei Avenue, Suzhou Industrial Park, Suzhou
Suzhou Jiarun Savills Property Management Co. Limited
34
China
Unit 1211, 12th Floor, Room 101, Building 1, Xinneng Business Plaza,
No. 99 Si\u2019an Street, Suzhou Industrial Park
\n \n
Joint ventures
% owned
Country of incorporation
Registered o\ufb03ce
Beijing BHG Savills Retail & Property Management Company Limited
24.5
China
Room 107, Block 1, No 208, Lane 4, North Xiangyun Road, Daxing
District, Beijing
Beijing Oriental Savills Asset Management Company Limited
30
China
Unit 303, 3/F No, 9 West Street Wangfujing, Dongcheng
District,\u00a0Beijing
Nanjing Smart Science Technology Park & Savills Property
30
China
Room 468, Floor 4, building 9, Xingzhihui Business Garden, No. 19,
Management\u00a0Company Limited
Xinghuo Road, Jiangbei New District, Nanjing, 210008
Shanghai South Hongqiao & Savills Property Management Co., Limited.
49
China
No.5 Building, No. 277 Huqingping Highway, Minhang
District,\u00a0Shanghai
Savills Raycom Property Management (Beijing) Company Limited
30
China
Unit B1-08, No.2 South Road Ke Xue Yan, Haidian District, Beijing
Shanghai Landsea Savills Property Management Co., Limited.
49
China
9F, No. 583 Lingling Rd., Xuhui District, Shanghai
Shanghai Poly Savills Property Management Company Limited
30
China
Unit 01, 20/F, South Tower, No.528 South Pu Dong Road,
Pu\u00a0Dong,\u00a0Shanghai
Shanxi Zhidi Savills Property Services Company Limited
30
China
4/F, Block 3, No.42 Xing Shan Temple, Xian City
Anlian Savills Property Management (Shenzhen) Limited
25.5
China
Unit B02(b), 19/F, Anlian Plaza, No.4018, Jintian Road, Futian
District, Shenzhen
COSCO Savills Property Development Company Limited
25
China
Unit N, 8th Floor, Building 1, No.720 and 728 Pudong Ave, Pudong
District, Shanghai
Beijing Financial Street Savills Property Management Company Limited
20
China
B1/F, Tong Tai Building, 33 Financial Street, West District, Beijing.
Beijing Zhong Bao Savills Property Management Company Limited
10
China
603 China Life Tower, 16 Chao Wai Street, Chaoyang
District,\u00a0Beijing
Xi\u2019an Qujiang Savills Property Services Co., Limited.
30
China
Room 1109-1, 11th Floor, No.2 Building of Huashang Culture&Media
Center, No. 3001 Yanxiang Road, Xujiang New District, Xi\u2019an
Beijing Hualian Fashion Savills Property Management Co., Limited.
24.5
China
Rm.304, Block1, Land 4, No.208 North Xiangyun Road, Daxing
District, Beijing
Heng Fu Savills Property Management (Shanghai) Co., Limited
49
China
Building A1, No. 57 Fuxing West Road, Xuhui District, Shanghai
Jintai Savills Property Management (Shanghai) Co., Limited
35
China
Rm 702, 6F, No.938 Jinshajiang Rd., Putuo District, Shanghai
Shaanxi Daxia Savills Urban Services Co., Ltd
40
China
Room 10401, No.1 Building, No. 355 Huixin Road, Qujiang New
District, Xian
\n \n
Joint ventures
% owned
Country of incorporation
Registered o\ufb03ce
Shanghai Construction Savills Property Management Co., Limited
49
China
Rm 1023, 10F, No. 390-408 East Beijing Rd., HuangPu
District,\u00a0Shanghai
Suzhou Caohu Science and Technology Industry Services Co., Limited.
34
China
Rm.2201, Floor 22, Caohu Building, No.1 Qianjing Road, Caohu
Street, Suzhou
Wuhan Qiaokou Anju Savills Urban Operation Service Co., Limited.
45
China
15F, Gaoxin Building, No.298 Nanxu Avenue, Gaoxin
District,\u00a0Zhenjiang
Zhenjiang Gaoxin Savills Asset Management Co., Limited
49
China
Room 201, 2F, Tongxin Health Service Industrial Park, No.49 Gutian
4th Road, Hanjiadun Street, Qiaokou District, Wuhan
Guardian Management (Hong Kong) Limited
50
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Greenmile Ventures Limited
50
Hong Kong
Vistra Corporate Services Centre, Wickhams Cay II, Road Town,
Tortola, VG1110, British Virgin Islands
Greenwalls Gateway Limited
50
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Lippo-Savills Property Management Limited
50
Hong Kong
Room 2301, 23/F, Tower One, Lippo Centre, 89 Queensway
QF Savills Property Management Limited
50
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Skywise Technology & Innovation Company Limited
50
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
G.E.S. Holdings Limited
50
Macau
Alameda Dr. Carlos D\u2019Assumpcao, No. 181 \u2013 187, Edf. Kong Fai Com.
7/F, K \u2013 P
G.E.S. Limited
50
Macau
Alameda Dr. Carlos D\u2019Assumpcao, No. 181 \u2013 187, Edf. Kong Fai Com.
7/F, K \u2013 P
Crescendo Environmental Services Limited
50
Macau
Alameda Dr. Carlos D\u2019Assumpcao, No. 181 \u2013 187, Edf. Kong Fai Com.
7/F, K \u2013 P
Crescendo Property Services Limited
50
Macau
Alameda Dr. Carlos D\u2019Assumpcao, No. 181 \u2013 187, Edf. Kong Fai Com.
7/F, K \u2013 P
East Sun Cleaning Services Limited
50
Macau
Alameda Dr. Carlos D\u2019Assumpcao, No. 181 \u2013 187, Edf. Kong Fai Com.
7/F, K \u2013 P
Express Engineering (Macau) Limited
50
Macau
Alameda Dr. Carlos D\u2019Assumpcao, No. 181 \u2013 187, Edf. Kong Fai Com.
7/F, K \u2013 P
Jade Forist Limited
50
Macau
Alameda Dr. Carlos D\u2019Assumpcao, No. 181 \u2013 187, Edf. Kong Fai Com.
7/F, K \u2013 P
\n \n
Joint ventures
% owned
Country of incorporation
Registered o\ufb03ce
Winnerway Security Guards Company Limited
50
Macau
Alameda Dr. Carlos D\u2019Assumpcao, No. 181 \u2013 187, Centro Comercial
do Grupo Brilhantismo, 7 andar, J & H
Savills (Johor) Sdn Bhd
(ii)
49
Malaysia
Upper Penthouse, Wisma RKT, No. 2 Jalan Raja Abdullah, O\ufb00 Jalan
Sultan Ismail, 50300 Kuala Lumpur
Savills (KL) Sdn Bhd
(ii)
49
Malaysia
Upper Penthouse, Wisma RKT, No. 2 Jalan Raja Abdullah, O\ufb00 Jalan
Sultan Ismail, 50300 Kuala Lumpur
Savills (Malaysia) Sdn Bhd
(ii)
49
Malaysia
Upper Penthouse, Wisma RKT, No. 2 Jalan Raja Abdullah, O\ufb00 Jalan
Sultan Ismail, 50300 Kuala Lumpur
Savills (Penang) Sdn Bhd
(ii)
49
Malaysia
Upper Penthouse, Wisma RKT, No. 2 Jalan Raja Abdullah, O\ufb00 Jalan
Sultan Ismail, 50300 Kuala Lumpur
Savills (Agency) Sdn Bhd
(ii)
49
Malaysia
Upper Penthouse, Wisma RKT, No. 2 Jalan Raja Abdullah, O\ufb00 Jalan
Sultan Ismail, 50300 Kuala Lumpur
Liverpool ONE Management Company Limited
50
United Kingdom
33 Margaret Street, London, W1G 0JD
\n \n
Associates
% owned
Country of incorporation
Registered o\ufb03ce
KSH Guardian Property Management Limited
50
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Yuen Sang Property Management Company Limited
50
Hong Kong
Room 2501, 25/F, Alexandra House, 18 Chater Road, Central
Savills Taiping Property Management Limited
45
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Home Limited
40
Hong Kong
Shop No. 301, 3rd Floor, Chun Shek Shopping Centre, Chun Shek
Estate, 1 Shing Tin Street, Shatin, New Territories
Hengli Savills Property Management Limited
49
Hong Kong
Unit 1806-08, Tower Two, Lippo Centre, 89 Queensway
Glory Crest Limited
40
Hong Kong
Shop No. 301, 3rd Floor, Chun Shek Shopping Centre, Chun Shek
Estate, 1 Shing Tin Street, Shatin, New Territories
Guardian Home (Chun Shek) Limited
40
Hong Kong
Shop No. 301, 3rd Floor, Chun Shek Shopping Centre, Chun Shek
Estate, 1 Shing Tin Street, Shatin, New Territories
Cordea Nichani India Advisers Private Limited
17.75
India
Ground Floor Front, 19 Kumarakrupa Road, Bangalore 560001
Rootcorp Ranganatha Limited
17.75
Mauritius
4th Floor, Ra\ufb04es Tower, 19 Cybercity, Ebene
Monaco Real Estates SARL
51
Monaco
10 Ter Boulevard Princesse Charlotte
H Investment Pte Limited
40.5
Singapore
3 Bishan Place #05-01 CPF Bishan Building S 579838
Huttons Asia Pte Limited
40.5
Singapore
3 Bishan Place #05-01 CPF Bishan Building S 579838
Huttons Capital Pte Limited
40.5
Singapore
3 Bishan Place #05-01 CPF Bishan Building S 579838
Huttons International Pte Limited
40.5
Singapore
3 Bishan Place #05-01 CPF Bishan Building S 579838
Huttons Pte Limited
33.8
Singapore
3 Bishan Place #05-01 CPF Bishan Building S 579838
KMC Property Consultants Pte Limited
35
Singapore
Cecil Street #19-08 Prudential Tower
Really Pte Limited
(ii)
32.7
Singapore
70 Shenton Way #09-12 EON Shenton S 079118
Cureoscity Technologies Limited
49
United Kingdom
10 Orange Street, Haymarket, London, WC2H 7DQ
Vucity
29.68
United Kingdom
10 Orange Street, Haymarket, London, WC2H 7DQ
Fully owned entities not controlled by the Group
Country of incorporation
Registered o\ufb03ce
Li\ufb00ey Valley Management Limited
Ireland
33 Molesworth Street, Dublin 2
Mahon Point Management Limited
Ireland
33 Molesworth Street, Dublin 2
White Water (Newbridge) Limited
Ireland
33 Molesworth Street, Dublin 2
White Water Management Limited
Ireland
33 Molesworth Street, Dublin 2
White Water Residential DAC (Designated Activity Company)
Ireland
33 Molesworth Street, Dublin 2
2GCSSO Limited
Ireland
33 Molesworth Street, Dublin 2
Liverpool ONE Management Services Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Moor House Management Services Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
\n
(i) Directly owned by Savills plc.
\n
(ii) Both ordinary and redeemable shares owned by the Group.
\n
(iii) Partnership interest.
\n
(iv) The Group does not control these entities (as de\ufb01ned by IFRS 10) and they are not consolidated in to the Group\u2019s \ufb01nancial statements.
\n
(v)
The Group does not have a shareholding in these employee bene\ufb01t trusts, however, these trusts are speci\ufb01cally designed to serve the purposes of the sponsoring Group entity and to ensure that there will be minimal
\n
risk of any con\ufb02ict arising between the duties of the trustees and the interest of the Group entity. Accordingly, these trusts are under the de facto control of the Group entity. IFRS 10 control assessment also supports
\n
that these trusts are under control of the Group entity and are consolidated into the Group\u2019s \ufb01nancial statements on that basis.
\n
(vi)
Listed as a non-wholly owned subsidiary as equity ownership is less than 100% however due to the Group having a present ownership interest in the remaining equity shares subject to put options, it has been
\n
determined that there is no non-controlling interest present and the entity is accounted for as a wholly owned subsidiary.
\n
The Group holds a number of investments in associates and joint ventures where it holds more than 50% of the shareholding in these entities. Similarly, the Group holds
\n
a number of joint ventures and associates where the shareholding is less than 50% and three subsidiaries where the shareholding is less than 50%. In all these instances
\n
management has determined the appropriate classi\ufb01cation of these shareholdings based on the contractual arrangements and agreements in place, in particular focusing on
\n
the parties who have the ability to direct/control the relevant activities of the investment taking into account representation on the Board of Directors, ability to participate/
\ndirect policy making processes and the rights to variable returns from the investee.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00420": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00423": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00418": { "value": "33 Margaret Street, London W1G 0JD", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }