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Savills beats expectations, expects subdued UK market

Reuters - UK Focus

LONDON, March 10 (Reuters) - International estate agent Savills (Other OTC: SVLPF - news) posted a 21 percent rise in pre-tax profit to a better-than-expected 121.4 million pounds ($172 million) in 2015 as it benefited from expansion across the United States and growing profitability in Europe, it said on Thursday.

The firm said it had made a good start to 2016 but warned the British residential and commercial investment markets would be subdued due to the effect of an increased stamp duty property tax and ahead of a referendum on EU membership. ($1 = 0.7047 pounds) ($1 = 0.7048 pounds) (Reporting by Costas Pitas; editing by Susan Thomas)