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Estate agent Savills upgraded its annual earnings guidance, citing particularly strong trading in the UK and Asia Pacific region.
Profits for 2021 were expected to be 'materially ahead' of those achieved back in 2019, before a resumption of 'more normalised' trading and cost dynamics in 2022.
'The continued strength of UK prime residential markets has exceeded our expectations,' Savills said.
It added that an anticipated tapering of market volumes was now expected to take effect through 2022 rather than significantly affecting performance in the second half of 2021.
'This, together with better than anticipated improvements in the UK commercial capital transaction markets, indicates that for the financial year as a whole the UK business is likely to materially exceed both our earlier expectations for 2021 and the outturn for 2019,' it said.
'We also expect outperformance in the Asia Pacific region on both bases.'
'In addition to improved trading, the group has benefited from a continuation of lower-than-normal levels of discretionary expenditure which is expected to continue through the remainder of the year.'
'We anticipate that this expenditure will progressively increase through 2022.'