Asked if Savills expected its first-half 2011 to be broadly flat against the same period in 2010, Chief Financial Officer Simon Shaw told Reuters: “I think that’s probably as fair a position as you can take.”

“The concerns we are looking at ahead are really coming in this fourth quarter. Until we’ve lived through them we can’t make a more precise call thereafter,” he said.

Releasing its results for the six months to June 30, Savills foreshadowed a flattening of the economic rebound in many countries as it booked both stronger group revenue and underlying profit before tax.

“The Chinese government’s desire to contain overheating in the residential market, continued concerns over economic growth in many countries and prolonged low levels of debt availability indicate that the recovery is likely to flatten off during the coming months,” Chief Executive Jeremy Helsby said.

Savills had maintained a cautious outlook for the second half of 2010 since the last quarter of 2009, and saw no reason to change that given the lingering uncertainties.

“What we’re saying today is, ‘We’re still going to be performing we think pretty reasonably, but we will not be performing as well as we did in the second half of 2009,’” CFO Shaw said.

By 0939 GMT Savills shares fell 4.3 percent to 314.6 pence.

In a note to clients brokerage Numis described Savills results as strong, upping its rating on the shares to ‘add’, while retaining its 368 pence target price.

Numis said it saw “scope for further upgrades as we track the level of activity in the UK and Hong Kong specifically, as well as transaction volumes in other markets.”

Savills booked group revenue of £304.4 million ($469.4 million) for the first half, up 23 percent from the same period a year ago. Group underlying profit advanced to £17.2 million from £2.5 million.

“We have had a strong first half particularly through the recovery of transaction markets in the UK and Asia Pacific, which are core to the group’s success,” Helsby said.

“At the same time we have substantially reduced losses in the continental European business and are seeing some improvement in the US market.” Savills transaction advice business saw revenues rise 57 percent to £116.6 million, helping it swing to an underlying profit before tax of £9.4 million from a loss of £7.6 million a year earlier.

Its property and facilities management saw revenue rise 8 percent to £113.7 million, although underlying profit before tax fell 1 percent to 7.1 million.

Savills said it would pay an unchanged interim dividend of 3 pence a share.