Colliers International posts 5% drop in EMEA revenue
Colliers International has posted a 5% year-on-year fall in EMEA revenue to $138.8m (£107m) for its third quarter, alongside a drop in EBITDA in its regional operations.
The agent said the dip in revenue from the region “comprised of a local currency internal decline of 3%, offset by 2% growth from acquisitions”.
Internal revenue was affected in turn by a decline in lease brokerage for the quarter “mostly due to timing”. Colliers added that a significant number of transactions are expected to be recorded in the fourth quarter.
Colliers International has posted a 5% year-on-year fall in EMEA revenue to $138.8m (£107m) for its third quarter, alongside a drop in EBITDA in its regional operations.
The agent said the dip in revenue from the region “comprised of a local currency internal decline of 3%, offset by 2% growth from acquisitions”.
Internal revenue was affected in turn by a decline in lease brokerage for the quarter “mostly due to timing”. Colliers added that a significant number of transactions are expected to be recorded in the fourth quarter.
Adjusted EBITDA was $12.6m during Q3, down by 27% from $17.3m in the same quarter in 2018, with the decline attributed to lower revenues and service mix.
However, global revenue for the quarter tallied $736.9m, up by 3% on the previous year. Adjusted EBITDA rose by 16% to $84.3m.
Revenue across all of its regional businesses grew by 9% for the nine months ending 30 September, to $2.1bn. EBITDA rose by 21% to $215.2m.
Restructuring costs across the global operations totalled $3.1m during the nine months to the end of September, compared with $416,000 during the same period in 2018. The majority of this year’s amount was realised during Q3, with $2.8m spent on restructuring activities.
Jay Hennick, chairman and chief executive of Colliers International, said: “Given our performance over the first nine months and our current outlook, we expect to finish the year strongly.
“So far this year we have completed four acquisitions which, together with internal growth, puts us on track to meet or exceed our five-year target to double our size by the end of 2020.”
He highlighted the firm’s acquisition of a controlling stake in India’s Synergy Property Development Services in September as a key transaction during the quarter.
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