Colliers on track to double business in five years
Colliers International has said it is on track to meet its five-year goal of doubling the business by the end of the year.
The agent said it has strengthened its business with the acquisition of project management business Synergy and agreement to acquire Dougherty Financial.
In year-end results Colliers reported an 8% increase in annual revenue to $3.05bn (£2.3bn).
Colliers International has said it is on track to meet its five-year goal of doubling the business by the end of the year.
The agent said it has strengthened its business with the acquisition of project management business Synergy and agreement to acquire Dougherty Financial.
In year-end results Colliers reported an 8% increase in annual revenue to $3.05bn (£2.3bn).
The revenue hike was largely driven by its outsourcing and advisory services, which rose 8% to $1.1bn. Lease brokerage was up 6% ($946m) and sales brokerage fell 1% ($775m).
It reflected a 10% rise in local currencies, with upticks across all services.
Colliers reported a 7% rise in EMEA region revenues in local currencies, equating to a 2% increase in USD. It attributed 5% of local growth to internal operations with 2% from acquisitions.
Adjusted EBITDA fell 9.3% to $80.3m, driven by a decline in profits in France and investment in hiring.
Overall, the agent reported an adjusted EBITDA of $360m, up 15% over the year, with earnings per share rising 4.8% to $2.57.
Jay Hennick, chairman and chief executive of Colliers International, said: “With our professional real estate services revenues surpassing the $3 billion milestone, we are well on track to meet our five-year growth plan of doubling our business by the end of 2020.
“With stable market and geopolitical conditions, we are confident our highly diversified global operations with more recurring revenue than ever, will again deliver solid revenue growth and increases in profitability in 2020.”
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