Colliers’ profit and revenue drops
Colliers International has posted a 15% fall in EMEA revenue during its third quarter, alongside a 38.9% decline in adjusted EBITA.
Revenue in the EMEA region totalled $117.4m (£88.6m) for the third quarter, compared to $138.8m in Q3 2019. The capital markets and leasing businesses were the most impacted.
The agency recorded an operating loss of $1.4m, compared with $5.1m earnings in 2019. Adjusted EBITDA fell to $7.7m, from $12.6m in the previous year.
Colliers International has posted a 15% fall in EMEA revenue during its third quarter, alongside a 38.9% decline in adjusted EBITA.
Revenue in the EMEA region totalled $117.4m (£88.6m) for the third quarter, compared to $138.8m in Q3 2019. The capital markets and leasing businesses were the most impacted.
The agency recorded an operating loss of $1.4m, compared with $5.1m earnings in 2019. Adjusted EBITDA fell to $7.7m, from $12.6m in the previous year.
Global revenue dropped by 6% to $692.3m during the quarter. However, global adjusted EBITDA rose by 9% to $92.1m.
Revenue across all of its regional businesses was down by 12% for the nine months ending 30 September, to $1.9bn. EBITDA slipped by 4% to $206.5m in the same period.
Jay Hennick, global chairman and chief executive of Colliers International, said: “Despite the far-reaching impact of the pandemic, Colliers delivered better than expected financial results for the third quarter with continued growth from recurring services.”
He added that Colliers expects its full-year results to be “stronger than previously anticipated”.
“Looking forward, we see a great opportunity to accelerate our growth by aggressively adding quality talent, expanding our service capabilities and streamlining business processes,” said Hennick.
During the quarter, Colliers expanded to Nashville after acquiring its affiliate in the US city. It also integrated its acquisitions of Dougherty’s mortgage banking business, now known as Colliers Mortgage, and engineering firm Maser Consulting.
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