Cushman & Wakefield reports revenue bounceback
Cushman & Wakefield’s annual revenue rocketed by one-fifth in 2021 compared with the previous year, as the firm enjoyed a bounceback from the first year of the pandemic.
Turnover was $9.4bn (£7bn) for the year ending 31 December, driven by a rebound in its capital markets and leasing business lines, which saw year-on-year growth of 75% and 45% respectively.
Adjusted profit excluding tax and other costs grew by 76%, while the company said it made savings of $125m from a drive designed to increase operating efficiency.
Cushman & Wakefield’s annual revenue rocketed by one-fifth in 2021 compared with the previous year, as the firm enjoyed a bounceback from the first year of the pandemic.
Turnover was $9.4bn (£7bn) for the year ending 31 December, driven by a rebound in its capital markets and leasing business lines, which saw year-on-year growth of 75% and 45% respectively.
Adjusted profit excluding tax and other costs grew by 76%, while the company said it made savings of $125m from a drive designed to increase operating efficiency.
The boost comes after C&W spent $500m on taking a 40% stake in Greystone, a multifamily agency lending and servicing platform.
It also invested $150m to form a partnership with flexible office giant WeWork in the final quarter of last year, which gave it the right to market to both landlords and businesses on WeWork’s management experience platform and new jointly developed platforms.
The partnership combines WeWork’s proprietary platform of workplace experience management software and hospitality experience with C&W’s asset and facilities management services. It aims to provide landlords and businesses with the ability to create “a differentiated workplace experience” for tenants and employees, fit for the “new hybrid world of work”. The platform is designed to focus on tenants’ increasing need for greater flexibility.
The results round off a resurgent first year for the firm’s new global chief executive, John Forrester, who took control of C&W’s 50,000-strong workforce across 60 countries over the summer.
Forrester said the results were down to a “relentless focus on operational excellence”, adding that the company’s portfolio of service offerings, such as brokerage, also bolstered the numbers.
“We are well positioned to build on the incredible momentum of our business and industry, as owners and occupiers continue to rely on Cushman & Wakefield as a trusted business partner,” he said.
To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews
Image © Xyz Pictures/imageBROKER/Shutterstock
