Colliers has posted what its top team called “solid growth” across all business lines in the third quarter.
Revenue of $1.18bn (£920m) was 12% ahead of a year ago, with adjusted profit up by 7% at $154.6m. That left nine-month revenue at $3.32bn, a 7% lift, and profit of $419m up by 6%.
“Over the past decade, step by step, Colliers has transformed into a uniquely differentiated global professional services and investment management firm,” said chief executive Jay Hennick. “We have relentlessly focused on expanding and diversifying our global operations, while adding new growth engines that deliver recurring revenue streams. Today, these recurring revenues contribute over 70% of our earnings, bringing unprecedented balance, resilience and predictability – all of which drive greater shareholder value.”
The largest revenue rise came from engineering, a newly formed business segment that includes project management work, where income was up by a fifth at $316.6m. Real estate services revenue, including capital markets and leasing work, rose by 9% to $734.9m, while investment management revenue stood at $127.4m, 7% ahead of the third quarter of 2023.
The agency has lowered its EBITDA and earnings per share guidance for the full year, citing “updated fundraising expectations in its high-margin investment management segment”. It now expects EBITDA growth of 8-12%, down from 8-18%, and EPS growth 6-12%, down from 11-21%. Revenue growth guidance is unchanged at 8-13%.
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