Colliers praises UK business as Q3 revenue rises

Colliers has highlighted a “particularly strong” performance from its UK business as it posts rising revenue for the third quarter. Group revenue for the three months to 30 September stood at $1.11bn (£953.7m), up by 8% on a year earlier, while adjusted EBITDA rose by 17% to $145.1m. The largest business line by revenue, outsourcing and advisory delivered growth of 18% at $462.8m. The only business to register a fall in revenue globally was capital markets, down by 11% at $275.7m.  In Europe, the Middle East and Africa, revenue of $164.2m was ahead 6% year-on-year in dollars and 23% in local currency. The agency said all service lines had delivered growth but that it was “unevenly distributed across countries”. “Revenues were particularly strong in the United Kingdom, which more than offset the impact of higher interest rates and geopolitical uncertainty,” the firm added.  Jay Hennick, chairman and chief executive (pictured), said outsourcing and advisory, investment management and leasing globally were “all up strongly, more than offsetting the softness in capital markets which is being impacted by higher interest rates, availability of capital and other geopolitical uncertainties”. He added: “Growing recurring revenues and earnings… together with broader diversification across service lines, geography and client types means the Colliers diversified services business model has more balance and resilience than ever.” To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews Image courtesy of Colliers