Cushman posts rising revenue for third quarter
Revenue at Cushman & Wakefield rose by a fifth in the third quarter, as an upbeat earnings season continued for real estate’s largest agencies.
Revenue for the three months to 30 September stood at $2.3bn (£1.7bn), up by 21% from a year ago. Fee revenue of $1.7bn was 28% ahead.
Revenue grew in each segment of the business, with a jump of almost two-thirds in brokerage fee revenue across the leasing and capital markets divisions to $788.7m.
Revenue at Cushman & Wakefield rose by a fifth in the third quarter, as an upbeat earnings season continued for real estate’s largest agencies.
Revenue for the three months to 30 September stood at $2.3bn (£1.7bn), up by 21% from a year ago. Fee revenue of $1.7bn was 28% ahead.
Revenue grew in each segment of the business, with a jump of almost two-thirds in brokerage fee revenue across the leasing and capital markets divisions to $788.7m.
Chairman and chief executive Brett White said the company is “encouraged by the resiliency of our brokerage business”, noting that it has now performed ahead of 2019 levels for two consecutive quarters.
Adjusted earnings before interest, taxes, depreciation and amortisation was $219.1m, up by 87%.
In Europe, the Middle East and Africa, revenue rose by 20% to $268.8m, with the sharpest rise seen in the capital markets business, where revenue jumped by 56% to $38.4m. Leasing was up by 29% at $58.2m, with a 5% fall for property management to $91.9m. Regional adjusted Ebitda stood at $28.5m, up 140%.
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