Cushman & Wakefield’s revenue dropped 18% for its Q2 results compared with the previous comparable period last year, as leasing and capital markets activity slumped due to the coronavirus pandemic.
In the agent’s results for the three months ended June 30th, revenue dropped to $1.7bn from $2.1bn last year.
The drop was mostly attributed to a “lower brokerage activity” due to Covid-19. Revenue for capital markets took the biggest blow, dropping 52% to $112.8m from $236.2m, while revenue for leasing activity also took a significant hit, dropping 46% to $263.5m from $489.1m.
The agent also made a loss before tax of $108.5m, compared with a $17.7m profit made in Q2 2019.
Adjusted EBITDA was down 32% to $118.8m from $174.5m.
However, coronavirus had less of an impact on the agent’s property, facilities and project management arm of the business, revenue for which inched down 6% to $693.3m from $739.8m.
Its valuation and other departments also took less of a blow over the quarter, dropping 10% to $100.1m from $111m.
Cushman & Wakefield executive chairman and chief executive Brett White said: “As expected, our diversified portfolio helped to temper the lower demand experienced in our brokerage businesses, while our PM/FM service line continues to meet the critical operational needs of our clients.
“Going forward, our discipline in cost management and operating efficiency, along with our strong financial position, have prepared us for a variety of economic scenarios and will allow us to take advantage of growth opportunities that might arise.”
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