Capital markets dragged down full-year figures for Newmark, with total revenue falling by 8.7% to $2.4bn (£1.9bn).
US-based Newmark, which has been expanding in the UK through its acquisitions of BH2, Harper Dennis Hobbs and Gerald Eve, saw revenue from investment sales fall by 37.1% in the year ended 31 December 2023, to $381.3m, impacting its full-year performance.
Investment sales and commercial mortgage origination were the two segments that brought revenue down, with management services and leasing both showing marginal uplifts.
Operating profit for the year was down by 22% to $398.3m.
However, chief executive Barry Gosin remained positive on the outlook for the business.
Gosin said: “We anticipate industry volumes accelerating throughout the second half of 2024.
“Due to our strong incremental margins and our investments in talent, we expect significant earnings outperformance towards the end of the year and into 2025.”
This year, Newmark expects to see a 3-7% increase in revenue and 5-9% uplift in operating profit.
Image © Newmark
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