Cushman & Wakefield’s chief executive said the firm had an “excellent” start to the year in the face of “evolving” market conditions.
Over the three months to 31 March, the agency posted revenue of $2.3bn (£1.7bn), up by 5% year-on-year. That included an 11% rise in capital markets revenue, an 8% lift in leasing revenue and a 1% rise in valuation revenue. Services revenue was down by 1%. Adjusted EBITDA jumped by almost a quarter to $96.2m.
The agency highlighted leasing in the Americas and Asia-Pacific capital markets as notable areas of strength over the quarter. EMEA posted a relatively poor performance, with leasing revenue plunging by more than a quarter and adjusted EBITDA crashing by 78% to just $2m.
Chief executive Michelle MacKay (pictured) said the “excellent” group-wide results “highlight the strength of our global platform, the benefits of the strategic work we have begun to action and our ability to provide value-added advisory services to clients in evolving market conditions”.
She added: “We have built a strong and resilient growth engine, which is powering us forward across every part of our business and we will continue to execute with discipline and confidence toward capturing meaningful opportunities for long-term growth.”
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