FirstService Corporation has reported a 5% hike in revenue after a strong second quarter performance by property services division Colliers International.
The Canadian property giant, which in March completed a pre-pack purchase of Colliers International UK, delivered revenue of $593m (£383m) in the three months to the end of June.
This is up 5% on the same time last year, as Colliers International delivered 19% growth overall and a 29% hike in the US.
Adjusted earnings before interest, taxes, depreciation and amortisation were $41.2m, compared with $46.8m last year. Adjusted earnings per share were $0.45, against $0.54 reported at the same time last year.
GAAP EPS was $0.28 per share in the quarter, versus $0.11 for the same quarter a year ago.
For the six month period, revenue was $1.1bn, a 4% like-for-like increase, adjusted EBITDA was $52m, relative to $69.4m, and adjusted EPS was $0.35, versus $0.68 for the same period in 2011.
GAAP EPS for the six-month period was a loss of $0.27, compared with a loss of $0.22 the year before.
FirstService founder and chief executive Jay Hennick said: “Second quarter results reflect very strong year over year gains in revenues and adjusted EBITDA at Colliers International and another quarter of solid year over year growth at FirstService Residential.
“As expected, results in property services were down relative to the prior year as a result of continued weakness in foreclosure services.
“Colliers International results were particularly strong in the US where they were up 29% over the prior year, building on our successful investments in management infrastructure, recruiting and corporate solutions during the past couple of years.”
He added: “FirstService Residential continued to advance its position as North America’s largest manager of multi-family residential properties. As long as market conditions remain stable, we expect to finish the year up over last year with growth in revenues, adjusted EBITDA and adjusted EPS.”
bridget.o’connell@estatesgazette.com
