The world’s two largest property services firms revealed varying success in Europe in their second quarter results.
CBRE’s Q2 revenue rose 13% to $1.6bn (£1.03bn) in three months to the end of June, as strength in the Americas offset a weaker Europe, the Middle East and Africa – the only region to see income and revenue fall.
The New York-listed firm, led by Brett White (pictured), delivered a 31% surge in net income, excluding charges, to $88m, or $0.27 a share, ahead of Wall Street’s consensus forecasts of $0.26 a share.
EMEA operating income was $12.6m, compared with $18.1m in the same period last year. Revenue declined by 5% to $248.2m, compared with $261.1m in 2011, although it rose by 3% excluding the foreign currency swap.
CBRE said modest revenue increases in the UK, Germany and the Netherlands were offset by drops in France.
The Americas was the strongest performer. Here operating income rose by 30% to $127.9m, and revenue increased by 13% to $1bn.
Jones Lang LaSalle had a much flatter performance in the US but was buoyed by a strong EMEA following its acquisition of King Sturge in May last year.
The Chicago-headquartered firm, led by Colin Dyer, revealed net income of $51m – up just $1m from the same time in 2011 – on the back of a 9% increase in revenue to $921m.
EMEA produced operating income of $13m, more than double the $6.4m in Q2 last year when only one month of combined JLL/KS figures were included. Revenue rose 24% to $249.2m. In the Americas, operating income rose from £32.5m to $38.4m, with revenue rising 18% to $408.1m.
