Revenue at Jones Lang LaSalle jumped by 19% to $1.1bn (£683m) in the third quarter, led by a strong performance in Europe.
The New York-listed firm produced an adjusted net income of $67m, delivering earnings per share of $1.49 for the three months to the end of September, up from $1.23 in the previous year.
JLL’s capital markets and hotels and property and facility management divisions were the best-performing service lines, up by 46% to $163.5m and by 26% to $304m globally.
On a geographic basis, EMEA was the strongest region with revenue up 30% to $318m – including a 24% rise in fee revenue to $265.7m – on the back of double-digit increases in each service line.
EMEA capital markets and hotels division was the star performer, delivering a 61% hike in revenue to $82.8m, while leasing “also gained share against declining market absorption”, said JLL. The firm added that a strong performance in the UK, France, the Netherlands and Southern Europe all contributed to growth.
Alongside rising fee revenue, fee-based operating expenses also rose by 18% to $248m driven by higher compensation costs as a result of increased revenue.
Adjusted operating income, which excludes the King Sturge amortisation, was $18m for the quarter, up from $5m in 2012.
While delivering the smallest increase in revenue geographically, 13%, the Americas still generated the largest share, producing $484.1m. Asia Pacific revenue was up 24% to $237m.
“Our solid third-quarter results show significant revenue growth and increasing profitability across our operations,” said Colin Dyer, president and chief executive of Jones Lang LaSalle.
“In the fourth quarter, traditionally the most profitable of the year, we will continue to improve margins, take market share and invest in the long-term strength of the business,” he added.
bridget.oconnell@estatesgazette.com
