FINANCE: JLL has reported a 13% like-for-like jump in Q1 fee revenue to $878m (£521m) reflecting broad-based growth across the business.
The Chicago-headquartered property services firm posted only a marginal rise in net income which rose from $16m to $17m.
Earnings per share were $0.39.
Looking at global revenue by sector, property and facility management fee revenue showed the strongest growth clocking in at 20% followed by leasing which was up 17% to $270.4m.
Capital markets and hotels suffered with a 6% decline.
The property services firm’s investment management division posted a 6% rise in overall revenue to $63.8m raising $930m of equity in the quarter.
Advisory fee revenue – which comprises the lion’s share of turnover in this division – slipped by 2% to $55.9m while transaction fee revenue rose by 50% to $4.6m.
Geographically, EMEA put in a sluggish performance with 6% fee revenue growth to $234m compared with a 20% surge in the Americas to $406.5m and Asia Pacific with 11% growth to $173.6m.
EMEA’s growth was driven by a 24% increase in property and facility management and 13% in project and development services.
Leasing revenue also increased by 6% in the quarter, while capital markets and hotels fell by 11% year-on-year which JLL said was because of a strong 2013 figure.
Fee-based operating expenses rose by 8% deepening the firm’s EMEA operating income which came in at $4m, up from a $1m loss last year.
Adjusted EBITDA fell to $1m from $3m.
Colin Dyer, the company’s president and CEO, said: “Solid first-quarter revenue and profits produced a good start to 2014 for JLL. The broad strength of our business globally and improved client confidence in market conditions point to another year of healthy growth for the firm.”
bridget.oconnell@estatesgazette.com
