Cushman & Wakefield has posted falling revenue in its latest results, with sharp drops from its capital markets, valuation and leasing divisions leaving it nursing a loss for the third quarter.
Revenue of $2.3bn (£1.9bn) over the three months to 30 September was 9% lower than a year ago. Property, facilities and project management were flat, while capital markets, valuation and leasing dropped by 33%, 17% and 16% respectively. The agency posted a $33.9m loss.
The third-quarter performance left year-to-date revenue 7% lower at $6.9bn with a loss of $105.2m. Property, facilities and project management grew by 3% over the nine months, while capital markets, leasing and valuation revenues were down by 44%, 19% and 15%.
The agency made cost savings of $98.2m over the year-to-date and said it expects to “modestly” beat its full-year target of $130m.
Chief executive Michelle MacKay said the agency’s “client-centric approach” would let it “better anticipate market trends as the market recovers, and capture first-mover advantage where and when it really matters”.
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