FINANCE: FirstService Corporation has reported record Q1 results, boosted by a strong performance by its property services firm Colliers International.
The Toronto-listed firm said it posted first-quarter revenue of $548.4m (£325.7m) – up 18% from the same time the previous year.
This was on the back of a 28% hike in revenue by Colliers International to $302.8m.
The agent’s revenue increase was comprised of 18% internal growth plus 10% growth from recent acquisitions.
Internal growth was led the Americas region, which experienced strong gains in investment sales activity, and Europe, which showed particular strength in leasing transaction volume.
Group-adjusted EBIDTA “for the seasonally slow quarter” doubled to $22.8m, of which $16.2m came from Colliers international – up from $2.6m in 2013.
“FirstService achieved record results for the seasonally slow first quarter,” said Jay Hennick, founder and chief executive of FirstService.
“In particular, Colliers International continued to build on its momentum from last year with robust first-quarter results, delivering strong increases in revenue and profits from both internal growth and several acquisitions including Colliers Germany.”
bridget.oconnell@estatesgazette.com
