Colliers International reported a $400,000 (£293,000) earnings loss in Europe, Middle East and Africa for the first quarter.
The firm put the fall down to “planned investments in incremental revenue producers in major markets as well as revenue mix”.
Adjusted EBITDA in the EMEA region fell from a profit of $3.7m for the same quarter in 2017.
Total revenue for the first quarter was up by 11% to $115.7m, comprised of 13% growth from recent acquisitions offset by a 2% decline in internal revenues.
Colliers International said internal revenues were affected by “a decline in sales brokerage activity, primarily in the UK, relative to strong results reported in the prior-year period, with activity levels also affected by timing which is expected to increase future quarters’ revenues”.
Jay Hennick, chairman and chief executive of Colliers International, said: “Colliers is off to a strong start in 2018, with well-balanced revenue growth from acquisitions and internally from our existing operations. Our revenue pipelines indicate solid activity across all service lines, with stable to positive conditions in most major markets.
“To date we have completed a total of five acquisitions, two in the Americas, two in Europe and one in Asia – investing more than $100m. Last month we also completed the expansion and extension of our revolving credit facility, providing additional capacity for growth over the next five years.
“With our strong balance sheet, disciplined growth strategy, and proven track record, Colliers International is well positioned to continue expanding our global platform in 2018 and beyond.”
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