Colliers International more than doubled its earnings in the UK and western Europe in the third quarter, bringing its total EMEA revenues up by 22%, year-on-year, to $129.7m (£98.2m).
Adjusted EBITDA in the UK and western Europe rose from $4.5m in Q3 2016 to $11.2m, which Colliers said was a result of rebounding from a period of “unusually low activity” following the Brexit vote.
Total revenue for the third quarter was up by 24% to $574.1m while adjusted EBITDA was up by 39% to $52.2m. Revenues were bolstered by sales brokerage, which grew 41% year-on-year.
Colliers expanded across the world in the past quarter, doubling the size of its project management business in Australia and establishing company-owned operations in Japan.
Jay Hennick, chairman and chief executive of Colliers, said: “Colliers generated strong results for the third quarter through a combination of recent acquisitions and internal growth. Based on our performance to date, and continuing stable market conditions, we expect a solid fourth quarter and finish to the year.”
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