Colliers International reduced its losses by more than 70% in the 12 months ended 31 December 2010.
The listed agent said that its operating loss had been reduced from £10.1m in 2009 to £2.9m by the end of 2010. This was on the back of a 14% increase in revenues to £65.9m – up from £57.9m in 2009.
Chairman Sir John Ritblat said: “Looking ahead, I am confident that we are in a good position to reap the benefit of re-activated markets as the key denominator for us is not so much the level of property values, but the liquidity and volume of transactions in a market where buyers and sellers, and landlords and tenants, can do business.”
Newly installed chief executive Tony Horrell added that most areas of the group’s business had contributed to the growth in revenues and that the firm’s highlight of the year was advising Hines and Moorfield on the acquisition of a portfolio of eight buildings at Brindleyplace in Birmingham for around £200m.
Looking ahead, Horrell said that 2011 had started well with revenues in the first two months significantly higher than in the same period last year.
He added: “Overall, Colliers International UK has built a number of high-quality core businesses but requires more strength and depth in the crucial, high-margin, transactional markets, in particular in central London, one of the largest real estate markets in the world. The group currently provides relatively little advice in this market to certain key client sectors, notably institutional investors, REITS and overseas owners. Selective senior recruitment into these areas is a high priority.”
“We will keep all business segments under review for efficiencies with the aim of ensuring all parts of the company are positive financial contributors.
Our people are entrepreneurial and motivated and I will do all I can to keep red tape to a minimum for them so that they can do what they do best – service clients and execute business. I believe we have the potential and will have the resources to move significantly up the UK real estate service provider rankings.”
samantha.mcclary@estatesgazette.com
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