Colliers International has reported a 12% year-on-year rise in revenue to $422.8m (£327m) in the first quarter.
The rise was underpinned by strong growth in its lease and sales brokerage businesses.
Lease brokerage saw a 21% rise in revenue to $137m while sales brokerage revenue rose by 18% to £122m.
In EMEA revenues fell by 11% from $98.9m in Q1 2016 to $89m in Q1 2017 – this reflected a 4% fall on a local currency basis, as revenues took a hit from the devaluation of the pound.
| Colliers Q1 results at a glance ($m) | 2017 | 2016 | Change (%) |
|---|---|---|---|
| Outsourcing & advisory revenue | 163.6 | 159.8 | 24 |
| Lease brokerage revenue | 136.6 | 112.9 | 21 |
| Sales brokerage revenue | 122.4 | 103.4 | 18.4 |
| Total revenue | 422.8 | 376.1 | 12.4 |
| Adjusted EBITDA | 29.3 | 22.2 | 32 |
| Adjusted EPS ($) | 0.33 | 0.19 | 73.7 |
Colliers said that there was a decline in outsourcing and advisory activity in EMEA, particularly in France, but that this was balanced out by increased lease brokerage activity, primarily in the UK.
Jay Hennick, chairman and chief executive of Colliers International, said the company would “remain optimistic” about growth prospects for 2017.
He said: “Our revenue pipelines indicate sustained activity across all service lines, with generally stable conditions in most major markets.”
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