Colliers International has posted a 29% lift in Q1 revenue, with its chief executive telling shareholders the agency was “building on the momentum coming out of 2021”.
In the three months to 31 March, revenue was $1bn, with adjusted EBITDA up by a third year-on-year at $121.5m.
Chairman and chief executive Jay S. Hennick said the company now expects its investment management segment to account for “an even greater proportion” of its adjusted earnings, having hit 23% after recent acquisitions. He added that the acquisition pipeline for the agency “remains solid”. “If we are successful, 2022 would result in a record year of capital allocation for Colliers,” he said.
In EMEA, revenues of $153.3m was more than a fifth ahead on a year ago. The agency said leasing and capital markets had seen “solid transaction activity”, and that a recovery in project management revenue had lifted the outsourcing and advisory division. The company posted a regional EBITDA of just under $5m, up 9% and 23% in local currency – but a GAAP loss of $30.8m, due to a loss on the disposal of its Russian operations.
To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews
