Cushman & Wakefield has narrowed its first-quarter loss to $20.9m (£16m) – an improvement of $72m on the same time last year.
The New York Stock Exchange-listed firm said that the improvement was primarily driven by stronger operating results, lower integration costs and a higher benefit from income taxes.
Revenue for the first three months of 2019 was $1.9bn, up by 8% from the first quarter last year, while fee revenue was $1.4bn, up by 10%.
C&W said that rising fee revenue reflected increases primarily in property, facilities and project management and leasing, with the Americas leading growth.
Property, facilities and project management fee revenue increased by $108.9m, or 18%, on a local currency basis, driven by an increase of $62.5m (16%), rise in the Americas, on a local currency basis, with the remainder of the fee revenue growth primarily in Asia-Pacific.
Leasing fee revenue increased by $59.4m (19%), on a local currency basis, driven by an Americas increase of $52.5m (21%), on a local currency basis, with the remainder of the fee revenue growth primarily in EMEA.
First-quarter operating expenses came in at $1.9bn, an increase of 4%.
Executive chairman Brett White said: “We are off to a good start in 2019 with continued momentum in the first quarter marked by double-digit growth in fee revenue and adjusted EBITDA.”
“In addition, we are executing our strategy, making significant progress on our financial, operational and growth objectives. We are on track to generate full-year adjusted EBITDA of $685 to $735m, consistent with our guidance for 2019.”
