Revenues at Cushman & Wakefield have swelled by 29% to $2.2bn for the last three months, as profits rose by 85%.
The global firm published its Q2 results overnight, as well as announcing that global president John Forrester would be taking over from Brett White as CEO from the start of next year.
Adjusted EBITDA was shown to have risen to $219.9m for the quarter, or $319.6m for the half – a marked increase on the $118.8m for Q2 in 2020, and 69% higher for the half than H1 2020’s $189.1m.
Profit margins rose to 13.5% for 10.2% in Q2 of 2020.
Cushman & Wakefield said that fee revenue, up 39% on the same quarter last year to $1.6bn, was better than expected across all parts of the business. Fees earned from property, facilities and project management grew by 11% on 2020 to $769.8m, with valuation up by 24% to $124.2m. But it was in capital markets that the change in fortunes from the early days of the pandemic was truly apparent with a rise of 150% to $282.2m, while leasing grew 72% to $453.5m.
Taken as a whole, revenues for the past six months clocked in at $4.1bn, up 15% on H1 of 2020.
Net income for the quarter was $52.7m, up significantly from the Q2 2020 loss of $100.8m. Meanwhile, adjusted earnings per share rose to $0.50 from Q2 2020’s $0.19.
The firm added that it had benefitted from $30m of gross savings for the second quarter from “permanent cost reduction actions”, including remote working.
Cushman & Wakefield added that its liquidity was in a strong position, with $2.1bn consisting of $1.1bn cash on hand and an undrawn revolving credit facility of $1bn.
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
