Revenue at Cushman & Wakefield rose by a fifth during the opening months of 2022, as the agency enjoyed a record start to the year.
In first-quarter results for the three months to 31 March, the company posted revenue of $2.3bn (£1.8bn), 21% ahead of the same period in 2021, and service line fee revenue of $1.7bn, up by 27%.
Net income of $45.5m was back in the black after a $17.2m loss in the first quarter of 2021, while adjusted EBITDA – which the agency flags as its “primary measure” of profitability – more than doubled to $214.4m.
Chief executive John Forrester described the results as “a strong start to 2022”, noting that “return to office momentum” had lifted leasing activity.
By business line, capital markets led the revenue growth, posting a three-quarters jump to $288.9m. Leasing revenue rose by 56% to $454.7m, while property, facilities and project management, the largest contributor to the quarter’s revenue, was up by 9% at $840.9m. Valuation revenue of $120.3m was an 8% improvement on a year ago.
The company said it lost $13.8m during the quarter on the disposal of its Russian business and an unrealised loss on fair value investments of $21.5m, most of which it said was linked to its investment in WeWork.
In EMEA, revenue growth was 6% in dollar terms and 13% in local currency, making it the weakest regional market for momentum. Capital markets again led the way, with revenue up by 29% in US dollars to $28.8m. Leasing revenue rose by 16% to $49.3m and property, facilities and project management by 12% to $93.6m. Valuation revenue dropped by 2% to $43.7m.
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