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INANCE: Cushman & Wakefield reported a 21% rise in its 2014 earnings before interest, taxes, depreciation and amortisation (EBITDA) to more than $175m (£117m) ahead of its imminent sale.
The agency, put up for sale by owners the Agnelli family in February, increased revenues across all of its divisions and regions over 2014 compared with 2013.
Revenues increased 14% to $2.8bn from $2.4bn driven by strong growth in the corporate occupier and investor services business.
The division increased fee income nearly 30% from $425m to just under $605m in the full year to end of December.
Leasing, the largest division by revenue, increased by 7% to more than $955m despite a fall in fees of 4% quarter-on-quarter in the three months to the end of December 2014.
European fee income increased by 15% to just under $458m with similar increases reported from the US business, which increased its share to just under $1.5bn. Asia was the strongest-performing market for C&W however, with a 25% increase in fee income to $173m.
However, costs increased by 15%, or $263m, as the business paid more in commission expense and employment costs.
Debt at the group also increased ahead of the sale to $68m – a leap of more than $59m on the same period in 2013.
The extra debt came primarily through the acquisition of Massey Knakal at a low cost in 2014 the company said.
