Cushman & Wakefield has reported a net loss of $14.6m for the first six months of 2019.
However, the company – which floated on the New York Stock Exchange in August last year – posted a profit of $6.3m in the second quarter, compared with a loss of $33.5m during the previous comparable period.
The net loss in H1 2019 is also substantially lower than H1 2018, when the firm posted a loss of $126.4m. The improvement was driven by stronger operating results, lower integration costs and lower interest expense.
The agent also reported an 8% hike in H1 revenue, from $3.7bn in 2018 to $4bn.
Its four service line divisions – facilities management, leasing, capital markets and valuation – brought in total fee revenue of $2.9bn in H1, up 10% from $2.6bn last year.
The total fee revenue for each division in H1 was broken down as follows: $1.4bn in facilities management, up 14% compared with H1 2018; $862m in leasing, up 8%; $426.9m in capital markets, up 3%; and $212m in valuations, up 3%.
Brett White, executive chairman and chief executive of Cushman & Wakefield, said: “We continued to see good momentum in our business through the first half of the year, marked by growth in fee revenue and adjusted EBITDA.
“In addition, we are executing our strategy and making significant progress on our financial, operational and growth objectives. We are on track to generate full-year adjusted EBITDA of $685m to $735m, consistent with our guidance.”
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