Quoted agent Jones Lang LaSalle has reported year-end earnings above expectations after a strong final quarter.
Full-year earnings per share were $1.12 per share, compared with analysts’ expectations of just over $1 a share. Net income was $36.1m, a third higher than 2002’s $27.1m, while revenues rose 10% to $949.8m.
In Europe, revenues fell 3% (in local currency) to $351.1m, while operating income fell 26% to $13m, although the company said the UK had had a strong year.
The group’s sterling revenues were $196.5m in 2003, compared with $184.3m the previous year.
Chairman Stuart Scott said the UK, especially the English business, had “performed well”, adding: “We expect our results to continue to improve this year.”He said LaSalle Investment Management would expand its activities in the UK this year.
LaSalle Investment Management reported revenues down marginally to $113.3m and operating income down $1.6m to $18.4m, which JLL said was a consequence of investing in staff.
Having increased cash resources to $63m at the end of last year, JLL said it was well placed to refinance its 9% eurobonds, which will be possible in June. It said the refinancing, which will halve the group’s $18m interest bill, would cost around $8m.
Scott said JLL hoped to appoint a new chief executive to replace Chris Peacock, who left last month, by the summer.
