A strong showing in Cushman & Wakefield’s property management business in EMEA during the final months of 2020 could not offset sharp drops in revenue across its other regional business lines.
The agency posted regional revenue of $328.6m (£235.5m) for the fourth quarter, down by 16% year-on-year and leaving 2020 revenue at $966.9m, 8% lower than in 2019.
During the final quarter, leasing revenue plunged by 28%, capital markets by 35% and valuation revenue by 18%. Property, facilities and project management was the only business line to deliver an uplift in revenue, up by 14% at $112.9m.
Groupwide, quarterly revenue of $2.3bn was down by 14%, with a net loss of $27.3m. The sharpest drop in quarterly group revenue came in leasing, down by 37%. The agency posted a full-year loss of $220.5m on revenue of $7.8bn.
Chairman and chief executive Brett White said: “Our portfolio diversification and disciplined cost management have helped mitigate a challenging demand environment across our industry for transactional services. We believe our strong balance sheet and continued focus on operational excellence positions us to deliver sustainable, long-term shareholder value.”
To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette
