CBRE’s Norland acquisition propelled its EMEA division to post a 127% increase in revenue in the first quarter.
The engineering business was noted as fuelling the region’s triple-digit revenue growth to $518.7m (£306.7m).
Excluding Norland contributions, EMEA revenue was still up by 32%, with the UK, led by Ciaran Bird (right) singled out as one of the most improved countries.
EMEA EBITDA rose from a loss of $500,000 to $23.4m, and operating income was $5.1m compared with an operating loss of $6.2m for the same period in 2013.
The brisk business in Europe helped the group to a 26% increase in revenue to $1.9bn and a 60% surge in net income – excluding selected charges – to $82.4m. The New York-listed group’s EBITDA increased by 23% to $198.8m.
CBRE’s performance was in sharp contrast to rival JLL, which posted a sluggish 6% rise in EMEA fee revenue to $234m.
Fee-based operating expenses rose by 8%, deepening the firm’s EMEA operating loss to $4m from a $1m loss last year.
Adjusted EBITDA fell to $1m from $3m in the region, which includes the UK, led by Guy Grainger.
Overall, the Chicago-headquartered firm reported a 13% like-for-like jump in Q1 fee revenue to $878m (£521m).
Net income was up slightly from $16m to $17m.
Bridget.O’Connell@estatesgazette.com
