JLL’s EMEA business saw year-on-year revenue growth of 28% to $523m (£424m), although shrinking capital markets and leasing volumes led to a sharp drop in operating income.
Growth was driven by the company’s property and facility management business, which more than doubled its revenue to $161.7m following the acquisition of Integral in August.
Operating income plummeted by 88% from $26m to $3m in the past year, with adjusted EBITDA down from $34m to $11m.
The company said the decline came from falling capital market and leasing volumes, non-recurring UK performance fees that were in place last year and bigger contract expenses from “the wind down of operations in a non-core market”.
JLL’s worldwide revenue also saw a 13.6% rise in the past year to a record $1.7bn. The firm increased its semi-annual dividend by 6% to $0.33 per share.
Christian Ulbrich, chief executive of JLL, said: “We achieved record third-quarter revenue driven by recent acquisitions and strong organic growth in the Americas and Asia-Pacific.
“We expect to deliver strong operating performance during the fourth quarter of 2016 and be well positioned for further growth in 2017.”
Worldwide operating income fell from $120m to $71m despite growth in the Americas and Asia-Pacific. Earnings per share also took a dive from $2.43 to $1.05.
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