Rise in Revenues of Colliers International
Colliers International Group has reported strong results for Q1 2017 with revenues up 12% year-on-year to $422.8m despite a drop in revenues in the EMEA region incorporating the UK, France and Germany.
The results for the quarter up to March showed adjusted EBITDA up 32% at $29.3m, and adjusted EPS up 74% increase versus Q1 2016 across the business. However, EMEA region revenues totalled $89m for the first quarter compared to $98.9m last year, down 4% on a local currency basis. It comprised of an 11% decline in internal revenues offset by 7% growth from recent acquisitions.
Increased lease brokerage activity, primarily in the UK, offset foreign exchange headwinds with respect to the pound, according to the report. Adjusted EBITDA was $3.6m in EMEA, versus a loss of $0.6m in Q1 2016.
The Americas and Asia Pacific segments of the business saw revenue growth of 21% and 12% respectively.
Jay S Hennick, chairman and CEO of Colliers International, said: “Colliers delivered strong results to start the year, with solid revenue growth from acquisitions and internally from our existing operations. Our revenue pipelines indicate sustained activity across all service lines, with generally stable conditions in most major markets.