Colliers International reported a solid increase in revenue and earnings for its EMEA operations in 2016 despite a decline in its sales and brokerage unit in the wake of the UK vote to leave the EU in June.
Revenues in the EMEA region rose 11% on a local currency basis to $475 mln (€450 mln) while adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) jumped 37% to $35 mln. Earnings were boosted by a change in revenue mix towards sales and lease brokerage in the company's continental European markets and the favourable impact of recent acquisitions.
The strong full-year results for the EMEA region helped lift overall revenue and earnings for the group to a record level in 2016, despite political uncertainty and more challenging market conditions than the previous year, Jay Hennick, chairman and CEO, commented in a press release announcing the results.
'With strong results and the momentum we have created so far this year including significant acquisitions in Northern California, Nevada and Denmark, we fully expect 2017 to be another step forward in achieving our ambitious growth plans,' he said.
Expansion in Denmark
Earlier this year Colliers International announced it had acquired a controlling interest in its Danish operations for an undisclosed sum. Colliers Denmark employs approximately 100 real estate professionals in five offices across Denmark providing investment sales, lease brokerage, valuation and corporate services to local, regional, national and international clients in key markets throughout the region.
'Denmark is a strong and established market in Europe and represents an attractive growth opportunity for Colliers,' Chris McLernon, Colliers International CEO - EMEA, said at the time. 'Having a market-leading position in Denmark is another step in our strategy to grow in this region and will allow us to expand our operations throughout the Nordics, reinforcing our ability to serve clients wherever they do business.'
Colliers International reported full-year revenues rose 10% in 2016 to $1.9 bn on GAAP operating earnings almost double the previous year's figure at $146 mln. Adjusted earnings per share were up 7% at $2.44.