FirstService Corporation saw revenues increase slightly in the first quarter while net losses narrowed by 25% year-on-year.
FirstService Corporation saw revenues increase slightly in the first quarter while net losses narrowed by 25% year-on-year.
The Toronto-based parent of Colliers International reported net losses fell to $8.2 mln in the first three months from $10.8 mln a year ago while first-quarter revenue grew 2% year-on-year to $498.1 mln. Adjusted EBITDA (earnings before interest, tax, depreciation and amortisation), slipped slightly to $10.6 mln.
The company said the results for the seasonally slow first quarter were 'better than anticipated' as revenues at Colliers International, FirstService Residential and FirstService Brands were all up strongly versus the prior year. 'Colliers International had much stronger bottom line performance reflecting market share gains and continued growth through multi-market assignments, corporate services and investment and capital market activities,' company founder and CEO Jay S. Hennick said.
The commercial real estate services unit booked a 16% increase in revenues to $247.1 mln in the first quarter, thanks to strong organic growth in the Asia Pacific region, particularly in Australia. Acquisitions accounted for the bulk of the increase or 11%.
In March, FirstService announced the acquisition of Colliers Germany, adding market-leading players in Munich, Stuttgart and Berlin and oversight of important relationships with affiliates in Dusseldorf and Frankfurt. The acquisition further strengthens Colliers’ real estate services platform in Europe and complements the acquisition of Colliers UK last year, the company said.
