Cushman & Wakefield, the privately owned international property adviser, has reported revenues of $2 bn (EUR 1.5 bn) for 2011, the second highest in the company's history. The figure was just below the record year of 2007 when revenues peaked at $2.1 bn.
Cushman & Wakefield, the privately owned international property adviser, has reported revenues of $2 bn (EUR 1.5 bn) for 2011, the second highest in the company's history. The figure was just below the record year of 2007 when revenues peaked at $2.1 bn.
For the full year, the company posted a 14% increase in net profit to $14.9 mln on an IFRS basis. EBITDA (earnings before interest, taxes, depreciation and amortisation) rose even more sharply, by 19.7% to $111.1 mln.
C&W is majority owned by Exor, the investment company of the Agnelli family.
The property adviser reported gross revenue of $2 bn for full-year 2011, an increase of $236.3 mln, or 13.4%, compared to 2010. Commission and service fee revenue, which excludes certain costs, increased $172.7 mln, or 12.3%, to $1.6 bn.
'In 2011 Cushman & Wakefield moved aggressively, with the full support of Exor, to implement its long-term strategic plan,' said Glenn Rufrano, president and CEO of Cushman & Wakefield. 'This positioned the firm well to benefit from significant improvements in market conditions in the first half of the year and to finish with improved performance and transaction volume despite a challenging fourth quarter for the sector.'
