Cushman & Wakefield's gross revenues increased by 23.7% to $1.3 bn (almost €1 bn) in the first six months of 2014 compared to €1 bn in the year earlier period, as commission and service fee revenue rose strongly across the globe.
Cushman & Wakefield's gross revenues increased by 23.7% to $1.3 bn (almost €1 bn) in the first six months of 2014 compared to €1 bn in the year earlier period, as commission and service fee revenue rose strongly across the globe.
The property adviser said adjusted earnings before interest, taxes, depreciation, and amortization increased 159% to $38 mln. The adjusted income attributable to owners of the parent company improved $14.1 mln to $2.3 mln, compared with a loss for the prior-year period of $11.8 mln.
Commission and service fee revenue increased $174 mln, or 24.2% to a record $895.2 mln, compared with $721 mln for the year-earlier period. Commission and service fee revenue, which increased by more than 20% across all regions, was led by growth in Corporate Occupier & Investor Services (CIS), which was driven by recurring revenue from significant contract awards that increased property under management to more than 111 milion m2, as well as strong transaction revenues from both Capital Markets and Leasing.
Edward Forst, Cushman & Wakefield’s president & CEO, said: 'Demand from global investors and occupiers continued to drive real estate markets during the first half of 2014. Cushman & Wakefield delivered strong results during the period as revenue reached a record high and adjusted EBITDA more than doubled year-over-year.'
Cushman & Wakefield is majority-owned by Exor, the investment company controlled by the Italian Agnelli family.