C&W sees profits nearly treble

Cushman & Wakefield has reported full-year revenue of $2.05 bn (€1.55 bn) in 2012, the second highest volume in its 95-year history.

The figure represents a 2.7% increase from 2011, the world’s largest privately held commercial property agent said.
The broker saw fourth-quarter 2012 gross revenue increase $65.1 mln, or 11.0%, to $657.7 mln, versus $592.6 mln for the fourth quarter of 2011.

C&W nearly trebled net profits in 2012, with net income rising to $43.2 mln for the whole of 2012, versus $14.9 mln for the prior year. In the last quarter of the year, net income surged to $60.4 mln from $20 mln in the fourth quarter of 2011.

C&W, which is majority-owned by Exor, the investment company controlled by Italy's Agnelli family, said the increase was driven by continued corporate occupier & investor services as well as valuation & advisory performance, primarily in the Americas and Asia Pacific regions.

'As confidence continues to strengthen, we expect the positive business velocity we saw at the end of 2012 to continue into 2013,' Glenn J. Rufrano, president & Chief Executive Officer said at a presentation of the results in New York.

C&W is the latest property agent to report a record result in 2012. CBRE saw its full-year profit increase 19% to $399 mln in 2012, while Jones Lang LaSalle reported record revenue of $3.9 bn last year, an increase of 12% on the year before.