CBRE sees double-digit profit and revenue growth

CB Richard Ellis Group, the world's leading real estate services company, said fourth-quarter adjusted profit rose 34% to $115.4 mln (EUR 84.9 mln) on revenue 27% higher at $1.65 bn. The better-than-expected performance lifted full-year profit, excluding selected charges, by 118% to $239.8 mln. Revenue increased 23% over the year to $5.1 bn from $4.2 bn in 2009.

CEO Brett White said the results represented the company's second-most profitable year ever following 'sizable increases in activity across virtually all business lines in the final quarter. We believe the market remains in the early stages of recovery, and we enter 2011 with excellent momentum in most business lines globally.'

The EMEA region accounted for $307.3 mln of the revenue generated in Q4, a rise of 7% year-on-year. The increase was driven by growth in Germany, Ireland, Spain and the UK, the company said. EBITDA (earnings before interest, tax and depreciation) slipped to $47.6 mln from $49 mln in the year-earlier period. The company attributed the decline to currency effects and higher costs associated with investments, particularly in the UK.

Earlier last week, rival Jones Lang LaSalle (JLL) reported revenue rose by 18% in 2010 to a record $2.9 bn (EUR 2 bn), likewise bolstered by a strong fourth-quarter result. Net income came to $154 mln for the year, compared to a net loss of $4 mln a year earlier.