Colliers CRE, one of the UK's leading commercial real estate consultancy service groups, has reported a post-tax loss of £10 mln (EUR 11 mln) in 2008 compared with a profit of £7.9 mln a year before following 'profoundly difficult markets'. In its preliminary figures issued on Tuesday, the broker said revenues dropped to £78 mln in 2008 from £117.5 mln a year earlier.
Colliers CRE, one of the UK's leading commercial real estate consultancy service groups, has reported a post-tax loss of £10 mln (EUR 11 mln) in 2008 compared with a profit of £7.9 mln a year before following 'profoundly difficult markets'. In its preliminary figures issued on Tuesday, the broker said revenues dropped to £78 mln in 2008 from £117.5 mln a year earlier.
'As late in the year as the beginning of September, we were still expecting revenues, as has traditionally been the case, to be significantly higher in the second half of the year than the first. The failure of Lehmans that month provoked a further lurch downwards in both sentiment and, as a consequence, transaction levels,' said Chairman John Ritblat. He added: 'Banks stopped lending and investors and occupiers put plans on hold. This market freeze continued into the fourth quarter and only now are we seeing the first tentative signs of a partial thaw.'
The company said that £24 mln of banking facilities were successfully renegotiated for a term expiring in March 2012, albeit at an increased cost.
