Colliers' revenues surge 18% in Q2

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) amounted to $52.8 mln, up 18% on the same period a year earlier.

Adjusted Earnings per share rose 9% to $0.63 at end June 2016, impacted by a higher income tax rate, the Toronto-based group said.

'Colliers delivered excellent results in the second quarter despite key operating currencies declining against the US dollar and negatively impacting our results on a reported basis. Strong internal growth continued in most major markets, especially in the Americas region,' said Jay S. Hennick, Chairman and CEO of Colliers International. 'Since the beginning of the second quarter, and shortly after, we have expanded operations in Florida, Michigan and New York and added to our project and development management services business in the Northeast US.'

In Europe, Colliers reported an 11% increase in revenues in the second quarter to $117.2 mln. Colliers said that the rise was due both to recent acquisitions as well as to internal growth driven by strong outsourcing & advisory services activity, particularly project management.

Adjusted EBITDA was $17.1 mln, versus $17.8 mln in the prior year quarter, and was primarily impacted by revenue mix, with project management assignments generating lower margins in the quarter compared to other services.