JLL posts 13% fee revenue growth in Q1

Global property adviser JLL has reported fee revenue totalled $878 mln (€633 mln) in the first three months of 2014, up 13% from the first quarter last year.

Total revenue, before costs, came to $1 bn mln, up from $856 mln in the first three months of 2013. JLL said that broad-based revenue growth was led by Leasing and Property & Facility Management.

JLL posted US GAAP net income of $16 mln compared with $13 mln in the first quarter of 2013.

For Europe, the Middle East and Africa (EMEA), fee revenue for Q1 2014 was $234 mln, an increase of 6% from 2013, driven by fee revenue increases of 24% in Property & Facility Management and 13% in Project & Development Services.

EMEA Leasing revenue also increased 6% in the quarter. Capital Markets & Hotels revenue of $54 mln compared against a 2013 result that was up 50% against the prior year and included significant contributions from Russia.

Fee-based operating expenses, excluding restructuring and acquisition charges, were $239 mln for the quarter, up 8% from last year.

Adjusted operating income, which excludes King Sturge amortization, came to a loss of $4 mln for the quarter, compared with a $1 mln loss in 2013. Adjusted EBITDA was $1 mln for the quarter, compared with $3 mln last year.

CEO Colin Dyer: 'The broad strength of our business globally and improved client confidence in market conditions point to another year of healthy growth for the firm.'