Agent JLL reported record second-quarter revenue but saw its profit drop due to a slowdown in transactional business, particularly in the UK.
Consolidated revenue rose 17% to $1.6 bn in the second quarter of 2016, compared to $1.4 bn in the same period a year earlier, the Chicago-based real estate services group said.
Strong real estate services revenue growth was led by Property & Facility Management, up $37 mln or 17%, Project & Development Services, up $34 mln or 30%, and Leasing, up $35 mln or 10%. Capital Markets & Hotels revenue growth was flat year-on-year.
Earnings per share for the quarter came in at $1.73, compared with $1.98 per share last year.
'We produced a strong second quarter, in line with our strategic focus on long-term growth,' said CEO Colin Dyer. 'The results show the strength of our diversified global business, despite political and security uncertainties in Europe. We remain confident about our prospects for the second half of the year.'
In EMEA, revenue for the quarter amounted to $481 mln, an increase of 19% from last year, with growth in the region led by France, MENA and Poland.
Adjusted EBITDA was $28 mln for the quarter compared with $38 mln in 2015, due to a decrease in UK capital markets and leasing volumes associated with political uncertainty related to Brexit.
The group's investment management saw assets under management reach a record high of $59 bn over the period with segment revenue for the quarter up 27% to $136 mln.
Capital raised came to $2.1 bn for the quarter.
