13.01.2011Colliers International UK (AIM: COL), one of the leading commercial real estate consultancy groups in the UK, provides a trading update for the financial year ended 31 December 2010. When we reported our interim results for the six months to 30 June 2010 four months ago, we advised that we anticipated increasing revenues would be translated into much improved results in the second half of the year. This has been the case with Group second half revenues of nearly £36m, some 16% higher than in the second half of 2009. Full year Group revenues of £66m represent a 14% increase over 2009. Our UK business produced 2010 revenues of £62.5m, an increase of £8.5m (16%) over 2009. These revenues will result in positive Group EBITDA (earnings before interest, tax, depreciation and amortisation) before exceptional items in the second half. Group second half results, however, will not be sufficient to produce a positive normalised EBITDA for the full year. Primarily as a result of transactional fees in the UK being deferred into 2011 and a disappointing performance from our subsidiary in Spain, we expect to report a full year normalised EBITDA loss of around £1.5m. The strongest performance in the second half came within our core UK business and we are pleased to report that our Ireland subsidiary, which suffered significant losses in 2008 and 2009, produced positive EBITDA in full year 2010. We have started the New Year well with one material transaction, which had been due to conclude in late December, now expected to complete within the next few days and we have a strong pipeline for the first half and beyond. Tony Horrell, our newly appointed Chief Executive Officer, anticipates completing his initial review of the Group during the next few weeks. We will announce the outcome of this review and any significant resultant initiatives in mid-February. The preliminary announcement of the Group’s results for the year ended 31 December 2010 will follow in March.