04-11-2016 - Commenting on performance, Jay S. Hennick, Chairman en Chief Executive Officer of Colliers International Group Inc (NASDAQ: CIGI) (TSX: CIG), said:"Colliers delivered solid results in the third quarter despite challenging market conditions in the UK and Europe, highlighting the strength of our geographic and service line diversification."
"We completed three acquisitions during the quarter, two in the Americas and one in EMEA and just after the quarter ended, we added a fourth in the UK. We also appointed a new member to our board of directors, adding Canada’s former Prime Minister Stephen Harper who brings a wealth of experience as a former G7 leader. Most importantly, our strategy remains focused on building Colliers over the long term - investing prudently and strategically, and leveraging our strong balance sheet to capture opportunities as they present themselves. Assuming stable market conditions and with our strong pipelines currently in place, we expect to exceed the results reported in the fourth quarter of 2015.”
- Revenues for the third quarter were $462.1 million, a 10% increase (11% in local currency) relative to the same period in 2015.
- Adjusted EBITDA was $112.6 million, up 10% (13% in local currency).
- MEA region revenues totalled $106.6 million for the third quarter compared to $107.6 million in the prior year quarter, down 1% (up 4% on a local currency basis).
- Internal revenues were impacted by a decline in Sales Brokerage, reflecting both the strong comparative quarter in 2015 and the effect of the June 2016 “Brexit" referendum, largely offset by a 15% increase in Outsourcing & Advisory services revenues.
- Adjusted EBITDA was $4.5 million, versus $13.2 million in the prior year quarter, and was impacted primarily by the above-noted change in revenue mix.