“Colliers generated strong results for the third quarter through a combination of recent acquisitions and internal growth. Based on our performance to date, and continuing stable market conditions, we expect a solid fourth quarter and finish to the year,” said Jay S. Hennick, Chairman and CEO of Colliers International. “Since the beginning of the quarter, we doubled the size of our project management business in Australia and added another high quality tenant advisory practice in Washington, D.C., bringing the total number of acquisitions so far this year to seven. We also established company-owned operations in Japan, the third largest economy in the world,” he concluded.
- Revenues for the third quarter were $574.1 million, a 24% increase (22% in local currency) relative to the same quarter in the prior year.
- Adjusted EBITDA was $52.2 million, up 39% (34% in local currency).
- For the nine months ended September 30, 2017, revenues were $1.54 billion, a 17% increase (17% in local currency) relative to the comparable prior year period.
- Adjusted EBITDA was $141.1 million, up 25% (25% in local currency).
- EMEA region revenues totalled $129.7 million for the third quarter compared to $106.6 million in the prior year quarter, up 22% (18% on a local currency basis). Local currency revenue growth was comprised of 7% growth from recent acquisitions and 11% internal growth. Internal revenues benefitted from a rebound in Sales Brokerage activity in the UK and the rest of Western Europe, relative to unusually low activity levels in the prior year period in the aftermath of the June 2016 “Brexit” vote.
- Adjusted EBITDA more than doubled to $11.2 million, versus $4.5 million in the prior year quarter, reflecting operating leverage from higher revenues and revenue mix.
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