Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) has 13% more revenue in the second quarter of 2017 than in the same period last year.
Commenting on the results Jay S. Hennick, Chairman and CEO of Colliers International said: “Colliers generated strong results in the second quarter, with a combination of growth from recent acquisitions and internal growth. Based on results to date and current business pipelines, we remain optimistic about our prospects for the balance of the year.
Global topline figures
• Revenues for the first quarter were $544.2 million, a 13% increase (15% in local currency) relative to the same quarter in the prior year.
• Adjusted EBITDA (note 1) was $59.6 million, up 13% (16% in local currency).
• For the six months ended June 30, 2017, revenues were $967.1 million, a 13% increase (14% in local currency) relative to the comparable prior year period.
• Adjusted EBITDA was $88.9 million, up 19% (21% in local currency).
EMEA topline figures:
• Revenues totalled $118.8 million for the second quarter compared to $117.2 million in the prior year quarter, up 1% (6% on a local currency basis). Local currency revenue growth was comprised of 6% growth from recent acquisitions and flat internal revenues.
• Adjusted EBITDA was $17.3 million, versus $17.1 million in the prior year quarter.
• Internal revenues were impacted by a decline in Outsourcing & Advisory activity, particularly in France with several large project management assignments in the prior year quarter involving the supply and installation of materials at lower margins than other revenue types.
• Foreign exchange headwinds with respect to the UK pound sterling negatively affected results on a US dollar reporting currency basis.