With strong business momentum and positive trend in commercial real estate segment, world’s largest private commercial real estate services firm Cushman & Wakefield, on Thursday, reported gross revenue increased 15.6 per cent to $582.5 million for second-quarter ended June 30, 2013, as compared with $503.7 million a year ago.
Adjusted income attributable to owners of the parent for the current quarter, which excludes the impact of certain acquisition and non-recurring reorganisation-related charges, increased 79.4 per cent to $12.2 million, as compared with the prior year quarter of $6.8 million.
“Business momentum in the firm’s global service lines drove solid revenue gains in the second quarter,” said Carlo Sant’Albano, Cushman & Wakefield’s executive chairman.
“Our strong pipeline of transaction and assignment activity is a reflection of a more confident business environment and, subject to continuation of these positive trends, we expect to complete the year with continued growth. The focus and drive of our people to deliver the best quality results for our clients contributes tremendously to our success”, he said.
In the first half of 2013, the firm made significant progress in executing its long-term strategic plan by enhancing recurring revenue streams and delivering a consistent service mix across geographies. The firm drove growth across its global service lines as the first half progressed, as evidenced by the double-digit revenue increases in the CIS, capital markets and V&A businesses.
Recurring revenue performance was led by the CIS year-to-date revenue growth of 17.4 per cent year-over-year following a number of notable wins from well-known global companies and iconic brands, including its appointment to provide facilities management services for a 1.2 million square foot portfolio in China and winning the property management of a 17 million square foot portfolio in India. Other successes include a mandate to provide multiple services for a 12.5 million square foot global portfolio for Capital One.
Cushman & Wakefield, majority-owned by EXOR SpA., the investment company controlled by the Agnelli family, was also named site-wide property manager for the new World Trade Center site in Lower Manhattan and extended a major contract with a key UK client, Everything Everywhere. Additionally, CIS’s acquisition of the Singapore-based project management company, Project Solution Group on July 1st, positions C&W as a market leader in project management services in the Asia Pacific region.