CBRE to build on revenue growth
Property consultancy CBRE, which has an office in Birmingham, has announced a 9 per cent increase in European revenue in final quarter of 2011 to $334.6m (£211.7m).
CBRE said its EMEA revenue (primarily European based) was up from $307.3m (£194.4m) for the fourth quarter of 2010. The increase was driven by growth in northern continental Europe and the UK, read a statement from the company.
Despite the challenging economic conditions, the Birmingham office increased its overall market share in 2011, according to Martin Guest, managing director of CBRE's office in the city.
"Our office team won two trophy instructions, Two Snowhill and the Mailbox, whilst our industrial team is acting on most of the region's key schemes and in 2011 advised on the largest ever letting of a speculatively built shed to Amazon, at Gazeley's G-Park," he said.
"Going forward, our capital markets team will work to build on a solid 2011 and, following our hire of Ed Gamble, we hope to announce further senior hires in 2012."
In its final year results, Los Angeles, US-headquartered CBRE reported net income of $334.5m – a 39 per cent increase on the previous year. Earnings before interest, taxes, depreciation and amortization (EBITDA) totalled $802.6m in 2001, an increase of 18 per cent from $681.3m in 2010.
Results in CBRE's fourth quarter were also an improvement on its 2010 performance. Revenue hit $1.8bn, an increase of 7 per cent from $1.7bn in the comparable 2010 period.
The company signed 33 total outsourcing contracts in the fourth quarter, increasing the number of contracts for the year to 173 – which CBRE said was a new single-year record.
