Cushman & Wakefield saw its gross revenue increase 15.6% to $582.5 mln (鈧�684 mln) in the second quarter of 2013, against $503.7 mln a year earlier.
Cushman & Wakefield saw its gross revenue increase 15.6% to $582.5 mln (鈧�684 mln) in the second quarter of 2013, against $503.7 mln a year earlier.
The privately held firm reported strong growth across its global service lines with the CIS, Capital Markets and V&A businesses all showing double-digit revenue increases in the first half (19.3%, 24.7% and 17.5% respectively).
'Business momentum in the firm鈥檚 global service lines drove solid revenue gains in the second quarter,' said Carlo Sant鈥橝lbano, C&W'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.'
C&W is majority-owned by Exor, an investment company controlled by the Agnelli family.
Adjusted net income increased $5.4 mln, or 79.4%, to $12.2 mln, compared with $6.8 mln in the year-earlier period.
Operating expenses increased $19.8 mln, or 9.6%, to $225.8 mln for the quarter ended June 30, compared with $206.0 mln for the same period in 2012, primarily due to increases in employment-related expenses.
Adjusted EBITDA came to $28.9 mln over the quarter, representing a slight decrease on the $30.1 mln in the same period in 2012.
