CBRE has posted full year revenue of $10.9 billion, an increase of 20% with fee revenue jumping by 14% to $7.7 billion.
Adjusted net income rose 23% to $689.2 million, while adjusted earnings per diluted share improved 22% to $2.05.
CBRE CEO Bob Sulentic said 2015 was another year of exceptional performance for the company.
“We made many strategic gains, which have positioned CBRE to continue to create value for our clients and shareholders,” he added.
During the fourth quarter, revenue grew by double digits in all three global regions. The Americas, CBRE’s largest business segment, posted its 13th consecutive quarter of double-digit year-over-year increases as revenue climbed 22% (23% local currency). EMEA (Europe, the Middle East & Africa) and Asia Pacific saw revenue increase by 60% (69% local currency) and 37% (49% local currency), respectively.
Asia Pacific including Australia and New Zealand, posted revenue of $379.5 million. Fee revenue rose 14% (27% local currency) to $260.3 million. Normalized EBITDA increased11% (24% local currency) to $36.8million.
“While we are mindful of concerns about China’s slowing growth and the effect of lower oil prices, fundamentals in our sector remain on solid footing. We are positioned for another strong year in 2016, but are maintaining flexibility in case the economy weakens. Our outlook is based on economists’ consensus view that the global economy will maintain its modest rate of growth in 2016.” Sulentic said.
CBRE anticipates double-digit growth again in 2016, supported by continued gains in market share, and expects to achieve adjusted earnings-per-share in the range of $2.27 to $2.37 for 2016. This equates to a growth rate of 13% at the mid-point of the guidance.
Australian Property Journal
