Colliers CRE plc (AIM: COL), one of the UK's top ten commercial real estate consultancy service groups announces its final results for the year to 31 December 2008.
Financial highlights
- Revenue of £78.0 million (2007: £117.5 million)
- Operating loss of £4.9 million before exceptional net operating expenses of £5.1 million and impairment of investment in associates of £0.8 million
- Post tax loss for the year of £10.0 million (2007: profit of £7.9 million) producing a loss per share of 22.12 pence (2007: diluted earnings of 15.34 pence)
- Banking facilities successfully renegotiated – £24 million three year facility
Operational highlights
- Cost base reduced by an annualised £18 million
- Transaction levels beginning to show signs of improvement from March 2009
- Some signs of investor confidence improving, in particular for Central London offices
- Acquisition and rapid integration of Godfrey Vaughan provides scale and credibility in the Central London office market
Our business
The Colliers CRE Group provides a broad range of real estate consultancy services including agency, valuation, property management, building consultancy and general consultancy to both UK and international clients. These services are delivered through specialist sector or service line teams which work closely together to provide an integrated service.
The Group comprises:
Colliers CRE (general practice surveying including Colliers Robert Barry, the hotels specialist, and West End office specialist Colliers Godfrey Vaughan)
- Colliers Capital (fund management)
- Locum Consulting (destination consulting)
- Deanwater Estates (property co-investment)
The Group also owns majority shareholdings in property consultancy businesses in Ireland and Spain.
The Group is one of the UK's top ten real estate advisory organisations, employing over
750 people.
The Group is a member of Colliers International, a worldwide affiliation of independently owned real estate service businesses, comprising 294 offices in 61 countries.
Colliers CRE plc is quoted on the Alternative Investment Market of the London Stock Exchange under the code COL.
Contact
Mark Sample Group Finance Director +44 20 7487 1980
For more information contact our press office:
Natasha Sunderland Head of PR +44 20 7344 6641
Jacqueline Whitaker Associate Director +44 20 7344 6706