AIM-listed property services firm Colliers International made an £8.4m pretax loss in 2010, an improvement on 2009 when it made a £15.5m loss.
The company, which brought in Tony Horrell as chief executive last year, said that revenue increased by 14% to £66m. The loss was split between £5.1m in the first half of the year and £3.3m in the second half.
It also said that reported earnings before interest, tax, depreciation and amortisation were positive for the first time since the second half of 2007.
Horrell has completed a strategic review which will see Colliers’ Spanish and Irish businesses retained, and an increased focus on the London investment market and institutional clients.
Colliers chairman Sir John Ritblat said: “In the past year, the group has gone through a period of significant change with the arrival of Tony Horrell as chief executive and the completion of the re-branding to Colliers International.
“Looking ahead I am confident that we are in a good position to reap the benefit of re-activated markets as the key denominator for us is not so much the level of property values, but the liquidity and volume of transactions in a market where buyers and sellers, and landlords and tenants, can do business.”
Horrell said: “Overall, Colliers International UK has built a number of high quality core businesses but requires more strength and depth in the crucial, high margin, transactional markets, in particular in Central London, one of the largest real estate markets in the world. We currently provide relatively little advice in this market to certain key client sectors, notably institutional investors, REITS and overseas owners. Selective senior recruitment into these areas is a high priority although we do not envisage that this investment will materially impact the group’s operating cost base in the short term.
“There is much to do and the opportunity to take market share and grow our company is great. The market place will see and hear more of Colliers International going forward.”