JLL posts 31% profit leap

In its latest annual results, announced on the New York Stock Exchange this afternoon, JLL showed adjusted earnings per share of $8.69, up from $6.32 in the prior year. 

“We completed an excellent fourth quarter and full-year 2014, with strong revenue growth across all service lines and geographies, record profit, and record levels of new capital raised by LaSalle,” said Colin Dyer, president and chief executive of JLL. 

“In 2015, we will continue our consistent policy of investing in our platform to continuously improve the quality and scope of our services, and build the long-term value of our company,” Dyer added.

In the US fee revenue for the year was $2.1bn, an increase of 18% from 2013. The growth was spread across the business, with leasing up 19%, capital markets & hotels up 22%, property & facility management up 13%, and project and development services up 20%, compared with last year. 

Operating income in the US was $219m for the year, compared with $184m in 2013. Adjusted EBITDA was $275m for the year, compared with $229m last year. 

In the EMEA regions JLL showed fee revenue of $1.3bn, an increase of 17% from 2013. Growth was driven by capital markets & hotels, up 2%, and property & facility management, up 2%, compared with last year. Growth in the region for the year was broad-based, led by the UK, Germany, France, Spain, MENA, Ireland and Belgium. 

Adjusted operating income, which excludes King Sturge amortization, was $123m for the year, compared with $92m in 2013. Adjusted operating income was $85m for the fourth quarter, compared with $60 million in 2013.

Adjusted EBITDA was $145m for the year across EMEA, compared with $110m last year. Adjusted EBITDA margin calculated on a fee revenue basis was 11.0 percent for the year, compared with 9.8 percent in 2013. 

In the Asia Pacific region, JLL achieved $909m in revenue, with an EBITDA of $98m for the year, compared with $90m last year.

During the last year LaSalle Investment Management (LIM) raised almost $9bn of equity commitment in another 12-months for the business. Advisory fees at LIM were $236m for the year, up 5% from last year.

During the year Standard & Poor’s raised JLL’s investment grade credit rating to BBB​.