Shares in Colliers CRE rose 5% to 216p this morning after it said it expected to exceed its target for pre-tax profits in the year to 31 December.
In a bullish trading statement issued this morning, the property services firm led by David Izett said that both turnover and pre-tax profits would be marginally ahead of market estimates following a robust year of business.
‘On the back of this strong performance in 2006 and relatively stable economic and markety outlook, the board believes that Colliers CRE is well positioned for further growth in 2007.’ the company said.
Colliers turned a profit despite a significant period of investment in the business over the last 12 months, during which it took over industrial and logistics specialist Jansons and Yorkshire-based leisure agency Paul & Company, which provides surveying, valuation and estate agency services to the caravan, chalet and leisure industries. The deals are though to total around £3.9m and have been financed using cash from a £15m rights issue conducted in November.
Funds under management at Colliers Capital topped £500m in 2006 following the launch of the Wessex Fund and the Merchant Properties Unit Trust. The funds invest in commercial properties in the south-west of England and trade counter property respectively.