Jones Lang Lasalle (JLL) has reported their earnings per share
fell 5.7% for second quarter compared to last year.
Within the European segment of the business, revenue for the
quarter was up 19% from last year to $481.3m (£360.63m). Growth in the region was led by France, MENA and Poland with organic and acquisition-related
success offsetting a decrease in leasing and capital markets activity in the
UK.
Operating EMEA income for the quarter was $20m, down from $32m in
2015 while adjusted EBITDA also fell 26.2% to $28m with JLL suggesting
Brexit-related uncertainty was key to the decline.
Colin Dyer, chief executive of JLL said: “We produced a strong
second quarter, in line with our strategic focus on long-term growth. The
results show the strength of our diversified global business, despite political
and security uncertainties in Europe. We remain confident about our prospects for
the second half of the year.”
In June, in advance of the Brexit vote, JLL increased and extended
bank credit facility to $2.75bn from $2bn and the maturity extended to June
2021 with improved pricing.
In the business as a whole, despite revenue being up overall 17%
to $1.6bn (£1.2bn) and fee revenue up 14% to $1.3bn (£1bn), overall profit fell
to $87.9m (£66m), or $1.93 (£1.45) a share. This was down from $93.2m, or $2.05
a share, in last year’s second quarter.