TIDMCOL

RNS Number : 9938K

Colliers International UK PLC

25 July 2011

25 July 2011

COLLIERS INTERNATIONAL UK PLC

("Colliers International UK", "the Company" or "the Group")

TRADING UPDATE

Colliers International UK (AIM: COL), one of the leading commercial real estate consultancy groups in the UK, provides a trading update for the half year ended 30 June 2011, ahead of the announcement of its interim results in late September 2011.

Trading review

The Company is pleased to report that Group revenues in the six months ended 30 June 2011 were a little over GBP31m representing 2.5% growth over the equivalent period in 2010. General operating costs continue to be well controlled although some additional costs have been intentionally incurred as a result of a planned recruitment programme. As a consequence of this, the Group will report an operating loss for the half year.

In June 2011, the Company disposed of its 24% shareholding in associated company Paladin Group Limited for an initial GBP0.7m with a potential further payment of up to GBP0.3m dependent upon the trading performance of Paladin in its year ending 31 March 2012. The book profit realised on this disposal will offset other reorganisation costs in the period.

Looking forward to the second half of the year, market conditions remain challenging but the Group does expect to see revenues continuing to grow year on year. The Board currently believes that this steady growth will produce a small positive EBITDA for the year ending 31 December 2011. Notwithstanding this, the Group expects to report a pre-tax loss for the full year, albeit at a much lower level that that reported in 2010. Further guidance regarding the anticipated outturn for the year will be given in the interim results announcement in late September.

Board Change

After 4 years as Non-Executive Director and Chairman of the Audit Committee, Christopher Newell advised that he would like to resign his position and the Board has today accepted this with regret. We are very grateful for his services and extend to him our thanks and best wishes for the future.

We are pleased to announce that Colin Wagman has today agreed to re-join the board as Non-Executive Director. Colin is a Chartered Accountant and is Deputy Chairman and Finance Director of Delancey, a specialist real estate investment and advisory group. He previously served as a Non-Executive Director of the Company between August 2001 and October 2009.

Sir John Ritblat, Chairman of the Company, said:

"It is pleasing that our revenues continue to grow. Although some additional costs have been intentionally incurred as a consequence of our recruitment programme, and market conditions remain challenging, we expect that the return to profitability will not be long deferred".

- ends -

For further information, please visit www.colliers.com/uk or contact:

 
 Colliers International UK plc   Tavistock Communications 
 020 7344 6706                   020 7920 3150 
 Sally Hooker                    Simon Hudson 
 
 Panmure Gordon 
 020 7459 3600 
 Tim Linacre / Rakesh Sharma 
 

Notes:

In accordance with Schedule 2 paragraph (g) of the AIM Rules for Companies, the following additional information is disclosed in respect of Colin Wagman who was born on 14 May 1946:

1. Current directorships

Creditincome Limited

Lineobtain Limited

Hostlight Limited

Qbar Limited

BL (SP) Properties PLC

Wagman Associates

Bushcharm Limited

Cavernlodge Limited

Cherrybase Properties Limited

Ringwood Investments Limited

Freehold Portfolios GR Limited

Brencorp Limited

Miltenglade Limited

L.E.F. Limited

Wallace Estates Limited

Simarc Property Management Limited

Bottoms Up

Delancey Real Estate Asset Management Limited

Delancey Real Estate Asset Management Group Limited

Metro Shopping Fund Management Limited

Delancey Real Estate Partners Limited

DV3 Administration UK 1 Limited

DV3 Administration UK 2 Limited

LX-JFK Limited

Living Plus Limited

Milton Homes Limited

Merchant Inns Group Limited in liquidation *

Merchant Inns Limited in liquidation *

Living Plus Assets Limited

Creditincome Investments Limited

Unovilla Limited

Delancey Limited

The Alpha Standard Trust

Mark Wagman Consulting Limited

Mark Wagman Management Limited

Farmcote Wood House Farms and Estates Limited

Mapquest Limited

DV4 Brooklands Hotel Limited

DV4 Developments Brooklands UK Limited

Creditincome Estates UK (No. 2) Limited

Creditincome Estates UK Limited

Newincco 1076 Limited

Jupiter Properties 2011 UK Limited

Delancey Real Estate Partners Limited

DV4 Brooklands Hotel Limited

DV4 Properties Brooklands Co. Limited

Freehold Portfolios Andover Limited

Metro Shopping Fund GP Limited

The Grand Hotel Limited

Touchdown Co. Limited

* With regard to these two companies, Mr Wagman was Non-Executive Chairman when a receiver was appointed on 12 October 2009. A liquidator was subsequently appointed earlier this year.

2. Past directorships within the last 5 years

Colliers International UK plc

Wagman Adair LLP

Get Group PLC

KKL Charity Accounts

Landasset Limited

Delancey Management Limited

Freehold Portfolios Aylesbury Limited

TG 1 Limited

Spare Key Limited

Markerfive Limited

Delancey Dixon Limited

Five Oaks U.K. Limited

Newincco 697 Limited

Newincco 698 Limited

Frostcare Limited

GAM Sterling Special Bond Fund

Harbour International Trust Company (Bermuda) Limited

3. Mr Wagman does not hold any shares in the Company.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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