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
TSTUVRURASABUAR
Grafico Azioni Colliers Intl (LSE:COL)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Colliers Intl (LSE:COL)
Storico
Da Giu 2023 a Giu 2024
