Thursday July 31, 08:46 AM
Colliers CRE slips to H1 pretax loss; CFO David Doyle resigns UPDATE
(Adds detail on outlook)
LONDON (Thomson Financial) - Colliers CRE Plc (LSE: COL.L - news) . slipped to a first-half pretax
loss on lower revenue, and said it has deferred a decision about a dividend until the end of the year when its earnings are known and the outlook for 2009 will be clearer.
The company said chief financial officer David Doyle has resigned and announced the appointment with immediate effect of Mark Sample as group finance director.
The commercial real estate consultancy service group posted a pretax loss of 4.487 million pounds for the six months to end-June compared with a profit of 3.010 million pounds in the year-ago period. Total revenue dipped to 40.037 million pounds from 49.630 million pounds a year ago.
Going further, Colliers CRE expects the markets to remain under pressure and prices to remain soft in 2008 before it sees signs of a slow recovery beginning during 2009.
Looking ahead, Colliers CRE said its agency business in the investment market remains subdued and similarly occupational demand is slowing but the company's well diversified spread of specialist businesses provides some 'bright' spots.
Colliers CRE said its healthcare business, its Colliers Robert Barry hotels business and Locum, the international destination consulting business, are producing strong performances.
Professional, building consultancy, and, management services are also doing well, the company said in a statement.
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