Strong Revenue Growth
Colliers International reported second quarter revenues of $1.3 billion, up 17% year-over-year, driven by strong performance in the Engineering segment and supported by acquisitions.
Engineering Segment Success
The Engineering segment's net revenue jumped 70%, with 8% internal growth, and net margin increased to 13.7% from the previous year.
Investment Management Growth
Assets under management increased to $103.3 billion, up 7% from a year ago. Fundraising improved with $2.7 billion raised year-to-date, and the launch of Harrison Street Fund X contributed to this success.
Successful Acquisitions
Colliers completed the acquisition of RoundShield Partners, enhancing capabilities in credit, student housing, and hospitality. Additionally, four tuck-under acquisitions in Engineering and two in Real Estate Services were completed.
Improved Financial Performance
Adjusted EBITDA increased 15% year-over-year to $180 million, and free cash flow remained strong, converting 98% of adjusted net earnings.