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ColliersCRE finish 2009 on a brighter note, but will still record a loss overall
Colliers CRE, the AIM-listed commercial real estate consultancy, in a post year end trading update for its financial year ended 31 December 2009, ahead its full year results in late March 2010 said it had a strong Q4, but will nevertheless make an operating loss of around £10 million for the year.
ColliersCRE completed an £18.4 million (net) new share capital issue to expand the Group's equity base in October 2009. This fundraising both strengthened their balance sheet and also brought in FirstService Real Estate Advisors ("FirstService REA") as a major shareholder. They have also re-financed our bank facilities and now have an £18 million revolving credit facility expiring in September 2012.
After an 18 month period of restructuring the business, they now have an appropriate cost base and a stable platform from which to exploit improving market conditions in the UK.
Internationally, approximately 70% of Colliers International businesses will be wholly, majority or partially owned by FirstService REA. They believe that this will drive Colliers International's rapid transformation from a traditional network into an efficient and cohesive global business.
Sir John Ritblat, Chairman, comments: "2009 was certainly a challenging year. However, we ended it with a strengthened balance sheet and encouraging prospects for 2010. To be part of one of the three largest commercial real estate businesses in the world, where muscle counts, is just where we want to be and as we see the signs of recovery feeding through to the top line, I am confident that the Company will now move forward strongly."
ColliersCRE completed an £18.4 million (net) new share capital issue to expand the Group's equity base in October 2009. This fundraising both strengthened their balance sheet and also brought in FirstService Real Estate Advisors ("FirstService REA") as a major shareholder. They have also re-financed our bank facilities and now have an £18 million revolving credit facility expiring in September 2012.
After an 18 month period of restructuring the business, they now have an appropriate cost base and a stable platform from which to exploit improving market conditions in the UK.
Internationally, approximately 70% of Colliers International businesses will be wholly, majority or partially owned by FirstService REA. They believe that this will drive Colliers International's rapid transformation from a traditional network into an efficient and cohesive global business.
Sir John Ritblat, Chairman, comments: "2009 was certainly a challenging year. However, we ended it with a strengthened balance sheet and encouraging prospects for 2010. To be part of one of the three largest commercial real estate businesses in the world, where muscle counts, is just where we want to be and as we see the signs of recovery feeding through to the top line, I am confident that the Company will now move forward strongly."
Thu, 21st Jan 2010