By Sarah Trefethen
Glenn Rufrano’s tenure as CEO has been good for Cushman & Wakefield, according to the company’s financial statement from the fourth quarter of 2012.
The company reported a revenue of $2.05 billion last year, the second highest revenue in its 95-years.
Operating income more than doubled, from $33.6 million in the fourth quarter 2011 to $72.8 million in Q4 2012.
Earnings before interest, taxes, depreciation and amortization grew by more than 75 percent.
The company attributes the strong showing to targeted investments and strategic hires as part of its long-term strategic plan.
“Despite global economic uncertainty over the past several years, Cushman & Wakefield’s EBITDA increased 17 percent annually from the $93 million EBITDA in 2010, to our current $128 million in 2012, while maintaining a strong balance sheet with a healthy 0.8 net debt to EBITDA ratio,”Rufrano said in a statement.
“As confidence continues to strengthen, we expect the positive business velocity we saw at the end of 2012 to continue into 2013.”
In full-year results, for the year ended December 31, 2012, C&W reported an increase in gross revenue of 4.7 percent, excluding the impact of foreign exchange, to $2,050.1 million from $1,995.7 million for the prior year.
According to the company’s news release, the increase was driven by continued CIS and V&A performance, primarily in the Americas and Asia Pacific regions.
It cited modest growth in leasing and essentially flat revenues in capital markets, with the leasing and capital markets year-over-year performance being largely attributable to a strong finish in the fourth quarter of 2012, despite the negative impact from foreign exchange and slow transactional activity due to the continued global economic uncertainty that existed throughout 2012.