6m Results + £20m share placing6 Oct 2009 15:09
Commercial real estate consultancy firm Colliers said half year losses widened while revenue fell 32% amid 'market conditions among the most difficult faced by the industry.'
Loss before tax swelled to £11.84m for the six months to 30 June 2009 from a loss of £4.49m the year before. Revenues fell to £27.07m from £40.04m.
Commenting on trading conditions chairman John Ritblat noted after a difficult first quarter, "There was some stabilisation in the second quarter and activity levels began to pick up noticeably in the third quarter."
Chief Executive David Izett added, "In the shorter term, for the remainder of 2009, we expect performance to be significantly better than the first half as we benefit from the re-organisation of the group and the first signs of more active markets."
In a separate announcement Colliers said it is planning a share placing to raise £20m and amended 3-year bank facility of £18m, reducing net debt to around £7m.
Colliers are not recommending a dividend payment