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April 16, 2010
Colliers Report Huge Losses, but Remain Optimistic
Colliers CRE quadrupled its pre-tax losses to £40 million in the year to December 2009. This was attributed partly to a 26% fall in revenue last year to £57.9 million and also because of a £24.1 million write down in goodwill on its UK business. Colliers chairman Sir John Ritblat said “with our significantly reduced cost base, the group will benefit financially from an upturn in activity”.
However, whilst the economy has shown signs of stabilising, many of the problems that existed a year ago still remain, most notably low stock levels and difficulty in obtaining debt. With an election hanging over the country, the prospect of a hung parliament and uncertainty over how the next government will tackle the UK’s enormous debt pile, it seems that whilst things are easing, the year ahead will be challenging.