Cushman & Wakefield has reported a loss of more than $193m (£161m) for the first nine months of 2020 as its brokerage activity plummeted due to Covid-19.
The agent said its leasing and capital markets revenue fell by $446m (33%) to $887m and $214.5m (32%) to $450m respectively causing a 9% decline in total revenue to $5.6bn compared to 2019.
The steep losses were partially offset by C&W’s $106m increase in revenue from its property, facilities and project management business to $2.17bn.
C&W also incurred writedowns of $45m, of which $42.1m was attributed to redundancy payment packages.
At the end of September, the firm said it had $916.8m of cash and a $1bn undrawn revolving credit facility. Its net debt stood at $2.3bn.
Brett White, executive chairman and chief executive of C&W, said: “I am pleased with the performance of our team as we continue to deliver critical client service in these uncertain and challenging times.
“Our diversified portfolio, specifically our PM/FM service lines, together with our tight cost management, helped to mitigate the impact of the lower demand for transactional services across our industry in the third quarter.
“Going forward, we are well positioned to navigate any number of recovery scenarios given our strong financial position and continuing focus on cost management, innovation and operational excellence.”
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