Revenue at Cushman & Wakefield fell by 5% in the three months ended 30 June to $2.3bn (£1.8bn).
The decline was driven by a 15% drop in capital markets, with revenue falling from $191.9m in Q2 2023 to £163.2m Q2 2024. Revenue in Cushman’s valuation business fell by 4% to $105.7m, and by 3% to $864.5m in services.
Only leasing recorded an increase in revenue, up by 2% from $441.8m to $450.3m, with trading driven by the Americas and APAC.
Operating profit was down by 5% to $138.9m.
For the half year, revenue is tracking 4% behind 2023 at just less than $4.5bn, with capital markets dragging the figure down. Capital markets revenue in the six months ended 30 June totalled just less than $305m, down by 9% on 2023.
Despite the decline in revenue, chief executive Michelle MacKay described the results as “solid”.
“We are confident in our position and energised about the increase in market optimism,” she said. “We continue to pursue our growth strategy from a place of strength and stability in our core business, combined with our fortified balance sheet.”
Cushman had liquidity of $1.7bn at the end of Q2 and net debt of $2.5bn.
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