Jones Lang Lasalle (JLL) has reported their earnings per share fell 5.7% for second quarter compared to last year.
Within the European segment of the business, revenue for the quarter was up 19% from last year to $481.3m (£360.63m). Growth in the region was led by France, MENA and Poland with organic and acquisition-related success offsetting a decrease in leasing and capital markets activity in the UK.
Operating EMEA income for the quarter was $20m, down from $32m in 2015 while adjusted EBITDA also fell 26.2% to $28m with JLL suggesting Brexit-related uncertainty was key to the decline.
Colin Dyer, chief executive of JLL said: “We produced a strong second quarter, in line with our strategic focus on long-term growth. The results show the strength of our diversified global business, despite political and security uncertainties in Europe. We remain confident about our prospects for the second half of the year.”
In June, in advance of the Brexit vote, JLL increased and extended bank credit facility to $2.75bn from $2bn and the maturity extended to June 2021 with improved pricing.
In the business as a whole, despite revenue being up overall 17% to $1.6bn (£1.2bn) and fee revenue up 14% to $1.3bn (£1bn), overall profit fell to $87.9m (£66m), or $1.93 (£1.45) a share. This was down from $93.2m, or $2.05 a share, in last year’s second quarter.