No second half recovery seen for Colliers CRE
Struggling property consultant Colliers CRE was on the slide again Monday morning after saying it no longer expects a recovery in investment activity in the second half of 2008..
The company said it now expects investment activity in the UK to remain at its current depressed level throughout 2008. The company had previously indicated in March that it expected the first half of this year to remain tough before recovering in the second half.
The forecast came after the company revealed a decline in first quarter revenue to £15.9m from £16.3m a year earlier.
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The company said demand for its professional services remains high but revenues have been affected by the very low levels of activity in the investment market and the effects of the economic slowdown on occupiers.
"These two factors are likely to have the effect of reducing expected fee revenues for the year and, as in previous years, our full year results will be weighted towards the second half," Colliers added.
