25 May 2012

Spanish pain for Colliers

13/01/2011 Ben Jaglom

Property consultant Colliers International has unveiled a profit warning in which it observes problems with its Spanish division will lead to a loss of £1.5m.

The AIM-quoted company declared that a ‘disappointing performance’ from its subsidiary in Spain will contribute to a full-year EBITDA (earnings before interest, tax, depreciation and amortisation) loss of £1.5 million for the year-end.

For the group’s sales as a whole it noted it would be generating £66 million, a 14 per cent increase on the previous year, with its UK division bringing in £62.5 million, £8.5 million more than in 2009.

Colliers added that this year has already seen ‘one material transaction’ and that it has a ‘strong pipeline’ to look forward to both this year and beyond.

Following the warning analysts at Panmure Gordon substantially downgraded their forecasts. For 2010 a profit of £500,000 has been downgraded to a loss of £3.8 million, while a forecast of £5.6 million in 2011 has been shrunk to £540,000, with Panmure downgrading its recommendation from a ‘Buy’ to a ‘Hold’.

For 2010 Panmure is forecasting a loss per share of 0.26, with EPS of 0.23p and 2.08p pencilled in for 2010 and 2011 respectively, with the shares currently trading at 67.4 times 2011 and 8.3 times 2012 earnings.

The shares fell 13 per cent this morning following the announcement to 15.5p, with the company not forecast to make a significant progress until 2012. As a result we believe it may be worth holding off buying any shares for the time being, with the full-year results to be announced in March.

Tags: Downgrade, Profit warning, Property

Sector: Real Estate

Companies: Colliers International (suspended on 28 March 2012)

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