TORONTO, Aug. 12, 2020 (GLOBE NEWSWIRE) — Altus Group Limited (ʺAltus Groupʺ or “the Company”) (TSX: AIF), a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry, announced today its financial and operating results for the second quarter ended June 30, 2020.
All amounts are in Canadian dollars and percentages are in comparison to the same period in 2019. Consolidated results presented (including restated comparative figures) exclude the Company’s Geomatics business which was classified as discontinued operations and contributed into our investment in the GeoVerra Inc. (“GeoVerra”) joint venture.Second Quarter 2020 Summary:Consolidated revenues were $155.5 million, up 8.6%Consolidated profit from continuing operations, in accordance with IFRS, was $11.3 million, down 10.9% reflecting the impact of a global restructuring programConsolidated earnings per share from continuing operations, in accordance with IFRS, was $0.28, basic and diluted, compared to $0.32, basic and dilutedConsolidated Adjusted EBITDA1 was $34.9 million, up 16.2%Adjusted earnings per share2 (“Adjusted EPS”) from continuing operations was $0.62, compared to $0.51Altus Analytics revenues increased 2.3% to $51.3 million and Adjusted EBITDA1 was down 13.9% to $9.7 millionAltus Analytics Over Time3 revenues (new metric for recurring revenues, as defined below) grew 18.3% to $42.8 millionCRE Consulting revenues grew 12.0% to $104.3 million and Adjusted EBITDA1 increased by 16.5% to $37.3 million, driven by record Property Tax performance The previously announced transaction to divest of the Company’s Geomatics business into a joint venture structure with WSP Global Inc. closed and launched as GeoVerraBank debt was $160.0 million (representing a funded debt to EBITDA leverage ratio of 1.65 times) and cash and cash equivalents was $74.1 million“While our company and industry continue to navigate a challenging external environment, Altus Group posted the highest quarterly revenue and earnings in our history demonstrating that our core business is solid and resilient,” said Robert Courteau, Chief Executive Officer at Altus Group. “The need for insights and transparency into CRE performance is heightened substantially in today’s operating environment, reinforcing the demand for our mission critical solutions and expert advisory.”Summary of Operating and Financial Performance by Business Segment:All amounts are in Canadian dollars and percentages are in comparison to the same period in 2019, as applicable. As the Company’s Geomatics business has been classified as discontinued operations and contributed into the GeoVerra joint venture, it is not included in the current and comparative period consolidated results from continuing operations.
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