Delivers 18% Altus Analytics Recurring Revenue Growth & Record Property Tax Results in 2019
TORONTO, Feb. 20, 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 fourth quarter and year ended December 31, 2019. All amounts are in Canadian dollars and percentages are in comparison to the same period in 2018.2019 Summary:Consolidated revenues were $567.4 million, up 11.2%Consolidated profit, in accordance with IFRS, was $18.2 million, up 198.7%Consolidated earnings per share, in accordance with IFRS, was $0.46 basic and $0.45 diluted, compared to ($0.48), basic and dilutedConsolidated adjusted EBITDA1 was $88.1 million, up 24.3%Adjusted earnings per share2 (“adjusted EPS”) was $1.47, compared to $1.05Altus Analytics revenues grew 10.1% to $202.0 million, and adjusted EBITDA1 was $36.8 million, down 11.3% reflecting higher mix of subscription revenues and higher development costsAltus Analytics recurring revenues3 (as defined below) grew 18.0% to $153.6 millionCommercial Real Estate (“CRE”) Consulting revenues grew 14.2% to $324.1 million and adjusted EBITDA1 grew by 55.8% to $76.1 millionFourth Quarter 2019 Summary:Consolidated revenues were $148.8 million, up 13.7%Consolidated profit, in accordance with IFRS, was $0.3 million, a $15.0 million improvementConsolidated earnings per share, in accordance with IFRS, was $0.01 basic and diluted, compared to ($0.38), basic and dilutedConsolidated adjusted EBITDA1 was $23.5 million, up 55.3%Adjusted earnings per share2 (“adjusted EPS”) was $0.43, compared to $0.20Altus Analytics revenues increased 5.3% to $54.6 million (reflecting a tough compare from the previous year), and adjusted EBITDA1 was down 48.0% to $5.3 million reflecting higher mix of subscription revenues and higher development costsAltus Analytics recurring revenues3 (as defined below) grew 21.1%4 to $40.9 millionCommercial Real Estate (“CRE”) Consulting revenues grew 24.0% to $83.9 million and adjusted EBITDA1 increased by 372.8% to $13.4 million“2019 was a pivotal year for Altus Group with the launch of ARGUS Enterprise on the cloud,” said Robert Courteau, Chief Executive Officer at Altus Group. “With ARGUS Enterprise on the cloud, our clients are gaining a lot of value by collaborating and sharing insights like never before. This rollout out gives us the opportunity to capture new clients and new users on a global basis. Our Property Tax business also had a phenomenal year and remains competitively positioned for sustained growth. Our leading position and the strength of our model contributed to market share expansion while delivering exceptional value for clients.” Summary of Operating and Financial Performance by Business Segment:
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