TORONTO, Nov. 07, 2019 (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 third quarter ended September 30, 2019.
Third Quarter 2019 Summary:All amounts are in Canadian dollars and percentages are in comparison to the same period in 2018.Consolidated revenues were $137.0 million, up 13.6%Consolidated profit, in accordance with IFRS, was $5.0 million, a $6.7 million improvementConsolidated profit, in accordance with IFRS, was $0.13 per share basic and $0.12 per share diluted, compared to ($0.04) per share, basic and dilutedConsolidated adjusted EBITDA1 was $19.8 million, up 20.1%Adjusted earnings per share2 (“adjusted EPS”) was $0.30, compared to $0.22Altus Analytics revenues increased 14.4% to $50.4 million and adjusted EBITDA1 increased 3.2% to $10.4 millionAltus Analytics recurring revenues3 (as defined below) grew 12.0% to $38.3 millionCommercial Real Estate (“CRE”) Consulting revenues increased 17.0% to $76.4 million and adjusted EBITDA1 increased by 66.1% to $18.6 million“We are very pleased with the sustained, double-digit topline and earnings growth in our consolidated results in the third quarter driven by another solid quarter at our Property Tax business and robust performance at Altus Analytics where recurring revenues grew 12% year over year,” said Robert Courteau, Chief Executive Officer at Altus Group. “Having just launched the first cloud-enabled version of ARGUS Enterprise less than three months ago, we are very encouraged by the feedback and experience from the numerous clients who are now on our cloud platform. Our clients can now gain value from the enhanced investment visibility through more extensive collaboration across their teams and better utilization of their data. We remain on track with our transition plan to achieve our target of reaching over 90% of our Altus Analytics revenues to be recurring by the end of 2021.”Summary of Operating and Financial Performance by Business Segment:
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