CB Richard Ellis reported revenue for the EMEA region, which mainly consists of operations in Europe, rose 8% to $287.1 mln (EUR 205 mln) for the fourth quarter of 2009 from $266.5 mln in the year-earlier period. The real estate adviser reported fourth-quarter operating income of $48.4 mln from the EMEA region, compared with an operating loss of $103.4 mln in the same 2008 period. The EBITDA result for EMEA rose to $49.0 mln, compared with $39.3 mln for the final quarter in 2008. CBRE said the improved results reflected better business performance in several countries, particularly the UK, France, Italy and the Netherlands, and the benefit of cost reductions.

'A robust final quarter concluded a strong performance in the EMEA region in 2009,' said CEO Mike Strong. 'Our reported normalised EBITDA margin was 9.0% - or 10.6% if you exclude reimbursables. This includes our investment in setting up more than 30 new corporate outsourcing and facilities management accounts won in 2009. To achieve operating margins at this level in the worst market conditions for decades is an extraordinary achievement and demonstrates the strength of our business model and the talent and commitment of our people.'

For full year 2009, CBRE produced group-wide diluted earnings per share of $0.12 on a U.S. GAAP basis, on revenue of $4.17 bn. U.S. GAAP net income totalled $33.3 mln for the year.