Colliers CRE defies downturn with 16% share boost

Shares in Colliers CRE leapt 16% on Wednesday after it said it had performed well in 2007 despite the downturn in the market.

In a trading statement, it said its post-tax profits for 2007 would be in line with the analyst consensus figure of £7.4m. It said turnover would be ahead of the expected figure of £110m.

This month, listed services rival Savills said in a trading statement that it was in line for a record 2007, and result were likely to exceed expectations.

This contrasts with DTZ, which revealed in December that results for the year to 31 March would be below expectations.

Colliers CRE's shares rose 16% to 57.5p. House broker Panmure Gordon said it had reduced its price target from 129p to 103p, but held the company's rating as a "buy".

Colliers CRE said that, in line with the rest of the market, its investment team had suffered a downturn in performance in the fourth quarter. But the rest of the businesses had performed well.

By Property Week, 18/01/08