Revenue for the second quarter was down 13% to $576 million. For the first half of the year, revenue was also down 13%, to $1.1 billion from $1.2 billion a year ago.
“During the quarter, we continued to strengthen our balance sheet, reduce costs and align the size of our business to market conditions,” said Colin Dyer, JLL’s CEO. “At the same time, we have been careful to retain our key revenue-generating teams and have increased our market share in many business areas as a result. “These actions put us in a strong, stable and confident position to drive growth when markets recover.”
JLL’s second-quarter results included $15 million of restructuring charges and $15 million of non-cash co-investment charges. In the first half there were $32 million of restructuring charges and $44 million of non-cash co-investment charges. The restructuring charges were primarily severance related but included integration costs from the 2008 acquisitions of The Staubach Company and Kemper’s.
In a bit of good news, second-quarter revenue in the Americas region was $249 million, a 31% jump over the prior year, primarily as a result of the Staubach acquisition, and increased 25% over the first quarter of 2009 due to improved seasonal performance. Revenue for the first half of 2009 was $448 million, compared with $364 million in the first half of 2008.
Transaction services revenue also jumped, by 59% in the second quarter, to $140 million, and 47% year to date, to $246 million. The region’s total leasing revenue more than doubled in the quarter, to $123 million, up from $60 million in 2008, and increased 78% to $209 million in the first half. Management services revenue for the second quarter of 2009 increased 7%, to $105 million, with new corporate outsourcing wins being partially offset by reductions in project and development services as clients continue to reduce capital expenditures. Management Services for the first six months of 2009 increased 4%, to $196 million.