Cushman expects higher earnings over next two years

Despite losing $22.4 million in the first half of 2011, commercial real estate services firm Cushman & Wakefield believes it will report improved earnings this year thanks to cost-cutting measures, Bloomberg News reported. In 2010, the firm earned $25.7 million despite a $22.8 million loss in the first half.

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Since Glenn Rufrano took the reins as CEO of the firm in 2010, he doubled the size of the senior executive team to 10 in hopes of implementing a new strategy to improve profitability. This year, revenue per employee rose 10 percent. After cutting 18 percent of its staff in 2009, Cushman hired more than 1,000 employees in the first half of this year.

“The plan will really start to show its benefits in 2012,” Rufrano said. “We have a more efficient group of people and the wind is blowing on our backs.” [Bloomberg News]

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