Jones Lang Wootton (JLW) Ireland, part of the Jones Lang Wootton international property agencies group, which is being merged with LaSalle Partners, has recorded strong growth this year.
Revenue amounted to $8.7 million in the nine months ended September 30th 1998, up 38 per cent from $6.3 million. The figures were filed as part of SEC requirements in the US.
The growth, the company said, was 47.9 per cent in pound terms. The buoyant Irish economy and property market "had a significant effect on the level of demand for property which impacted positively" on JLW Ireland's business.
The profit growth was even more dramatic. Profit before tax amounted to $4.0 million compared with $2.4 million, representing a 66.7 per cent increase. The acquisition involves LaSalle Partners one of the largest property companies in the US issuing shares to the partners in the JLW operations, in different geographical areas.
The six partners in the Irish operations Mr Alan Bradley, Mr Pat McCaffrey, Mr John Mulcahy, Mr William Tuite, Mr Anthony O'Loughlin and Mr Stephen Murray will become paper millionaires, as a result of the deal.
The SEC filing shows that although the Irish operation accounted for only 2.2 per cent of the combined revenue of JLW, it was more profitable than the average. Its profits before tax, for example, accounted for 5.7 per cent of total JLW profits.
