Altus Group Limited (ʺAltus Groupʺ or “the Company”) (TSX: AIF), a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry, announced today its financial outlook for the second half of 2021.

Since Altus Group’s second quarter interim financial results were released on August 12, 2021, the Company continues to deliver robust performance across all of its business segments and expects a strong second half of the year to deliver mid-teen year-over-year growth in consolidated constant currency revenues in FY2021 at improved margins.

Reflecting the strong 68% constant currency year-over-year Altus Analytics Bookings growth in the six months ended June 30, 2021, revenue growth is expected to accelerate in the second half of 2021. There is solid momentum in both new client growth and existing client expansion across the whole business with Altus Analytic Bookings to date approaching total Bookings in FY2020. Over Time revenue growth is also expected to pick up in the second half of 2021.

The CRE Consulting segment is also poised for robust performance in the second half of the year, reflecting healthy market fundamentals across its core practice areas. The global Property Tax business is on track to deliver record FY2021 revenue and Adjusted EBITDA results, however, is expected to experience some quarterly variability in the second half of the year primarily due to continuing COVID-19-related disruptions and appeal settlement delays in the U.S. and the U.K. markets which is expected to result in anticipated third quarter revenues to be deferred into future quarters.

Looking out to the second half of the year, Management has issued one-time guidance for anticipated third quarter and FY2021 results assuming current foreign exchange rates:

  Altus Analytics: CRE Consulting: Consolidated:
Q3 2021 Revenue $64 - $65 million $82 - $84 million $146 - $149 million
Q3 2021 Adjusted EBITDA $10 - $11 million $19 - $20 million $20 - $22 million
FY2021 Revenue $247 - $249 million $370 - $374 million $617 - $623 million
FY2021 Adjusted EBITDA $42 - $44 million $101 - $104 million $108 - $113 million

“With a strong first half of the year and continued momentum, we feel confident about delivering mid-teen year-over-year growth in our consolidated constant currency revenues in 2021 at improved margins,” said Mike Gordon, Chief Executive Officer at Altus Group. “Our Altus Analytics business is poised for robust revenue growth in the second half of the year with the momentum expected to continue into 2022. At Property Tax, with growing scale, a robust backlog of appeals, and our ongoing digital improvements, our performance is becoming more balanced across our key markets to help us mitigate the inherent quarterly variability of this business. Our Property Tax Bookings are up year-over-year, full year margins are expected to be steady at 30%+, and as we deliver on our digitization initiatives and go-to-market programs, we remain exceptionally well positioned for the long term.”

Non-IFRS Measures

Bookings, constant currency revenue and Adjusted EBITDA are non-IFRS measures. Altus Group uses these non-IFRS measures as an indicator of financial performance. Readers are cautioned that these are not defined performance measures, and do not have any standardized meaning under IFRS and may differ from similar computations as reported by other similar entities and, accordingly, may not be comparable to financial measures as reported by those entities. The Company believes that these measures are useful supplemental measures that may assist investors in assessing an investment in its shares and provide more insight into its performance. These non-IFRS measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS. For further information about these measures, including their descriptions and how Altus Group reconciles Adjusted EBITDA measure to the closest IFRS measure, see the Company’s most recent Management’s Discussion & Analysis (MD&A”) for the six months ended June 30, 2021, available on SEDAR at

Forward-Looking Information

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Statements concerning Altus Group’s objectives, goals, strategies, priorities, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of the Company are forward-looking statements. The words “believe”, “expect”, “anticipate”, “estimate”, “intend”, “may”, “will”, “would”, “could”, “should”, “continue”, “plan”, “goal”, “objective”, and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Certain material factors and assumptions were applied in providing these forward-looking statements. Forward-looking information involves numerous assumptions including the following specific assumptions: the ability of Altus Group to meet its “Revenue” and “Adjusted EBITDA” targets, assumptions on Altus Analytics Bookings growth, subscription and maintenance renewal rates, client retention rates, growth in its Data Solutions and Appraisal Management businesses, assumptions on the Argus Software revenue model, license sales, cloud conversion (including timing and rate), assumptions on other Altus Analytics contributors, expenses, operating leverage, foreign exchange; engagement and product pipeline opportunities in Altus Analytics will result in associated definitive agreements; settlement volumes in the Property Tax business will occur on a timely basis and that assessment authorities will process appeals in a manner consistent with expectations; the successful execution of our business strategies; consistent and stable economic conditions or conditions in the financial markets; consistent and stable legislation in the various countries in which we operate; no disruptive changes in the technology environment; the opportunity to acquire accretive businesses and the absence of negative financial and other impacts resulting from strategic investments or acquisitions on short term results; the successful integration of acquired businesses; and the continued availability of qualified professionals.   Projections may also be impacted by macroeconomic factors, in addition to other factors not controllable by the Company. Altus Group has also made certain macroeconomic and general industry assumptions in the preparation of such forward-looking statements. Management believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, Management can give no assurance that actual results will be consistent with these forward-looking statements. Not all factors which affect the forward-looking information are known, and actual results may vary from the projected results in a material respect, and may be above or below the forward-looking information presented in a material respect.

The COVID-19 pandemic has cast additional uncertainty on each of these factors and assumptions. There can be no assurance that they will continue to be valid. Given the rapid pace of change with respect to the COVID-19 pandemic, it is difficult to make further assumptions about these matters. The duration, extent and severity of the impact the COVID-19 pandemic, including measures to prevent its spread, will have on our business is uncertain and difficult to predict at this time. As of the date of this press release, many of our offices and clients remain subject to limitations and restrictions set to reduce the spread of COVID-19, and a significant portion of our employees continue to work remotely.

Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information include, but are not limited to: the general state of the economy; the COVID‐19 pandemic; currency; our financial performance; our financial targets; the commercial real estate market; industry competition; our acquisitions; our cloud subscriptions transition; software renewals; professional talent; third party information; enterprise transactions; new product introductions; technological change; intellectual property; technology strategy; information technology governance and security; our product pipeline; property tax appeals; legislative and regulatory changes; fixed-price and contingency engagements; appraisal and appraisal management mandates; the Canadian multi-residential market; customer concentration and the loss of material clients; interest rates; credit; income tax matters; health and safety hazards; our contractual obligations; legal proceedings; our insurance limits; our ability to meet the solvency requirements necessary to make dividend payments; leverage and financial covenants; our share price; our capital investments; and the issuance of additional common shares, as well as those described in our annual publicly filed documents, including the Annual Information Form for the year ended December 31, 2020 (which are available on SEDAR at In addition, in respect of the June 13, 2021 cybersecurity incident (as discussed on page 11 of the MD&A),while we have implemented our cybersecurity and business continuity protocols and adopted additional measures to enhance the security of our IT systems to help detect and prevent future attempts or incidents of malicious activity, we are subject to a number of risks and uncertainties in connection with the incident. Such risks and uncertainties include, but are not limited to: the outcome of the ongoing investigation into the incident; costs related to the investigation and any potential liabilities, regulatory investigation or lawsuit resulting from the incident; costs related to and the effectiveness of our mitigation and remediation efforts; our ability to recover proceeds under our insurance policies; and the potential loss of customer and other stakeholder confidence in our ability to protect their information, and the potential adverse financial impact such loss of confidence may have on our business.

Given these risks, uncertainties and other factors, investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects management’s current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although we have attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, we do not undertake to update or revise it to reflect new events or circumstances. Additionally, we undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, our financial or operating results, or our securities.

Certain information in this press release may be considered as “financial outlook” within the meaning of applicable securities legislation including the revenue and Adjusted EBITDA guidance. The purpose of this financial outlook is to provide readers with disclosure regarding Altus Group’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

About Altus Group Limited

Altus Group Limited is a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry. Our businesses, Altus Analytics and Altus Commercial Real Estate Consulting, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,600 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include many of the world’s largest commercial real estate industry participants. Altus Group pays a quarterly dividend of $0.15 per share and our shares are traded on the Toronto Stock Exchange under the symbol AIF.

For more information on Altus Group, please visit:


Camilla BartosiewiczVice President, Investor Relations, Altus Group Limited (416)  

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