TORONTO - FirstService Corporation, parent company of California Closets, reported a 13 percent increase in second quarter revenues over the year prior.
Driving the double-digit increase was robust home improvement spending and strong performances from its leading brands, including California Closets.
“We are pleased to report another strong quarter, with FirstService Residential results in line with our expectations and FirstService Brands delivering double digit organic growth across its largest service lines,” said Scott Patterson, Chief Executive Officer of FirstService. “Our Brands businesses benefited from robust home improvement spending and market activity levels and these indicators continue to trend positively as we look out to the second half of this year,” he concluded.
FirstService Brands revenues grew to $132.0 million, up 37% relative to the prior year period. Revenue growth was comprised of 11% organic growth and the balance from recent acquisitions. The company says its second quarter was driven by strength across its largest franchised systems and company-owned operations. Healthy housing market fundamentals contributed to strong performance at California Closets and other franchised systems, including CertaPro Painters, Floor Coverings International and Pillar To Post Home Inspectors.
FirstService generates more than US$1.5 billion in annual revenues and has more than 17,000 employees across North America. The company serves its customers through two service platforms: FirstService Residential - North America’s largest manager of residential communities; and FirstService Brands - one of a provider of essential property services delivered through individually branded franchise systems and company-owned operations.
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