Cross-selling of services and brokerage acquisitions results in growth.
Brokerage acquisitions have been the largest driver of growth, as the company's expansion philosophy largely involves buying local brokers with similar cultures and business strategies. These acquisitions have helped the company's industry-relevant profit increase an annualized 21.2% over the past five years. In 2020, the company managed to withstand the economic effects of the COVID-19 (coronavirus) pandemic. While the company's industry-relevant revenue decline 2.7% that year, largely due to losses in April and May during the worst portion of the recession, the company's industry-relevant revenue is forecast to increase 9.9% on the heels of further strategic acquisitions and overall economic growth in 2021.
M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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