AIF Altus Group Limited

Altus Group Limited ("Altus") (TSX:AIF) today announced financial and operating
results for the quarter ended March 31, 2011. 




Performance Highlights                                                      
                                                                            
 - Year-over-year revenue growth of 12.1%;                           
 - Adjusted EBITDA of $7.4 million;                                  
 - Adjusted earnings per share of $0.07; and,                        
 - Announced merger of Realm Solutions Inc., owner of ARGUS Software.



Revenue for the first quarter of 2011 was $68.1 million, compared to $60.8
million for the comparable period in 2010, a 12.1% increase. Acquisitions
contributed 8.1% to overall growth in the quarter. 


Adjusted EBITDA for the first quarter of 2011 was $7.4 million, compared to $9.0
million in the same period last year, a decrease of 17.8%. Included in Adjusted
EBITDA were charges totaling $2.4 million that related to executive severance
costs, temporary duplicate occupancy costs on the Toronto office move and higher
discretionary bonus accrual.


Profit (loss) for the first quarter of 2011 was $(2.5) million, or $(0.11) per
share, compared to $(8.2) million, or $(0.42) per unit for the first quarter of
2010. Profit (loss) per share/unit is basic and diluted. 


Adjusted earnings per share for the first quarter of 2011 was $0.07 compared to
$0.28 for the same period in 2010.


"After a challenging first quarter, our focus for the balance of the year will
be to increase profitability by ensuring all business units are both managing
costs and sourcing new growth opportunities," said Gary Yeoman, Chief Executive
Officer, Altus Group. "Altus remains on track for a solid overall result in
2011, setting the stage for a stronger 2012 and beyond as we fully integrate
ARGUS Software into our operations."


For the first quarter, dividends declared totaled $0.30 per common share. 

Subsequent to quarter end, on June 1, 2011, Altus completed the previously
announced merger of Realm Solutions Inc. ("Realm"), owner of ARGUS Software, for
aggregate consideration of US$130.0 million, subject to adjustments. The
consideration will be satisfied by US$80.0 million cash and US$50.0 million
principal amount of 6.0% convertible unsecured debentures issued by Altus to
certain shareholders of Realm. This acquisition will enable Altus to create a
powerful new platform that will offer clients value-added commercial real estate
data and analytics. 


"The ARGUS acquisition generates accretive benefits as well as the addition of
thousands of new software licenses and client relationships," emphasized Yeoman.
"More fundamentally, the combination with Altus means the creation of a
data-rich analytics platform that will set a new industry standard and enable
unique products and services that will provide Altus with a strong competitive
advantage in addressing client needs."


Analyst Call Details 

Altus Group Limited will hold an analyst conference call at 9:00 a.m. Eastern
Daylight Time on Thursday, June 9, 2011 to discuss these financial results and
current industry conditions. Please dial 1-866-226-1793 (toll free) or
416-340-2218 (GTA) to access the call. You will be required to identify yourself
and your organization. A recording of this call will be made available beginning
at 12:30 p.m. EDT. To access the recording, please call 1-800-408-3053 or
905-694-9451 (passcode: 1623384). The recording will also be available at
altusgrouplimited.com.


About Altus Group Limited 

Altus Group leads the global real estate industry in delivering data and
information about an organization's assets, generating a wealth of knowledge and
insight. With a staff of over 1,700, Altus has a network of over 70 offices in
14 countries worldwide, including Canada, UK, Australia, Asia and the United
States. We operate five interrelated Business Units, bringing years of expertise
together into one comprehensive platform: Research, Valuation and Advisory; Cost
Consulting and Project Management; Realty Tax Consulting; Geomatics; and ARGUS
Software. Altus' clients include banks, financial institutions, governments,
pension funds, asset and fund managers, developers and landlords and companies
engaged in the oil and gas industry.


Forward Looking Statements 

Certain statements in this press release may constitute "forward-looking"
statements, which involve known and unknown risks, uncertainties and other
factors, which may cause the actual results, performance or achievements of
Altus and its subsidiary entities, to be materially different from any future
results, performance or achievements expressed or implied by such forward
looking statements. This press release has statements using words such as "may",
"will", "expect", "believe", "plan", "would", "could" and other similar
terminology. These statements are not guarantees of future performance and are
subject to numerous risks and uncertainties which could cause actual results to
differ materially from the forward-looking statements, including those described
in Altus' publicly filed documents, including the Annual Information Form (which
are available on SEDAR at www.sedar.com). Those risks and uncertainties include:
general state of the economy; dependence on oil and gas sector; competition in
the industry; ability to attract and retain professionals; interest rate risk;
currency risk; credit risk; ability to maintain profitability and manage growth;
revenue and cash flow volatility; dependence on Canadian multi-residential
market; integration of acquisitions; protection of intellectual property;
weather; fixed-price and contingency engagements; performance of obligations /
maintenance of client satisfaction; appraisal mandates; customer concentration;
operating risks; risk of future legal proceedings; legislative and regulatory
changes; insurance limits; income tax matters; fluctuation of dividends;
unpredictability and volatility of common share price; capital investment;
dilution of existing shareholder interests; leverage and restrictive covenants;
and, investment eligibility. Given these risks and uncertainties, investors
should not place undue reliance on forward-looking statements as a prediction of
actual results. These statements reflect management's current expectations
regarding future events and operating performance and speak only as of the date
of this press release. Although the forward-looking statements contained in this
press release are based upon what management believes to be reasonable
assumptions, Altus cannot assure investors that actual results will be
consistent with these forward-looking statements. These forward-looking
statements are made as of the date of this press release and, except in
accordance with applicable law, Altus assumes no obligations to update or revise
them to reflect new events or circumstances. Additionally, Altus undertakes no
obligation to comment on analyses, expectations or statements made by third
parties in respect of Altus, its financial or operating results, or its
securities.

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