Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Allan Saunderson is managing editor of Property Finance Europe and a contributor to GlobeSt.com.

LONDON-International property adviser DTZ posted a loss of nearly £80 million for the fiscal year to end-April due to significant difficulties resulting from the global economic crisis, Chairman Tim Melville-Ross told the annual meeting in London recently. Revenue fell 18.4% to £364 million, and DTZ incurred restructuring costs of £17 million, with an impairment charge of £27 million.

However Melville-Ross said the group continues to make the business as competitive as possible to regain profitability. Cost savings should total £50 million in the current financial year, and to date, this has included the sale of DTZ’s 50% interest in DTZ Rockwood in the US. A strategic review has meant reappraisal of many of DTZ‘s business and management teams, including the closure of operations in Austria and Portugal.

The key event of 2008/9, was the completion in January 2009 of an equity placement of £48.7 million, plus a credit facility of up to £15 million from its largest shareholder, SAS Saint George Participations. DTZ also restructured its banking facilities to extend loan maturities and relax covenants, as well as hiring a new chief executive Paul Idzik, formerly COO at the UK’s Barclays bank.

“While the markets remain uncertain and difficult to predict, and we remain cautious, the group’s current trading is in line with market expectations,” Melville-Ross said. “In this volatile environment, we are confident that our strategy – to ensure the group’s cost base and coverage – is appropriately structured .. and will drive our future return to profitability.

Until then, our ongoing restructuring is making us more competitive in our well-established markets and enabling us to grow market share by doing what we do best – capitalizing on our strong brand to win new business and continue to focus on servicing our clients.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.