DTZ blames poor UK sales for annual loss

 
Kasmira Jefford
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REAL-ESTATE consultant DTZ Holdings reported a full-year loss yesterday, as its core markets in UK and Ireland continued to struggle from the effects of the economic downturn.

DTZ’s pre-tax loss before exceptional items was £0.6m for the year to April 2011 compared to profits of £3m a year earlier. Revenues fell 4.1 per cent to £341.3m from £356m in 2010.

The firm, led by chief executive Paul Idzik said that while he was “disappointed” with results, it recorded a strong second-half performance, with pre-tax profit before exceptional items up £5.4m from the first, which helped its full-year result beat market expectations.

The former chief operating officer of Barclays was hired to rescue the property agent in 2008 during the financial crisis, when it suffered losses of more than £20m across its European operations.

“We believe those of our businesses which were most affected during the downturn, namely the UK and CEMEA, have been strengthened and will now begin to benefit from a continued market recovery,” Idzik said.

Asia Pacific revenues grew to £106.3m from £98.4m in 2010.

DTZ said discussions were still ongoing with regards to a potential offer for the company.