DTZ reins in losses

PROPERTY agent DTZ has held off reinstating its dividend citing the “considerable economic activity” around the world.

But the group said recovering commercial property markets combined with a major cost-cutting exercise had helped rein in losses.

Revenue for the year to April 30 was down 2% to £356m, but pre-tax losses reduced from £79.7m to £22.9m after a £75m cost-cutting programme.

Mike Mitchell, managing director for the regions outside London, said its North West offices had made a “solid contribution” despite adverse market conditions.

He highlighted the £8.7m sale of 37,000 sq ft Lakeside 5000, Umbro’s HQ in south Manchester; the management of a £36m industrial portfolio in Lancashire for Hudson Advisers; and the purchase of Acresfield in Manchester for £18.8m.

Mr Mitchell added: “While remaining cautious in light of continued economic uncertainty around the globe, we feel the progress we have made over the past year leaves us well placed to continue to meet the challenges and work with our clients to target opportunities effectively going forward.”