DTZ suffers pre-tax loss in interim results

REAL estate services firm DTZ has suffered a group pre-tax loss of £6m, the company announced today.

In its half-year results for the six months ended October 31, 2010, the firm also reports that group revenue has fallen to £159.3m, down from £168.2m.

The report follows the company’s profit warning announcement at the end of October when it said it expected to miss profit forecasts for the full year ending in April.

DTZ, which has a 250-strong operation in Birmingham, appears to have stemmed the tide slightly as pre-tax losses for the corresponding period in 2009 were £20.6m.

The statement also reports EBITDA of £0.2m, compared to a year-on-year loss of £10.1m, while the company has cash and cash equivalents of £27.4m, down from £50.6m at April 30, 2010.

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DTZ said it remained cautious but was trading in line with market expectations for the financial year ended 30 April, 2011.

Group chief executive Paul Idzik said: “While it has undoubtedly been a challenging period for the group, with trading in our global markets remaining varied, our pipeline remains healthy and we continue to win new client mandates.

“This, alongside our continued investment, which we have maintained given its importance to DTZ’s future prosperity, leaves us positioned to deliver sustainable returns in the long-term.”