Property advisor DTZ issues profit warning

REAL estate advisor DTZ has issued a profit warning ahead of the close of its half-year period on Sunday.

The company, which has a 250-strong operation in Birmingham, said it was likely to miss its profit forecasts for the full year ending next April.

The statement, which updated its interim announcement on September 17, said: “While our Asia Pacific and Canadian businesses have performed strongly, in the UK and Ireland and Continental Europe, Middle East and Africa (CEMEA), the group has continued to experience the challenging trading conditions signalled in its IMS in September.

 

 

“At that time, we commented that the UK and Ireland and CEMEA were experiencing lower levels of activity compared to the same period last year and this remains the case.

“While our pipeline is good, we continue to see protracted transaction lead times and consequently believe some of the recovery in transaction activity which we expected to come through in the second half of our current financial year will now be pushed back into the next financial year.

“Consequently, the group expects its results for the full year to April 30 2011 to be below current market expectations and expects to report a small loss for the year.”

It added that, longer term, the company was confident that its ealier restructuring programme and investment strategy would help growth.

For the latest AIM and FTSE news, plus the West Midlands risers and fallers, go to our Shares & Markets section. Click here

Close