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Datum: Tuesday, July-13-2010 11:37
, News overview |
Preliminary Results for the year ended 30 April 2010
DTZ Holdings plc, a major global real estate adviser, today announces its preliminary results for the year ended 30 April 2010. Financial Highlights - Strong performance, at top end of market expectations
- Return to profitability on an operating basis; Group profit before tax and exceptional items at £3.6m (2009: loss of £35.1m)
- Exceptional items of £26.5m (2009: £44.6m) resulted in a loss before tax of £22.9m (2009: loss of £79.7m)
- Adjusted EBITDA of £16.4m (2009: loss: £21.8m)
- Group revenue marginally down by 2.2 per cent to £356.0m (2009: £364.1m)
- Revenue from continuing operations increased by 1.5 per cent to £351.4m (2009: £346.3m)
- Revenue performance reflects continuing challenging market conditions
- Significantly strengthened balance sheet; cash and cash equivalents increased 33.9 per cent to £50.6m (2009: £37.8m); net debt reduced to £47.5m (2009: £50.8m)
Operational Highlights - Far-reaching strategic review and restructuring programme completed, delivering cost savings of over £75m, greater and sooner than initial expectations
- Strong performance from Asia Pacific business with revenues up 24.1 per cent to £98.5m (2009: £79.4 million) and operating profit pre-exceptionals of £8.7m (2009: loss of £7.2m), a positive swing of £15.9m; region now Group's second largest market by revenue
- First ever full year operating profit pre-exceptionals of £0.5m (2009: loss of £6.6m) from The Americas
- Strong contribution from Occupational and Development Markets business, with revenue increasing by 7.1 per cent to £118.5m (2009: £110.6m)
- Significant growth in the Investment Agency business with revenues up 19.8 per cent to £46.6m (2009: £38.9m).
Outlook - Business reshaped and positioned for growth; DTZ well placed to compete in markets where it chooses
- Focus on delivering profitable organic growth and improving margin performance; near-term regional focus on UK and China, along with capturing growth opportunities from our annuity businesses
- Well placed to meet challenges and take advantage of opportunities market presents in this financial year and beyond
- Signs of improvement in several key markets, although with global economic uncertainty remaining, Group remains cautious.
Commenting on the results, Paul Idzik, Group Chief Executive, said: "The year has been one of encouraging progress for DTZ. We have restored profitability on an operating basis and begun to see tangible benefits from our restructuring programme, the results of which are now firmly embedded in our business. Together with our strengthened balance sheet we are well positioned entering the new financial year. "Looking forward, while our focus is on the profitable growth of the business, we are conscious there remains considerable economic uncertainty and geopolitical risk around the world and our outlook remains cautious." Forward looking statements This document may contain certain forward looking statements. By their nature forward looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes of results expressed or implied by such forward looking statements. Any forward looking statements made by or on behalf of DTZ speak only as at the date they are made and no representation or warranty is given in relation to them, including as to their completeness for accuracy or the basis on which they were prepared. DTZ does not undertake to update forward looking statements to reflect any changes in DTZ's expectations with regard thereto or any changes in events, conditions or circumstance on which any such statement is based. Information contained in this document relating to the Company should not be relied upon as an indicator of future performance More information on the DTZ Holdings plc site. For further information contact:
DTZ Holdings plc
Donal McCarthy, Head of Group Communications, donal.mccarthy@dtz.com, Direct Tel: +44 (0)20 3296 3474
Sophie Morton, Group Communications Manager, sophie.morton@dtz.com, Direct Tel: +44 (0)20 3296 3480
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