DTZ : Preliminary results for the year ended 30 April 2009

DTZ Holdings plc, a major global property adviser, announces its Preliminary Results for the year ended 30 April 2009.


Commenting on the results, Tim Melville-Ross, DTZ’s Chairman, said:


“As the extent and depth of the current recession became clear, the Company’s management team took and continues to take a number of significant and decisive steps to adapt the business to the trading environment and best prepare it for the future. The resulting transformation and re-focusing of DTZ is proceeding so that the core capabilities of the firm are being enhanced for the benefit of all our key stakeholders – shareholders, clients and employees.


“With the strength and depth of our talent and service offering and the decisive actions we have taken and continue to take to reshape the Group, we are creating a business which will emerge competitively stronger. The ‘new’ DTZ will contain all of the familiar characteristics of client focus and creativity, based on a lean, global platform capable of transferring the best practices of one geography or skill set to any other within the organisation. I am confident that these measures will underpin the future prosperity of the Group.”


Paul Idzik, DTZ’s Group Chief Executive, added:


“The changing economic landscape has meant that this year has been a period of adjustment and adaptation, not just to ensure that we are better placed to deal with the current industry-wide reality, but also to create a more stable platform for future growth. Difficult decisions have had to be taken, but, throughout, the Group’s future has been the guiding factor.


“Since January, we have taken aggressive action to reduce operating costs, rationalise headcount and enhance the discipline within our budgeting, marketing and reporting processes. We are transitioning our divisions to operate as united businesses in order to accelerate the development of specialised skills and the delivery of a globally joined-up product for clients. These changes, coupled with the Group’s strengthened financial position, will ensure that DTZ emerges from this ongoing process of change more ‘match-fit’ and competitive, and well poised to enjoy the growth opportunities that will return as markets recover.”

source : DTZ