HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2009

DTZ Holdings plc, a major global real estate adviser, today announces its half-year results for the six months ended 31 October 2009.

Financial Highlights

Group revenue fell by 8.7 per cent to £168.2 million (2008: £184.3 million)
Group loss before tax and exceptional items halved to £4.6 million (2008: loss of £9.0 million)
Exceptional charges of £16.0 million resulted in a loss before tax, after exceptional items of £20.6 million (2008: loss of £11.2 million)

Adjusted EBITDA: £1.8 million (2008: loss of £3.0 million)
Strengthened cash position maintained with cash and cash equivalents of £48.3 million (2008: £27.3 million);
additional credit facility of £15.0 million secured from Company‟s largest shareholder
Restructuring targets exceeded; annualised staff cost savings of some £55 million, with an additional £15 million
of expected operating cost savings in the current year
While we remain cautious, the Group‟s trading remains in line with market expectations.

Operational Highlights

Strong performance from Asia Pacific business with revenues up 11.5 per cent to £46.3 million (2008: £41.5 million)
Strategic Review complete; Company better positioned to focus on the markets and services where it has a competitive advantage; business reshaped to enhance resilience and profitability
Continued strong performance from Professional Services business; significant instruction from Ballymore Properties
A number of existing and new clients of our Investment and Asset Management business increased their allocations and DTZ was selected for a number of new mandates.

Commenting on the results, Paul Idzik, Group Chief Executive, said:

“We have made very good progress during the first half of our financial year, building on the work started last year. We have stabilised the business and while revenues declined overall, we estimate that the overall market fell by a greater extent. Our Strategic Review is complete, we have achieved cost savings of some £70 million, and we continue to win major corporate mandates. The business is now well placed to compete aggressively in the territories and markets which we choose.

“We expect market conditions to remain challenging in the short term but look to the future with confidence.”

source : DTZ