Estate agency reports 拢3.6m operating profit and cuts losses from 拢80m to 拢23m after major restructuring

Estate agency DTZ has managed to narrow its preliminary losses for the year to 拢22.9m compared to 拢79.7m following a major restructuring.

Revenue fell by 2.2% to 拢356m as it implemented a cost-saving programme it says will create savings of 拢75m, of which 拢55m came from reducing the staff bill. DTZ did not say how many of its more than 10,000 staff across the world it had made redundant.

The company also made a 拢3.6m operating profit, compared to a loss of 拢35.1m last year, but endured exceptional items, mostly related to the restructuring, of 拢26.5m.

Paul Idzik, group chief executive, said the results showed 鈥渆ncouraging progress鈥� 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.鈥�

鈥淟ooking forward we are conscious there remains considerable economic uncertainty and geopolitical risk around the world and our outlook remains cautious.鈥�

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