Commercial property consultancy DTZ reported an £80m pre-tax loss at its full-year results, reflecting depressed conditions across global property markets, and a substantial restructuring undertaken by its new management team, led by chief executive Paul Idzik. But its financial position has been strengthened by a £15m credit facility from its largest shareholder, SGP.
IC TIP:
Hold
at
44p
Exceptional charges of £44.6m included a £27m impairment from the sale of the group's interest in US advisor DTZ Rockwood, plus restructuring and redundancy costs. Global revenues fell 18 per cent to £364m as property markets contracted, and the dividend has been suspended.