Tough times for DTZ

Property consultancy DTZ, a major player in the Middle East and the UK, continues to struggle in the wake of the global real estate crisis.

The company today reported a 3.4 million pound (Dh19.9 million) pre-tax loss for its just-concluded fiscal year, on a 4.1 per cent drop in revenue. That's better than than the 23.5 million pound loss DTZ reported last year, but it still points to headwinds facing the company in many markets.

The company's Europe, Middle East and Africa division was one of the bright spots. The consultancy doesn't break out Middle East results, but the overall division posted a 2.4 million pound profit after a 3.3 million pound loss in 2010.

The Asia Pacific region was the biggest growth sector for the company, posting a 8.8 million pound profit. Asia Pacific now generates 30 per cent of the company's revenue.

"Reversing the trend of revenue decline and achieving profitable organic growth now have to happen for DTZ to deliver improved financial performance," chief executive Paul Idzik said in a statement. "While the prevailing mood remains one of caution, I believe the group is on the right path and am confident we will achieve this goal."

Meanwhile the company says it is continuing to evaluate offers to buy the company.