Interim results from the DTZ group show pretax profits nearly doubled to £9.2m in the six months to end-October. The acquisition of 100% of the equity in DTZ Zadelhoff, Germany and a one-off payment of £2.8m received for taking a lease on the new corporate HQ at One Curzon Street, W1, contributed to the increase.
Chairman Richard Lay says the results reflect the company’s increasing globalization over the past couple of years. “The profile of the company has been transformed,” says Lay. “The group is no longer predominantly dependent on the UK property advisory market but provides a truly global service with fund management capabilities, and with a widely based economic consultancy business at its elbow.”
Turnover has increased 23% to £56.8m (£46m) while earnings per share, excluding exceptional items, increased 37%.
In the half-year under review, DTZ acquired 100% of DTZ Zadelhoff in Germany, set up an operation in Italy and established a joint venture, Curzon Global Partners, with US fund manager AEW. Since October the group has tied up a joint venture with US corporate real estate group Staubach and exchanged equity with partners in the Far East.
EGi News 18/01/00
