DTZ chairman Tim Melville-Ross (pictured) has hit out at the City’s rating of the firm’s shares – which have been hit by fears over the slowing economy.
In the firm’s AGM statement today, Melville-Ross said: “We have been disappointed by the adverse impact of others’ profit warnings on our share price, followed by no positive reaction at all when we announced our own results in line with market expectations.” Rivals Savills and Chesterton announced profits warnings earlier this year.
DTZ’s share price has fallen 26% over the past six months, despite reporting results for the year to April in line with City expectations.
Melville-Ross said he did not expect the US economy to recover until next year, but said: “European markets are still performing a little better than the American and Asian markets, and this is very significant from DTZ Holding’s perspective, given that our business is still predominantly European. There is still a reasonable level of demand for commercial property in Europe, even though it is not as strong as it was a few months ago.”
He said DTZ’s diversified range of services and its geographical spread would help it ride out the decline in the property market. Melville-Ross also said that DTZ would continue to look for acquisitions in the year ahead.
EGi News 05/09/01
