DTZ has not been “substantially affected” by the slowing market it said this morning, after reporting an increase in full-year profits and turnover.
Pre-tax profit grew 15.1% to £19.07m (2000: £16.56m). The group’s turnover rose 18.2% to £142.34m (2000: £120.43m). DTZ also announced the acquisition of increased stakes in its businesses in continental Europe. It has bought a further 45.42% in DTZ Central and Eastern Europe (‘DTZ CEE’) for just under £1m, to bring its holding to 100%. DTZ CEE operates in Hungary, Czech Republic, Poland and Russia.
It has also acquired a further 17.2% in Financier DTZ Jean Thouard S.A. (‘DTZ France’) to bring its holding company to 91.39%. DTZ France has more than 150 staff and operates from 17 offices throughout France.
Chairman Tim Melville-Ross said: “The economic outlook is less certain than it has been for some time and there is evidence of some slowdown in certain markets. However, we look forward to the future with confidence, and expect to continue with our strategy of combining organic growth in our various businesses with seeking acquisitions that complement our geographical and service development when the right opportunities present themselves.”
He said DTZ would continue expansion in the Americas and Asia-Pacific through partnerships with local firms. “The relatively subdued conditions affecting markets at present in both these regions compared with Europe underline our strategic view that a single global property market does not yet exist,” he said.
