Australian firm UGL, which bought DTZ in a pre-pack deal in December, has suggested that it may rebrand its UGL Services division as DTZ.
There had been some suggestion that the DTZ name may be dropped by the Australian giant, but in a conference call to investors following the publication of its results yesterday, chief executive Richard Leupen said the firm was “considering the rebrand of the combined property services businesses as DTZ”.
Leupen added: “On the rebrand, we have UGL Services and DTZ. DTZ is a name that started in 1784, so just as Captain Cook was starting off for Sydney they were probably trying to sell him something. Its a name that has been around for 230 years. The brand is a force globally.”
Within UGL Services, revenue increased by 2% in the year ended 31 December to A$677.8m. Operating profits totalled A$34.4m. The marginal turnover increase was provided by DTZ. UGL said that without the acquisition revenue would have been flat, caused mainly by subdued macroeconomic conditions in the US.
Leupen said: “As with any growing business, our strategic platform continues to evolve as we focus on market leadership across all of the industries in which we operate. We are excited about the future growth opportunities for UGL and the transformation of our property services business into a truly global platform is a major step in this evolution. As these changes unfold, we remain committed to our fundamental strategy of partnering with blue chip corporates and government agencies, creating valuable outcomes in our trading relationships, managing risk and maintaining a strong balance sheet, and above all, keeping our people safe.”
A full announcement on the rebrand and any management changes at DTZ are expected to be announced on 5 March.
samantha.mcclary@estatesgazette.com
