Significant wins show progress in NW, says DTZ director
Mike Mitchell, who heads DTZ's Manchester office, said the financial year covering the 12 months to 30 April 2011 has been one of progress in the North West.
DTZ announced within its preliminary results on Thursday morning that group revenue had declined from £356m in 2010 to £341.3m in 2011.
DTZ revealed a group loss of £600,000 before tax and exceptional items, compared to a profit of £3m in 2010.
Mitchell, who is DTZ's managing director for regions outside London, said: "While the group's full year results report a small loss before tax and exceptional items of £0.6 million, the 2010/2011 financial year has been one of significant progress for DTZ.
"The ongoing improvements being made to the business have contributed to a much stronger second half performance, ahead of revised market expectations, with a profit before tax and exceptional items improvement of £5.4m since H1.
"The regions outside London have endured mixed trading conditions especially with the weakness in the public sector, yet all offices made a strong contribution to the group with increased revenues per director. DTZ maintains the view that its broad regional footprint provides a long-term competitive advantage and matches many of our clients' property portfolios."
Mitchell highlighted a number of significant wins in the North West as having a positive impact on the company during the financial year. They included:
- The appointment of DTZ's corporate real estate consulting team in Manchester by Partnerships for Schools to provide property advice on the Coalition Government's nationwide Free Schools initiative
- DTZ's Manchester investment team's involvement in DTZ Investment Management's £28.55m acquisition of the 4×4 Portfolio from Liverpool Victoria Asset Management, which included the Gemini Business Park in Warrington
- Stockport Council's appointment of DTZ to help put together a development brief for the major Grand Central leisure complex in the town centre
- The commissioning of DTZ's development consulting team, in association with a consortium including Taylor Young, Regeneris, Gifford, Pan Leisure and Thinking Place, to prepare a vision, strategic regeneration framework and implementation plan for Ellesmere Port on behalf of the Ellesmere Port Development Board being supported by Cheshire West & Chester Council
Paul Idzik, chief executive of DTZ, added: "While there is evidence of substantial progress in some areas of our business, the varying trading conditions experienced across the group's operations have led to a small decline in revenues.
"Reversing the trend of revenue decline and achieving profitable organic growth now have to happen for DTZ to deliver improved financial performance. 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."