DTZ Holdings PLC
13 September 2005
13 September 2005
DTZ Holdings plc ("DTZ" / "Group" / "Company")
ANNUAL GENERAL MEETING
Tim Melville-Ross, DTZ's Chairman, will make the following remarks at the
Group's Annual General Meeting to be held today at 11.00 am at DTZ's offices at
One Curzon Street, London W1A 5PZ.
"We were delighted with the progress made in the year to 30 April 2005 and to be
able to announce excellent results, including a 67% increase in profits before
tax and an 86% rise in earnings per share. In light of the Group's strong
progress, strengthening financial position and our confidence in the Company's
prospects, your Board was also delighted to have recommended an 18% increase in
the final dividend, bringing the total dividend for the year to 7.5p, compared
to 6.5p last year.
"These results would not have been possible without the whole team at DTZ, who
have put in a first class performance on behalf of our shareholders, for which
we are very grateful.
"During the year, we have continued our European expansion and consolidation,
with a management restructuring and the acquisition of a 30% interest in our
Swedish associate. Since the year-end, we have bought the outstanding minority
interest in our Italian business, and now have representation in Switzerland.
"Globally, we have filled a major gap in our offering by opening in India. Our
Chinese associate will shortly open its tenth and eleventh offices, in Xi'an and
Wuhan, and we have reopened our Bahrain office. Since the year-end, as announced
to shareholders recently, we have also strengthened our presence in Australia,
through the acquisition of the entire share capital of Grosvenor Hickey Tindale,
a leading specialist office agency in Sydney.
"There has been a strong focus on developing our corporate culture
internationally through conferences and training, supported by increasingly
integrated administration systems. I would particularly like to underline the
importance of the increasing globalisation of our business. This reflects what
is happening in our markets, and has been instrumental in securing a number of
important new instructions from major clients.
"Looking ahead, this theme of globalisation will be central to the strategic
steps we take in the near future. Thus for example we shall be working more
closely with our US partners to ensure the delivery of an integrated range of
services to our clients there, and a similar level of service to their clients
throughout the world. We shall be building an integrated service structure that
nevertheless reflects the different national characteristics and cultures within
which we operate. We shall do this while continuing to focus on further
improving both profits and margins.
"Commenting briefly on markets, it is evident that property investment markets
internationally have been robust for some considerable time. For example, our
research shows cross border investment activity in Europe increased steadily
from €9.9 billion in 1997 to €52.9 billion last year. This is not surprising
when you compare property investment performance with the other key asset
classes both as to levels of return and their relative stability over extended
periods of time. We are confident this interest in property investment will
continue, but perhaps at a more modest rate reflecting a slowing of the yield
compression we have seen over the last year.
"Occupier markets are slowly strengthening on the back of continuing economic
growth, but this is not yet coming through in significant rental increases. We
believe rents will continue to firm gently, obviously at different rates in
"Your Board continues to be confident about the prospects for your Group. We
continue to make strong progress in the improving markets we have seen in the
recent past, and we are confident that the strategy we have put in place will
ensure that we continue to add value for shareholders."
For further information, please contact:
DTZ Holdings plc
Tim Melville-Ross/ Caroline Mallin
Tel: 020 7643 6125
Tel: 020 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange