Estate agency reports £3.6m operating profit and cuts losses from £80m to £23m after major restructuring

Estate agency DTZ has managed to narrow its preliminary losses for the year to £22.9m compared to £79.7m following a major restructuring.

Revenue fell by 2.2% to £356m as it implemented a cost-saving programme it says will create savings of £75m, of which £55m came from reducing the staff bill. DTZ did not say how many of its more than 10,000 staff across the world it had made redundant.

The company also made a £3.6m operating profit, compared to a loss of £35.1m last year, but endured exceptional items, mostly related to the restructuring, of £26.5m.

Paul Idzik, group chief executive, said the results showed “encouraging progress” for DTZ. We have restored profitability on an operating basis and begun to see tangible benefits from our restructuring programme, the results of which are now firmly embedded in our business.”

“Looking forward we are conscious there remains considerable economic uncertainty and geopolitical risk around the world and our outlook remains cautious.”