DTZ Holdings, a London-listed real estate services firm is aiming to be profitable at the operating level for the current fiscal year, though uncertainties in the eurozone are a main concern, said a top executive.
DTZ plans to focus on key emerging markets like India and China, as Asia leads the global economic recovery, said chief executive Paul Idzik who spoke to Reuters.
“There are a lot of difficulties in the eurozone – uncertainty over bank refinancing and the health of bank balance sheets and a lot more political uncertainty on the continent than we’ve seen for a long time,” said Mr. Idzik.
The eurozone debt crisis and political uncertainties in other European countries were issues to watch out for, he added.
DTZ, whose competitors include Jones Lang LaSalle, Savills Plc and CB Richard Ellis Group, saw a 2.2 percent decline in revenue of £356 million for the fiscal year that ended April 2010.
Africa, the Middle East and Continental Europe contributed 25 percent to the total revenue, based on company figures. Ireland and Britain accounted for about 40 percent, while the Asia-Pacific region made up 28 percent and the Americas at 6 percent.
Profit before exceptionals and tax during the period reached £3.6 million, compared with a loss of £35.1 million over the same period last year.
The company’s operating profit hit £6.5 million, compared with a £33-million loss last year.
“Hopefully, we’ll continue to see positive numbers at the bottom of the P&L statement,” said Mr. Idzik.