DTZ revealed an impressive set of half-year results today but is losing its chief operating officer.
The £426m quoted property services firm increased pretax profits by 57% to £15.4m in the six months to 31 October. Turnover rose 31% to £125m.
However, chief operating officer Tim Hodgson, who has just completed 30 years at the firm, is standing down from his role in May because, according to chairman Tim Melville-Ross, ‘he wants a change in lifestyle’. He will return to the firm in September in a part-time role.
DTZ enjoyed strong performances particularly in the UK, Singapore and the Netherlands, Melville-Ross said. It made progress in expanding its global presence, by buying a 50% interest in DTZ Rockwood in the US and more recently the remaining 70% of the equity in the Greater China business.
The best-performing division was capital markets, which increased turnover by 52% to £36.4m. The occupational and development markets team, which increased turnover by 23% to £35.1m, won corporate real estate contracts from Vodafone and Shell.
The valuation team increased turnover by 24% to £24.2m. It advised Ernst & Young on the administration of London & Edinburgh Swallow Group, the UK’s largest privately-owned hotel group, and provided due diligence advice for Deutsche Bank in relation to the £1bn acquisition of McCarthy & Stone.
The professional services division increased revenue by 25.5% to £20.2m and the consulting & research team increased turnover by 28% to £9.05m.