A gloomy outlook from DTZ pushed its shares down nearly 10%. Financial Times, Daily Telegraph, The Times
Interim pre-tax profits fell from £15.4m to £11.7m and Tim Melville-Ross, chairman, warned that challenging conditions in the property market, caused by turbulence in financial markets, would be reflected in profits for the financial year to next April.
DTZ’s shares are down 60pc so far this year on concerns about the property market worldwide. Despite that, DTZ has continued to expand, completing the acquisition of rival property agent Donaldsons in July and increasing staffing numbers internationally.
Analysts are cutting their full-year profit forecast from around £38m to £34m.