DTZ reports strong progress with 32% rise in pre-tax profits.
- Profit before tax up 32% to £11.0m (2003: £8.4m); profits before tax and exceptional items up 22% to £11.0m (2003: £9.1m)
- Turnover increased by 8% to £166.3m (2003: £153.7m)
- Earnings before interest, tax, depreciation and amortisation (‘EBITDA’) and pre-exceptional items, rose by 19% to £17.0m (2003: £14.3m)
- Basic earnings per share up 65% to 10.8p (2003: 6.6p); earnings per share pre-exceptionals up 26% to 10.8p (2003: 8.6p)
- Improved performance from international operations, contributing a profit before tax and interest and exceptional items of £77,000 (2003: loss of £5.8m)
- Strong balance sheet with net cash at the year end of £6.6m (2003: £4.3m)
- In the light of the Board’s continued confidence in the Group’s long term strategy, final dividend for the year increased by 6.25% to 4.25p (2003: 4.0p), giving a total dividend for the year of 6.5p (2003: 6.25p).
Commenting on the results, Tim Melville-Ross, DTZ’s Chairman, said:
“We are operating in a period where prospects for the major economies look more promising than a year ago and this is starting to feed through to the occupational property markets.'
“In the light of favourable momentum, the ongoing success of our strategy, our high quality team and a strong balance sheet, the Board is confident that strong foundations are in place for enhanced returns to shareholders in the future.”