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DTZ slumps to loss on property woes

08:32 | 21.07.09

By Neil Spike

DTZ has posted a full year £35.1m pre-tax loss after being hit by falling revenue and restructuring costs but has secured £15m credit and met its cost-cutting targets.

The property services firm in its results for the period up to April 2009 published this morning said it had also made an exceptional charge of £44.6m taking its full-year reported loss to just under £80 million compared to a 2008 profit of £5.6m.

DTZ, which has been undergone a restructure lead by former investment banker Paul Idzik, has secured an additional £15m credit facility from its largest French based shareholder SGP Investors.

The additional facility will allow further restructuring of its banking facilities and resetting of its loan covenants.

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