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.