DTZ says it remains cautious about its outlook for the UK and Ireland after having seen lower levels of activity in these markets in the first part of the financial year.
At the company’s annual meeting today, chairman Tim Melville-Ross said one exception to this had been an improvement in the performance of the company’s Investment Agency business, largely driven by market activity in London.
“While the Group has had a challenging start to the 2010/11 financial year, overall trading remains in line with our expectations,” he said.
“We have seen some signs of increased occupier and investor confidence, which have resulted in increased activity in certain markets.
“However, this has not yet translated into more widespread activity across all our markets.
“Asia Pacific has had a strong start to the 2010/11 financial year.
“The region has experienced higher levels of activity compared to the same period last year driven by the investment and occupational markets across China and South East Asia.”
Melville-Ross said the company’s markets remained uncertain and continued to show varying levels of activity.
“They are difficult to predict and the Group’s outlook therefore remains very cautious,” he said.
“Historically, trading activity has been more weighted towards the second half of our financial year and this weighting is expected to be more pronounced in the current year.”
nathan.cross@estategazette.com
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