Brokerage firm DTZ reported pre-tax losses narrowed to £3.4 mln (EUR 3.8 mln) in the year to 30 April from £23.5 mln a year earlier. The improvement followed a 4% decline in revenue to £341.3 mln.

CEO Paul Idzik attributed the overall revenue decline to 'varying trading conditions across the Group’s operations', but pointed out that revenue per director increased 13.5% following a cost-cutting programme.

While the Asia Pacific business booked a revenue increase of 8% to £106.3 mln on steady pre-tax profit of £8.8 mln, this was insufficient to offset lower levels of activity in the UK. The UK business saw pre-tax profit plunge 64% to £3.1 mln on revenue 12% lower at £128.3 mln.

Continental Europe, Middle East and Africa (CEMEA) turned in an improved performance for the second successive year, swinging back into the black with a profit before tax and exceptional items of £2.4 mln following a loss of £3.3 mln the previous year.

The company said discussions with its majority shareholder Saint George Participations SAS on a proposed delisting and sale to BNP Paribas remain at an early stage. 'There can be no certainty that any proposals will be progressed or that any offer will be ultimately made. A further announcement will be made, as appropriate, in due course.'

Idzik said that 2010/2011 had been another difficult year, but that he was 'encouraged’ by the continued advances that have been made. 'That said, the structural impediments to the group achieving its full potential in terms of revenue generation have proved more enduring and difficult to overcome than anticipated. While we are behind schedule, there is a positive momentum in many of our key business areas and where further work is required, such as in CEMEA, we are taking the necessary actions.'

He added that the businesses most affected during the downturn, namely the UK and CEMEA, have been strengthened and will now begin to benefit from a continued market recovery. 'The economic recovery is unfolding at two speeds, with Asia to the fore and the UK and Europe trailing. A similarly mixed picture is emerging in property markets, both within regions and at country level. In Continental Europe, Germany, the Nordics and CEE (Central and Eastern Europe) are delivering strong economic growth and their property markets reflect this. In the UK, prime central London property continues to attract investors, but the regions remain less attractive in a relative sense as rental growth is forecast at a lower level.'