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03Feb94 UK: NO OFFICES BOOST YET, SAYS DAVIES - DY DAVIES RESULTS.

The return of confidence in the property investment market has not been transferred to the property development or construction industry, says David Davies, chairman of architect DY Davies.The quoted Richmond-based firm stayed in the red in the half ending October with a pre-tax loss of £116,000 (1992: £484,000).Fee levels were extremely low due to competitive fee bidding and low demand but the firm was seeking to expand in Eastern Europe and the Middle East.Turnover fell from £3.9 million to £2.5 million and the group's operating profit slipped from £60,000 to £43,000. CONSTRUCTION NEWS