LandMark White continues to cut costs to counter drop in demand
Property group Landmark White (LMW) will continue to cut costs and aggressively market their business in an effort to counter a continuing drop in demand for its property valuation services.
The company will continue to develop its fund management business LMW Invest, which was launched last year, to gain a more “predictable” income stream from the property funds management sector.
However, the continued support of LMW Invest will lead to a trading loss this financial year, the company said, although the loss would be an improvement on the results suffered at the end of December last year.
LMW lost $525,010 in the six months to December 2008. They anticipate further asset write downs of approximately $200,000 for the full financial year.
LMW Invest has formed a joint venture with Dension Group to secure more solid income streams into the company, through traditional property syndicate structures. The company said they don’t expect demand levels for their services to improve for some years.
However, the company expects profit from LMW Invest in the next financial year.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
