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.
AUTHOR
Benjamin Levy
Recommended for you
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
