Lambert Smith Hampton improved its operating performance in its last financial year.

Published 05th Jan 2011

The firm’s results for the year to 31 March, which were lodged at Companies House last week, reveal that it achieved an underlying operating profit of £4.9m, compared to £4.4m the year before.

This improved performance came despite revenue falling 10% to £61.8m.

However, the firm still made a loss, albeit reduced from 2009, because of its high interest bill. It made a post-tax loss of £3.9m, compared to a loss of £19.8m the year before, largely as a result of a £5.7m interest bill on its £50m of debt.

The interest bill, however, includes interest that is rolled up on Payment-in-Kind (PIK) notes that do not mature until 2017.

Chief executive Ezra Nahome warned that because the UK commercial property was still “weak” the firm “does not see anything other than a modest improvement in trading” in the current financial year to 31 March 2011.

Source: ' Property Week '

View All Latest News