Profits at Lisney fall again despite pre-tax growth
GROSS profit at property advisers Lisney continued to fall last year, new accounts show.
The accounts show that Lisney, one of the country's largest property firms, saw gross profit decline by 6.6pc to €6.9m in the 12 months to the end of March 2013. This follows a 13pc decline in 2012.
The firm still managed 37pc growth in pre-tax profits, to €161,453, by reducing loan impairments.
Its loan impairment provision reduced from €432,144 to €257,186, while its property write-down provision fell to €100,000 from €150,000.
The company also managed to reduce operating expenses to €6.5m from €6.8m during the year.
Employment costs dropped by 4pc to €4.34m even though staff numbers actually increased, from 90 to 93. The company's staff is made up of 12 executive directors, 52 professional staff and 29 administrative and support staff.
Payment to directors has fallen dramatically since the property boom. Emoluments for the firm's 12 directors last year reduced by €150,082, from €941,216 to €791,134. This compares with 13 directors sharing €5.9m in remuneration in 2007.
Lisney, which has been in business for more than 80 years, provides all manner of property related services including advice on commercial, residential, investment, professional services and insolvency.
The company's cash balance improved in 2013, the accounts showed, rising to €724,497 from €581,452.
However, it took an actuarial loss of €193,000 on its pension scheme -- down significantly on the actuarial loss of €386,000 recorded in 2012.