Lambert Smith Hampton has narrowed its pretax loss to £5m on three quarters of revenue, according to its results for the nine months to 31 December.
The agent, which last year was bought by Countrywide, saw its loss move in from £28m in the previous full year to 31 March, according to accounts just filed at Companies House.Revenue for the shortened period was £45.9m, which compares with £61.6m in the previous full year.
The firm posted an operating profit before exceptional items, which include a £2.6m payout to members in relation to the sale of the company, of £2.5m, down from £4.1m a year earlier.
Further exceptional costs included £1.1m relating to staff redundancies and reorganisation and £3.2m in respect of claims related to professional work.
The firm, which employs more than 750 people across 25 offices, became part of the Countrywide property services group with effect from October 2013.
LSH’s highest paid director received emoluments, excluding pension contriobutions, of £686,000 – up from £598,000 in the 12 months prior.
bridget.o’connell@estatesgazette.com
