Lambert Smith Hampton has reported a 9% drop in revenue in the first half of 2019, with the agent citing the slowdown in the UK investment market as the key driver.
The firm, whose parent company is Countrywide, posted a 20% fall in transactional revenue over the first six months of the year.
“With the UK economy experiencing heightened political uncertainty and Brexit postponed until 31 October 2019, the UK investment market has seen a sharp slowing down in the first half of the year,” said Countrywide in its interim results.
The wider business-to-business division at Countrywide, of which LSH is one of the largest segments, saw adjusted EBITDA fall to £7.6m, down 39% compared to H1 2018.
Countrywide said the fall was “all attributable to LSH” and added that it reflected an “extremely challenging UK commercial transactional market”.
The Countrywide group posted a loss of £37.7m for H1 2019, an improvement on the £206.4m loss last year. On an underlying basis, the business delivered a £4.8m profit.
To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette
