Pre-tax profits at property services firm Lisney last year increased more than seven-fold to €674,826.
New accounts show that pre-tax profits soared at Lisney Ltd, as revenues increased by 49 per cent from €9.52 million to €14.16 million in the 12 months to the end of March last.
The pre-tax profit of €674,826 is a 643 per cent increase on the pre-tax profit of €90,811 in the prior year.
The directors state that they attribute “this satisfactory result” to a combination of a gradual return towards normalised trading following the most severe restrictions of Covid-19, and the early positive signs of implementing "a revitalised strategic plan for the business" during the fiscal year.
They state that prior to year-end, Lisney invested significantly in obtaining the Sotheby’s International Realty franchise for Ireland for the residential segment of the business.
Last May, the Sotheby’s residential segment was re-branded Lisney Sotheby’s International Realty, which formed part of the overall strategic actions planned for the business.
They state that the phased roll-out of the strategic plan for 2022 and beyond will next focus on the commercial segment of the business.
They state that “the successful implementation of which will see the overall business augmenting its position as a market leader within the commercial and residential real estate markets in which it operates”.
The business last year declared an interim dividend of €175,000. The company recorded post tax profits of €508,796 following corporate tax of €166,030.
Numbers employed by Lisney last year increased from 102 to 106 made up of five executive directors, 78 professional staff and 23 administration and support staff.
Staff costs increased from €6.34 million to €9.29 million.
The business did not avail of any Covid-19 wage subsidy support in the year under review after receiving €978,459 in the prior year.
The number of directors reduced from 11 to five following a governance review and as a result, directors’ pay declined by 39 per cent from €1.64 million to €1 million.
The profit last year takes account of combined non-cash depreciation and amortisation costs of €326,195 and pension costs of €408,495.
The directors state that the firm had a “healthy” cash position of €1.36 million. Shareholder funds at the end of March last year totalled €4.23 million.
