This article is from the Australian Property Journal archive
DEBT free LandMark White Group said property valuers are big demand in times of falling values and transactions.
LMW Group which posted a strong profit result for FY08 has also set its sights on starting up a funds management business.
LMW Group’s chief executive Brad Piltz said during FY08 the valuation firm ventured into other property disciplines, such as quantity surveying, business advisory, research and mortgage management.
“These disciplines continue to grow with possible acquisitions, organic growth and/or joint ventures likely,” he added.
LMW Group handed down a net profit of $2.10 million for 2008 fiscal year – up 22.3% when compared to $1.71 million in 2007. This was delivered on the back of a 7.5% growth in revenue from $27.99 million to $30.10 million – lifting earnings from 6.4 cents per share to 7.6 cents per share.
The group has announced a final dividend of 3.3 cents, bringing the total dividend for the year to 5.8 cents – up 11.5% over last year’s 5.2 cents.
Piltz said although 2008 was another tough year for residential property with falling volumes around the country, the group’s subsidiary LMW Residential produced a significantly improved result, providing a positive contribution.
“The property market is cyclical and currently we are in the downturn phase. It is likely we will remain in this part of the property cycle for another few years until yields return to “normalised” levels determined not solely by investment returns but more importantly, by valuing/pricing risk.
“In times of slowing markets with falling values and a national reduction in transaction volumes, our experience is that there becomes a greater reliance on independent, informed, well researched, expert opinion. This is particularly relevant to our strong base of financial clients.” He added.
He was also proud of the group’s debt free status.
“Without the concerns of debt we can continue to manage our business and continue to concentrate on good business practices rather than defensively addressing gearing,” he continued.
Piltz said the group is in the final stages of preparation for the launch of a new property funds management business – LMW Invest.
LMW shares unchanged at 55 cents.
Australian Property Journal
