No dividend as Your Move cuts losses

Jul 17 2010 by John Hill, The Journal

ESTATE agent Your Move reduced its pre-tax losses from £6.3m to £70,000 in 2009, thanks to an increase in its operating profit from a £4.6m loss to a profit of £266,000.

The Newcastle-based firm said turnover was down 3% in the year from £47.4m to £45.8m since the decrease in house prices had an impact on the level of exchange fees collected in transactions.

However, it said the increase was offset by other streams of income such as increased lettings and the recently-scrapped home information packs. Your Move is not paying a dividend for the year to December 31.

The company said “the improvement in operating results reflects the full year benefit of the cost reduction measures implemented during 2008, along with continued strengthening of other income streams such as lettings.

Despite the difficult market, the directors believe the overall results for the year are considered to be satisfactory. The business won several awards in 2009 across the business.”

Monthly staff numbers averaged 1,039 in 2009, down from 1,058 in the previous year.

Employee costs dropped from £32.5m to £28.1m, while the money paid out to the highest director rose from £114,052 in 2008 to £219,110 excluding pension costs. Total payouts to directors came to £778,640 excluding pensions, up from £544,107 in 2008.

The firm’s parent company LSL Property Services acquired the entire share capital of Halifax Estate Agencies for a nominal £1 sum in January this year.