Estate agents makes loss of €360,000

LEADING estate agents Lisney swung into the red last year.

The latest accounts for the company show a pre-tax loss in of more than €360,000 in the year to the end of March 2005, compared to a profit of €146,942 in 2004.

Though turnover for the year climbed to €15.2 million, a rise in operating expenses and a €2.2m hit from the amortisation of goodwill sent the company into the red.

According to the company’s accounts, Lisney’s 12 directors were paid almost €500,000 each last year.

Overall remuneration for directors, including salaries and pension contributions, came to €5.7m, up from €5.5m in 2004.

The directors are listed as: Peter Stapleton, Ann Hargaden, Peter Browne, Peter Kieran, Tom Day, Paul McNamara, Hugh Markey, Margaret Kelleher, David Bewley and Brian Gilson.

The total staff costs for the company’s 132 employees, including the directors came to €13.39m, a rise of €1.4m.

This gives an average annual salary per employee of more than €100,000.

The accounts show that shareholders’ funds at the year end was just €153,208.

However, the company’s long-term debt fell heavily over the period, dropping by more than €4m to €7.8m.

“The directors expect that the group will continue to trade satisfactorily,” the company said, adding that no dividend will be paid to shareholders.

The company is owned by the directors, led by managing director Peter Stapleton.

Lisney is one of the oldest estate agents in the country, tracing its roots back to the 1920s. It has offices in Dublin, Cork and Belfast.