Sherry Fitzgerald losses up 310%

THE collapse of the Irish property market has resulted in fee and commission income at Ireland’s largest auctioneers, Sherry FitzGerald Holdings, plummeting by €25 million as losses surged by 310% to €15.55m.

The latest accounts filed with the Companies Registration Office by the company, for the 12 months to the end of December 2008, show a 38.6% – €24.98m – fall in turnover, primarily fees and commissions, from €64.95m in 2007 to €39.97m in 2008.

And pre-tax losses at the company grew to €15.55m in 2008 from €3.8m in 2007, an increase in pre-tax losses of €11.75m.