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Strutt & Parker sees profit plummet 79%

Strutt & Parker saw profits dive by 79% during its last financial year.

Profit for the firm, which converted to a limited liability partnership structure in May 2008, plummeted from £16m to £3.3m for the 12 months to April 30 2009. This is based on turnover of £64.9m, which is 25% lower than the £86.3m reported for 2007/8.

The agency has since generated £4.8m in profit for the six months to October 31 2009, up from the £0.46m generated in the same period in 2008.

Andy Martin, a senior partner for Strutt & Parker, says: “The year to April 30 we view as very much history, particularly as we have seen a good improvement in our recent results in particular the London Residential team which has reported its strongest trading month ever in September.

"We, along with our competitors, faced a very tough trading environment with transactional business slowing for the last quarter of 2008 and first quarter of 2009.  However, as with all diverse businesses some parts performed exceptionally well whereas other parts struggled, in particular brokerage. “

He adds: “Significant cost reductions and efficiencies were made during the year to adjust operating costs and these adjustments mean that as a firm we have a better platform for this market to enable us to continue to improve profitability in the coming years.

“In financial terms, although it is too early to call the end of what has been the sharpest decline in values in living memory, the 2009/10 financial year has started better with all areas of the business ahead of budgets at the six-month stage.”

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