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ACUMENTIS GROUP LIMITED — Earnings Release 2009
Aug 30, 2009
64295_rns_2009-08-30_e44121ac-abe2-439b-b2c9-69eb5b99831e.pdf
Earnings Release
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31 August 2009
The Manager Company Announcements Office Australian Securities Exchange
Independent Property Valuation Property Research Property Advice Business Advice & Valuation Quantity Surveying
LandMark White Ltd ABN 50 102 320 329 ACN 102 320 329 www.lmw.com.au
Electronic Lodgement
Dear Sir or Madam
LandMark White Limited (LMW Group) results for the year ended 30 June 2009
As noted in our half year report for the six months to 31 December 2008, LMW Group has not escaped the negative effects of the global credit crisis. However, as previously advised, LMW Group has focused its efforts on both cost cutting and growth. As a result we have substantially improved our operating performance returning to profit for the last six months and reducing our full year loss before income tax and impairment to $141,374 compared to $608,186 loss reported for the first six months. The benefits from improved management practices implemented have been highlighted by the positive cashflow from operating activities over the 12 months of $1,041,326.
We have continued to invest in funds management. While this has negatively impacted our performance, this is seen as an essential part of the future growth of the LMW Group over the long term.
A summary of our results is as follow;
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Sales revenue decreased to $23.563 million, down 21.7% from 2008.
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Pre tax loss of $556,168, including impairment of $414,794.
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Dividend in respect of the 2009 financial year of 2.0 cents payable 7 October 2009 for all shareholders on the register as at 22 September 2009.
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Dividends fully franked.
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LandMark White remains debt free.
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Current bank balance at date of announcement $2.762 million.
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Continued diversification into Funds Management including the launch of LMWI Diversified Property Fund and the joint venture establishing DenisonLMWI.
Dividend
LMW Group has declared a dividend of 2.0 cents for the financial year down from 5.8 cents for the 2008 financial year. Despite our loss in 2009, the dividend reflects LMW Group’s strong cash position, commitment to our shareholders and our expectations of a positive performance for financial year 2010 as a result of management initiatives over the last 6 months and anticipated improved economic conditions.
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National Offices: Head Office: Registered Office: Sydney Parramatta Level 15 Ground Floor, Waterside East Tower Melbourne Sunshine Coast 55 Clarence Street 3 Holden Place Brisbane Wollongong Sydney NSW 2000 Bundall QLD 4217 Gold Coast Adelaide Telephone: 02 8823 6300 Telephone: 07 5510 3100 Facsimile: 02 8823 6399 Facsimile: 07 5510 3200
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Valuation Performance
LMW Group’s property valuation business practices (LandMark White & LMW Residential) remained profitable for the financial year. Despite recording lower revenues for 2009 this performance reflects the resilience of our core business to the current depressed economic conditions.
Future Growth
LMW Group remains committed to growing both the company and shareholders’ returns. We continue to invest in our funds management arm and are encouraged by the growth of the LMWI Diversified Property Fund since interception and the responses to the launch of our first property syndicate; DenisonLMWI Property Trust #1.
Please refer the web site www.lmwinvest.com for daily pricing of the LMWI Diversified Property Fund.
Funds management continues to be a key focus of growth for LMW Group leveraging off our strong independent property valuation practices.
The results are subject to finalisation of the audit.
Yours faithfully LANDMARK WHITE LIMITED
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Glen White Chairman
Brad Piltz
Chief Executive Officer
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