Ten directors stepped down from Lisney in 2020

Six directors stepped down late last year following a detailed review of governance arrangements

Lisney MD David Byrne said the business has 'strong year-on-year forecasted growth'

Gordon Deegan

October 22 2021 02:30 AM

New accounts of property services firm Lisney show six directors stepped down from the board of the firm late last year following a detailed review of governance arrangements. A total of 10 directors stepped down across 2020.

Commenting on the new accounts, MD David Byrne said: “Our governance review took place as part of reassessing our business strategy to ensure we were on the best possible footing for growth in the years ahead.”

The company reduced the size of its board to five and appointed James Menton, formerly of KPMG, as a non-executive chairman “to ensure a very focused governance model which is completely aligned with our revised ambitious targets for growth of the business in the years ahead”, according to Mr Byrne.

Mr Byrne said he is “very pleased” with the new governance arrangements.

“We had two directors who stepped down during 2020 wishing to pursue other areas of interest in the property industry and are no longer working in the business.

He said: “All other directors who stepped down, most of whom are shareholders of the business, remain in their executive roles within the business and continue to play an important role in driving the business forward into the future.”

The accounts say Lisney has “been trading exceptionally well” as Covid restrictions have eased and the vaccine rollout has continued.

Pre-tax profits plunged by 92pc to €115,676 in the 12 months to the end of March 2020.

However, Mr Byrne said the business has “strong year-on-year forecasted growth when compared to previous pre-Covid years”.

On the financial performance of the company to the end of March 2021, Mr Byrne stated revenues declined by 15pc.

Mr Byrne said the revenue decline took place in a year where there was restricted access to properties for over five months due to Covid-19.

He said the firm is satisfied with the 2021 fiscal year financial performance that included the revenue decline “in the context of the significant external challenges in place”.

Numbers employed by Lisney last year reduced from 116 to 112 as staff costs declined by 24pc from €10.64m to €8.11m.

Directors’ pay reduced from €3.69m to €2.01m.