Broker turnover falls, but operating profit is up
Kerry London Group reported an after tax loss of £161,933 during 2011 (2011: net loss of £214,354), according to a Companies House filing.
The broker’s turnover fell to £13.9m last year, from £15.3m in 2010.
Meanwhile, operating profit climbed to £355,342 in 2011, from £18,926 a year earlier.
The group issued in a statement, saying: “During 2011, the market continued to be challenging and during the year KLL took steps to reduce its overheads, which resulted in some one-off costs.
“The directors are confident that the revenues will stabilise in 2012 and the reduced overhead structure will lead to a profitable 2012.”
The statement continued: “Results to date have been on or close to budget. The group is forecast to meet all its banking covenant requirements over the course of the facility.
“The directors are satisfied that there is adequate headroom on these facilities and on the cash reserves of the group.”