The º£½ÇÊÓƵ arm of global commercial real estate services powerhouse Avison Young experienced a considerable downturn, with its pre-tax loss for 2023 almost doubling to eclipse £100m.
Based in Birmingham, the firm saw its losses deepen to £101.8m in 2023 from £55.6m the previous year, according to newly-released accounts at Companies House, as reported by .
During the same period, Avison Young's º£½ÇÊÓƵ team shrank, with employee numbers dropping from 1,743 to 1,519.
Despite a challenging environment, the company reported annual revenues of £211m, a modest decrease from 2022's figures of £211.8m.
Consultancy services revenue witnessed a decline from £104.3m to £96.3m over the course of the year.
Transactional revenues similarly took a dive, falling from £43.1m to £34.6m, though a surge in property management earnings from £64.3m to £80m marked a positive development.
Avison Young remarked on a significant intangible assets impairment of £52.2m after assessing expected future cash flows.
Additionally, the business brought down its staff costs by £11.3m to £120.9m following a staffing review implemented across late 2022 and early 2023.
In light of ongoing difficulties, the board issued a statement saying: "Subsequent to the year end, the challenging market conditions driven by inflationary pressures and high interest rates have resulted in a slower than expected recovery."
"In addition, the election of the new government is forecast to have a positive impact on the economy but there will be caution for investors until the October Budget as well as traction across manifesto targets such as increasing new house builds."
"Management have reviewed forecasts, understanding that through 2024, revenues will continue to be challenged due to the market downturn."
"Based on revised forecasts, we have continued to trade and generate income in line with the directors' expectations and the group's latest forecasts."
