Alexander Hall Associates has filed its annual results for the year ending December 31 2009, showing the brokerage made a £1.1m loss, but it expects to break even in 2010.
This compares with a £126,057 profit in 2008. Alexander Hall is one of two firms in the Foxtons Group. It saw turnover decrease by 56% and operating profit fall by £1.7m.
The accounts state: “Although a loss of £1.1m was made and despite the continued weakness of the mortgage intermediary market it is expected that as the new cost structure is implemented the company will break even in 2010.”
Andy Pratt, chief operating officer of Alexander Hall, says: “Everybody in the mortgage market is in this together. There are some positive signs for 2010, we have a solid and secure business model and we’re starting to see things stabilise.”