Alexander Hall Associates has filed its annual results for the year ending December 31 2009, which show the brokerage made a £1.1m loss, but expects to break even in 2010.
This compares with a £126,057 profit in 2008.
Alexander Hall is one of the two operating companies within the Foxtons Group and saw its turnover decrease by 56% and operating profit by £1.7m.
Its accounts say: “Although a loss of £1.1m was made and despite the continued weakness of the mortgage intermediary market, it is expected that the new cost structure implemented, the company will break-even in 2010.”
Sales staff were also cut from 164 in 2008 to 95 in 2009.
The accounts show that after making enquiries the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
On March 30 the main stakeholders in the business completed a capital reorganisation of the group which realigned the group’s debt structure with future cash flows, which the company says will leave the group on a sound financial footing.
Andy Pratt, chief operating officer at Alexander Hall, says: “Everybody in the mortgage market is in this together. There have been some positive signs for 2010, we have a solid and secure business model and we are starting to see things stabilise.”