Landmark profit tipped for valuation company

LANDMARK White, a valuation business founded on the Gold Coast, is forecasting a major jump in profit in FY18 in the wake of absorbing rival MVS Valuers.

LMW reported it had netted $1.93 million in its latest year, a rise of 10 per cent on the prior year.

It expects to net at least $7 million in the current financial year.

The MVS transaction has made LMW the largest-listed valuation company in Australia, lifting the number of shares on issue 175 per cent.

The enlarged group, which has 44 offices and 380 staff, says it expects to save between $1.5 million and $2 million a year through synergies.

LMW’s revenue in 2016-17 was $25.068 million, including a one-month contribution from MVS.

The company, founded by Gold Coast valuer Glen White and which has a Southport office, joined the ASX in 2003 and several years ago moved its head office to Sydney.

Earnings a share have come in at 5● in 2016-17, with a final dividend of 2.25●.

Shares closed up 6 per cent yesterday at 70●.