LandMark sees $8m in value disappear

MORE than $8 million was wiped off the market capitalisation of Gold Coast-founded valuation firm LandMark White yesterday following its reinstatement to the stockmarket.

It followed the company on Monday reporting its half-year results, which included its after-tax profit falling 92 per cent for the first half due to a softening property market and the impact of a cybersecurity breach.

The company’s shares were reinstated after they were voluntarily suspended since February 19 after a data breach in which information on about 100,000 home-loan customers was posted on the dark web.

Yesterday the company’s share price fell as much as 40 per cent to 22.5¢ before it clawed back ground to close down 26 per cent, or 10¢, at 28¢.

Major banks suspended use of the company’s valuation services in the wake of the breach, which the company estimates will cost between $5 million and $6 million in lost revenue and profits.

On Monday. LandMark White released its half-year accounts, showing a pre-tax profit of $522,000, down 82 per cent, and a 92 per cent decrease in its after-tax profit to $162,000.

However, revenue rose 6 per cent to $23.9 million, largely due to the acquisition of valuation firm Taylor Byrne.

LandMark White tipped an improvement in the second half due to synergies delivered by the Taylor Byrne purchase and a lift in statutory services valuations by that firm.