Scottish auctioneer posts another loss
LANARK-based auctioneer Lawrie & Symington posted an operating loss of £281,000 in the year to 31 December, highlighting the problems facing the sector.
The loss compares with a profit of £1.72m in the previous year.
Turnover fell from £2.01m in the previous year to £1.8m and other financial indices of the company were equally pessimistic.
Commission income fell by £421,693 in 12 months, while the company is now operating with an overdraft of over £700,000.
But there was some comfort to be had too – the firms balance sheet showed net assets valued at £7.17m.
This sum could be lifted if a decision is made to sell Olivers Mart at Gorgie in Edinburgh, which was closed last year.
- The Scotsman 08/04/99 page 32