The company has trimmed staff, with the severances having a negative effect. It was also hit by the departure of several senior brokers and department heads in 2011 and 2012.

According to its 2013 annual report, L&S risked losing customers and market share as a result. Early in 2013, new managing director Thomas Kaas took over and activity was “stabilised and the company secured momentum and improvements in the second half of the year”, according to the board.

Revenues