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Annual Results

LSL underlying operating profits fall

07 March 2017 07:34

LSL Property Services posts underlying operating profits of £34.6m for the year to the end of December - down from £42.9m last time.

Revenues were up 2% at £307.8m but the underlying operating margin fell to 11.3% from 14.3% in 2015.

Group operating profits 58% to £65.4m (2015: £41.4m) and the group saw continued momentum in the estate agency division with 3% overall revenue growth.

Pre-tax profits rose to £63.5m from £38.6m last time.

Chairman Simon Embley said: "Following a strong first half performance, the group delivered a resilient second half performance given the changing market conditions.

"I am pleased that we maintained revenue growth in both the Estate Agency and Surveying Divisions.

"The Group reacted decisively to the changing market conditions in the second half by taking selective cost measures and strengthening the balance sheet.

"The Group has relatively low levels of gearing and is very cash generative at an operational level.

"The business is well positioned to capitalise on market conditions to increase shareholder value."

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