LSL Property Services pre tax profits slide 42%
With leading estate agency brands of Your Move and Reeds Rains to its name, LSL Property Services has released unsurprising negative profit figures for 2018 with a turnover of £324.6 million and pre tax profits of £23.1 million which is a 42% drop.
The group which operates over 200 estate agent branches along with a selection of other related services was said to have been performing resiliently despite their negative results in their profits.
Growth is still alive in the group with 4% turnover increase and a 3% result for the income via their estate agency department. Though negatives are alive also with a 24% fall in operating profits from the estate agency arm blamed mostly on the reduction of residential sales volumes.
“In February, LSL announced plans to close up to 124 branches as part of a restructuring plan.”
Chairman Simon Embley was quoted as saying: “The group delivered a highly resilient revenue and underlying operating profit performance in 2018 despite challenging residential property market conditions.
We continue to deliver a range of proactive self-help initiatives demonstrating the breadth of opportunity across the group.
We continue to remain cautious on the residential property market outlook for 2019 given the current uncertainty over the UK and global political and economic environment and the potential impact on UK consumer confidence.
The group has a robust balance sheet with relatively low levels of gearing and is highly cash generative at an operational level. The board remain confident of the opportunities for further positive progress for the group.”
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