Outlook: 2014 double digit growth, weak H115 expected
Group underlying operating profit was up 13% driven by double-digit revenue growth across most businesses. Profit per branch was £46k hitting the historic long-term target and cash generation (£25.7m) was strong. Statutory numbers were distorted by the Zoopla gain and a further £24.8m PI provision. Together with management, we expect a weak market H115 with a reasonable prospect of a much stronger H2. The tone of the release and a 17% full year standard dividend increase show management confidence.LSL Property Services is a provider of residential property services to its key customer groups incorporating both estate agency and surveying businesses. Co. has two reportable operating segments. The Estate Agency and Related Services segment provides services related to the sale and letting of residential properties; provides repossession asset management services; and arranges mortgages for a number of lenders and arranges pure protection and general insurance policies for a panel of insurance companies. The Surveying and Valuation Services segment provides a valuations and survey service of residential properties to various lending corporations and individual customers.
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