Update: Confidence in H2 recovery
In H115 LSL delivered stable revenue on H114, but investment saw costs rise moderately and the adjusted operating profit and EPS fall by 32%. There was double-digit revenue growth in both lettings and financial services, and the re-engineering last year in the surveying division saw profits rise a third despite flat revenue. Falling H1 volumes in the core sales business were expected and should reverse into growth in H215. Management is confident of delivering FY15 market forecasts.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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