Update: Execution drives profit in flat market
Strong H215 performances from both agency and surveying took LSL to a record underlying operating profit of £42.9m for the year. The small increase on the prior year was as previously guided and is a good result in what was a challenging year for the sector. Management gave a confident outlook for the current year, based on targeted internal initiatives, the ability of its brand to compete effectively, and potential further add-on acquisitions supported by its strong cash-generating capacity rather than on any anticipation of a revival of housing transaction activity.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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