Update: H114 seizing market opportunities
Housing market transactions increased 25% H114 on H113 and the Halifax house price index was up 9%. LSL’s historic investment in people saw it exploit this good market with 18% revenue growth, well spread across the group. Cost growth (up 17%) was below revenue growth despite continued investment. Underlying operating profit grew 31% and adjusted EPS 39%. We continue to expect growth in the market in H2 albeit at a slower rate than H1. Estimates are largely unchanged. Zoopla proceeds will be returned to shareholders in September via a 16.5p dividend.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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