13th Apr 2023 14:23
LSL Property Services PLC - Newcastle-based estate agency - Says all divisions have traded well in 2022, and overall performance is in line with its guidance in November. Says revenue is "resilient" at GBP321.7 million, but down from GBP326.8 million a year earlier. Swings to pretax loss of GBP59.1 million from a profit of GBP69.9 million. Says the results include a GBP87.2 million non-cash impairment charge for goodwill. Operating loss is GBP56.7 million, compared to profit of GBP72.6 million.
Declares a final dividend of 7.4 pence per share, unchanged from a year earlier. Total dividend amounts to 11.4p per share, also unchanged from a year prior. Looking ahead, LSL Property expects market conditions to remain challenging in the first half of 2023, but to improve in the second half. LSL says it remains very well-placed to benefit as market conditions improve.
Chief Executive Officer David Stewart says: "I am pleased to report that LSL is in good shape. In 2022, the group traded well in challenging market conditions, whilst making substantial progress in the execution of our strategy to grow and to become a B2B financial services provider. As a result, we remain well-placed to deliver on our strategy and capitalise on the significant opportunities we see available."
Current stock price: 251.50 pence each, up 2.2% on Thursday afternoon in London
12-month change: down 31%
By Xindi Wei, Alliance News reporter
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