30th Apr 2019 15:28
LONDON (Alliance News) - LSL Property Services PLC said on Tuesday at its annual general meeting it expects to deliver an annual result in line with board forecasts despite a challenging first quarter.
For the three months to March 31, revenue rose by 5.7% on a year ago, boosted by the company's self-help measures.
"The board's current expectation is that the group will deliver a full year underlying operating profit in line with its prior expectation," said LSL.
Market conditions in the first quarter of 2019 have been "notably softer" than a year ago, the residential property services provider noted, with its performance in the first three months of the year "slightly behind the board's expectations".
LSL said it remains cautious on the outlook for the residential property market in 2019 given political uncertainty in the UK.
"Although Brexit and the current political environment continues to create uncertainty, it is too early to judge if the Brexit outcome will further impact consumer sentiment," the company commented.
Nonetheless, LSL said it continues to execute its strategy and is confident the company remains well-positioned to perform well.
Shares in LSL were down 0.4% at 265.00 pence on Tuesday.
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