27th Nov 2018 13:27
LONDON (Alliance News) - LSL Property Services PLC said on Tuesday it expects underlying operating profit for 2018 to be in line with management expectations, based on a stable performance in the first ten months.
In 2017, underlying operating profit came up to GBP37.5 million.
For the four months to the end of October, revenue rose by 7.5% to GBP117.6 million from GBP109.4 million the year before.
In the ten months to the end of October, revenue grew by 3.7% to GBP270.5 million from GBP260.9 million, as the Estate Agency business saw revenue growth of 3.4% and Surveying of 4.7%.
Within the Estate Agency business, an increase in Lettings and Financial Services income by 4% and 15%, respectively, more than offset a drop in Residential Sales income by 5% in the four month period.
The Surveying division saw income rise by 22% year-on-year, helped by a contribution from the start of a surveying and valuation services relationship with Lloyds Bank PLC.
Net debt as at October 31 stood at GBP47.4 million, up from GBP42.3 million the same date the prior year, due to new investments and lettings book acquisitions.
Shares in LSL Property Services were up 4.6% at 249.00 pence on Tuesday.
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