LSL Property Services scraps warns of 'material' slowdown in estate agency activity

Mon, 30th Mar 2020

LSL Property Services scrapped its dividend and warned it had seen a 'material' slowdown in its lead sales indicators in estate agency and warned activity levels had dropped 'very sharply,' following contained measures imposed by the UK government. The move to withdraw the dividend represented a cash saving of £7.4m, the company said, as it set out additional measures to preserve cash. In response to the sharp drop in transaction volumes, the company said it would take a wide range of immediate and proactive measures to reduce operational costs, including rightsizing of team activity levels to market conditions, freezing recruitment and suspending annual pay review for the board and all staff. The company also pulled its guidance and said all group-wide acquisition activity would be halted for the foreseeable future. At 9:42am: (LON:LSL) LSL Property Services PLC share price was -10p at 150p Story provided by StockMarketWire.com

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