3rd Mar 2016 08:33
LONDON (Alliance News) - LSL Property Services PLC on Thursday said pretax profit and revenue both rose in 2015 as it benefited from an improved market in the second half.
The residential property services company said its pretax profit for the year to the end of December increased 21% to GBP38.6 million from GBP31.9 million in 2014.
Revenue rose to GBP300.6 million from GBP287.5 million, with good growth delivered by LSL's estate agency division, boosted by a rise in lettings income thanks to a strong UK rental market, and a rise in financial services income. The group's Marsh & Parsons unit also saw its revenue and profit grow, despite competing in a tough prime central London property market.
LSL said it will pay a final dividend of 8.6 pence per share, up from 8.3p, taking its total dividend up to 12.6p from 12.3p. Its total payout will be lower, however, as the 16.5p special dividend paid in 2014 will not be repeated for 2015.
"After a slower first half in the Estate Agency division, reflecting the overall market, we remained committed to our strategy and delivered a strong second half," said LSL Chairman Simon Embley.
"The group has a robust balance sheet with relatively low levels of gearing and is very cash generative at an operational level. The business is well positioned to capitalise on the changing market conditions to increase shareholder value," he added.
Shares in LSL were up 3.4% to 267.44p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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