22nd Apr 2009 07:00
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For Immediate Release |
22 April 2009 |
LSL Property Services plc
(the 'Group')
Interim Management Statement & AGM Statement
LSL, a leading provider of residential property services, incorporating estate agency, financial services and surveying businesses is today holding its 2009 Annual General Meeting and issues this Interim Management Statement.
Roger Matthews, Chairman of LSL, will make the following statement:
"We are pleased to report that, against a market backdrop that continues to be challenging, overall the Group has traded slightly better than our expectations.
The volume of house purchase transactions continue to be at an historic low, but more recently the level of buyer enquires and activity in our estate agency business has been encouraging. The Group will also benefit from a substantially reduced cost base in 2009 and the continued growth of counter-cyclical income stream businesses, such as lettings and repossessions asset management.
Turnover for the quarter ended 31 March 2009 compared with the same period in 2008 was as follows:
Group turnover for the period was down by 28%
Surveying turnover was down by 25%
Estate Agency and Financial Services turnover was down by 32%
Outlook:
The Board remains appropriately cautious about the outlook for 2009 and the Group will continue to demonstrate strong cost control and cashflow management. The systemic lack of liquidity in the lending market and concern around unemployment are expected to continue to suppress UK housing market activity in the short to medium term. As a consequence, the timing of a return to more "normalised" market conditions remains uncertain. Against this background, the Group continues to demonstrate an encouraging level of resilience, is well capitalised and well placed to deliver significant growth as and when market activity improves."
For further information please contact:
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Simon Embley, Group Chief Executive Officer |
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Dean Fielding, Group Finance Director |
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LSL Property Services plc |
01904 715 324 |
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Richard Darby or Catherine Breen |
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Buchanan Communications |
020 7466 5000 |
Notes to Editors:
LSL is one of the leading residential property services companies in the UK and provides a broad range of services to its clients who are principally mortgage lenders, as well as buyers and sellers of residential properties.
For further information, please visit: www.lslps.co.uk
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