LSL Property Services 2018 Operating Profit To Be Above Expectations

LONDON (Alliance News) - LSL Property Services PLC said on Tuesday operating profit for 2018 will ...

Alliance News 22 January, 2019 | 10:32AM
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LONDON (Alliance News) - LSL Property Services PLC said on Tuesday operating profit for 2018 will be "slightly ahead" of prior expectations amid stable revenue growth from lettings and financial services.

For the year, the property services provider said revenue rose by 4% on growth in both its divisions: Estate Agency and Surveying.

For 2017, underlying operating profit was GBP37.5 million, and revenue was GBP311.5 million.

Within the Estate Agency division, income was up 3% in 2018, driven by 17% income growth in Financial Services due to new acquisitions and a 4% rise in Lettings. However, exchange income fell by 9%.

In Surveying, revenue rose 9% in the recent year, following a strong performance in the second half.

"We continue to remain cautious on the market outlook for 2019 given the continued uncertainty over the UK and global political environment and the potential impact on UK consumer confidence. Nevertheless, we are confident that LSL, with its market leading brands and broad portfolio of property services, remains well positioned," LSL said in a statement.

Shares in LSL Property Services were up 1.7% at 238.00 pence on Tuesday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
LSL Property Services PLC 246.00 GBX -1.01 -
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