Interim Management Statement

RNS Number : 5018K

LSL Property Services

21 April 2010

 



For Immediate Release			21 April 2010

LSL Property Services plc

('LSL' or the 'Group')

Interim Management Statement & AGM Statement 

LSL, a leading provider of residential property services, incorporating estate agency and surveying businesses, is today holding its 2010 Annual General Meeting and issues this Interim Management Statement.

Roger Matthews, Chairman of LSL, will make the following statement:

"The Group has continued to trade in line with the Board's expectations. Activity levels remain encouraging and reflect the continuation of the run rates in the second half of 2009.

In Estate Agency, the ex-Halifax Estate Agency ("HEAL") branches, which have been re-branded and trading under our ownership since 15 January 2010, are performing as expected and activity levels are building month by month. The anticipated level of cost savings has been achieved and the focus going forward continues to be on growing income streams, particularly in lettings.

Asset management continues to perform strongly and our market position has been recently enhanced through the St Trinity asset management business acquired as part of the HEAL acquisition.
 
Our Surveying division has continued to benefit from its strong market position and client base, along with the contribution from the new Santander contract which commenced on 1st December 2009.

Turnover for the quarter ended 31 March 2010 compared with the same period in 2009 was as follows:

·        Group turnover for the period was up by 37%

·        Surveying turnover was up by 15%

·        Estate Agency turnover was up by 64% (including HEAL) (up by 33% on a like for like basis.)

Outlook:

The outlook for the market in the second half of 2010 remains uncertain due to the well publicised economic pressures. However, the Group is well capitalised and has a strong balance sheet, with growing income streams in asset management and lettings, and a diversified surveying client base, placing the business  in a strong position to deliver significant growth through the cycle."

For further information please contact:

Simon Embley, Group Chief Executive Officer
Dean Fielding, Group Finance Director
LSL Property Services plc	01904  715 324
Richard Darby, Nicola Cronk, Catherine Breen
Buchanan Communications	020 7466 5000

Notes to Editors:

LSL Property Services plc 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 our website: www.lslps.co.uk.

 

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