Pre Interim Results Trading Update

RNS Number : 1833L

LSL Property Services

17 July 2017

 

FOR IMMEDIATE RELEASE

17^th July 2017

LSL Property Services plc ("LSL")

Pre Interim Results Trading Update

LSL Property Services plc, a leading provider of residential property services incorporating both Estate Agency and Surveying businesses, updates on trading ahead of the announcement of its interim results on 1^st August 2017.

Trading Update

Following LSL's positive AGM statement issued on 27^th April 2017, trading for the first half of 2017 has been strong including a good performance in June. LSL therefore expects to report strong interim results on 1^st August ahead of the Board's expectations and significantly ahead of the same period last year, with the Estate Agency Division performing ahead of the Board's expectation and delivering strong growth in Lettings and Financial Services income, and with a strong performance by the Surveying Division.  The results for the first half 2017 have also benefited from a small number of non-recurring items in comparison to the same period in 2016.

As a result, the Board anticipates that full year 2017 Group Underlying Operating profit ⁽¹⁾ will be materially ahead of its prior expectations, with a more equal weighting between the first and second half compared to prior years.

LSL will provide a further update with its interim results on 1^st August 2017.

This announcement has been determined to contain inside information.

Notes to Trading Update

(1)  Group Underlying Operating Profit is before exceptional gains and exceptional costs, contingent consideration, amortisation of intangible assets and share-based payments

For further information, please contact:

Ian Crabb, Group Chief Executive Officer
Adam Castleton, Group Chief Financial Officer
LSL Property Services plc	0207 382 0360
Richard Darby, Gemma Mostyn-Owen
Buchanan	0207 466 5000

Forward Looking Statements:

This trading update may contain forward looking statements with respect to certain plans and current goals and expectations relating to the future financial condition, business performance and results of LSL. By their nature, all forward looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the control of LSL including, amongst other things, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates, inflation, deflation, the impact of competition, changes in customer preferences, delays in implementing proposals, the timing, impact and other uncertainties of future acquisitions or other combinations within relevant industries, the policies and actions of regulatory authorities, the impact of tax or other legislation and other regulations in the UK. As a result LSL's actual future condition, business performance and results may differ materially from the plans, goals and expectations expressed or implied in these forward looking statements. Nothing in this Report should be construed as a profit forecast.

Notes on LSL:

LSL is a leading provider of residential property services to its key customer groups.  Services to consumers include: residential sales, lettings, surveying, conveyancing and mortgage, pure protection and general insurance brokerage services. Services to mortgage lenders include: valuations and panel management services, asset management and property management services. For further information, please visit LSL's website: www.lslps.co.uk

 

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