LSL sees revenues rise but warns on 2019

LSL sees revenues rise but warns on 2019

LSL Property Services has seen its revenues increase 3.7 per cent in the 10 months to October 31, but the company warned of subdued activity amid uncertainty over the economy and global political environment.

The property services business posted revenues of £270.5m, with income from its financial services businesses, which include networks Primis, TMA Club and Personal Touch, up 18 per cent over the past 10 months.

Meanwhile estate agency revenues were up by 3.4 per cent and surveying was up by 4.7 per cent.

In the four months to October the group posted revenues of £117.6m (2017: £109.4m), up 7.5 per cent on the same period last year.

But while lettings income was up the sales division had taken a hit of 5 per cent in the four-month period reflecting lower exchange volumes.

The group's high street brand Marsh & Parsons saw a 4 per cent rise in lettings income in the period but this was offset by a 5 per cent fall in residential exchange, suffering particularly from a challenging London market.

In a trading update the company said: "Market activity levels have remained subdued in 2018. With continued uncertainty over the UK and global political environment and the impact on UK consumer confidence, we continue to remain cautious on the market outlook for 2019."

LSL has predicted that its full year underlying operating profit will be in line with market expectations.

Earlier this year LSL bought advice network Personal Touch for £4.8m and specialist new build mortgage broker RSC for £2.5m.