LSL Property Services has revealed it expects a year-on-year fall in underlying operating profit for 2018 as it remains cautious on the housing market outlook.
The estate agency and surveying businesses today (January 22) released a trading update for the year ended December 31 2018.
Group revenues for the year increased by 4 per cent, with overall growth in the estate agency division up 3 per cent year-on-year, and surveying up 9 per cent.
However, exchange income decreased 9 per cent year-on-year.
Estate agency arm, Marsh & Parsons, delivered a good revenue performance despite a challenging London market, with total revenue falling 2 per cent year-on-year.
Lettings income grew 4 per cent, offsetting the 13 per cent fall in residential exchange revenue.
Financial services income increased 17 per cent year-on-year, including the acquisitions of PTFS and RSC during 2018.
Surveying revenue was down 6 per cent year-on-year in the first half, but increased 25 per cent year-on–year in the second half. Overall, revenue increased 9 per cent for the 12-month period.
The group added that the initial performance of the contract for the supply of surveying and valuation services to Lloyds Bank PLC was in line with expectations.
Dippy Singh is a freelance journalist