Interim Management Statement & AGM Statement
April 21 2010 - 2:00AM
UK Regulatory
TIDMLSL
RNS Number : 5018K
LSL Property Services
21 April 2010
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| For Immediate Release | 21 April 2010 |
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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 | |
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| Dean | |
| Fielding, | |
| Group | |
| Finance | |
| Director | |
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| LSL | 01904715 324 |
| Property | |
| Services | |
| plc | |
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| Richard | |
| Darby, | |
| Nicola | |
| Cronk, | |
| Catherine | |
| Breen | |
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| Buchanan | 020 |
| Communications | 7466 |
| | 5000 |
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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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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