LSL Property Services Pre Interim Results Trading Update (9277E)
July 22 2016 - 2:00AM
UK Regulatory
TIDMLSL
RNS Number : 9277E
LSL Property Services
22 July 2016
22 July 2016
LSL Property Services plc ("LSL")
Pre Interim Results Trading Update
LSL, 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 2nd
August 2016.
Trading update
LSL expects to report strong interim results on 2(nd) August
in-line with the Board's expectations and ahead of the same period
last year, delivering growth across all major revenue lines and
demonstrating profit growth in both the Estate Agency and Surveying
Divisions.
The Group performed strongly in quarter one as the well flagged
changes to Stamp Duty, which took effect on 1(st) April 2016
resulted in an acceleration of market activity. Quarter two, as
expected, saw a slowing of LSL's trading performance in the run up
to the EU referendum.
The EU referendum outcome has led to further consumer
uncertainty and LSL's post-referendum trading performance has
reflected these market conditions. Whilst it is difficult to
accurately predict the market conditions and consumer sentiment for
the remainder of calendar 2016, LSL does not expect market
conditions to improve sufficiently to meet the Board's expectations
for the full year. Consequently, whilst still expecting growth in
profitability in the second half of 2016 as compared to the first
half of 2016, LSL now expects that full year Group Operating
profit(1) will be significantly lower than previously
anticipated.
LSL will provide a further update with its interim results on 2
August 2016.
Commenting on today's announcement, Simon Embley, Chairman,
said:
"The Group expects to report a very positive first half
performance in a changing market. I am particularly pleased with
the profit growth in both Estate Agency and Surveying.
Whilst the vote to leave the EU has created uncertainty in the
property market, and has impacted consumer confidence, mortgage
cost and availability remain positive for the UK housing market.
LSL has very strong fundamentals, with a robust balance sheet and a
balanced business portfolio including its counter-cyclical Asset
Management business. The business is well positioned to adapt
quickly to these changing market conditions and I am confident that
it will continue to deliver long term value to shareholders."
Notes to trading update
(1) 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, Sophie McNulty, Sophie
Cowles
Buchanan 0207 466 5000
This announcement has been determined to contain inside
information.
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 advice on mortgages
and non-investment insurance products. 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTLFFFIDFILFIR
(END) Dow Jones Newswires
July 22, 2016 02:00 ET (06:00 GMT)
Lsl Property Services (LSE:LSL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Lsl Property Services (LSE:LSL)
Historical Stock Chart
From Jul 2023 to Jul 2024