LSL Property Services Major Surveying Contract Win (3235O)
May 16 2018 - 11:00AM
UK Regulatory
TIDMLSL
RNS Number : 3235O
LSL Property Services
16 May 2018
For Immediate Release
16(th) May 2018
LSL Property Services plc ("LSL" or "Group")
Major Surveying Contract Win
LSL Property Services plc, a leading provider of residential
property services incorporating both Estate Agency and Surveying
businesses, is pleased to announce that e.surv Limited ("e.surv"),
its residential surveying and valuation services operation, has
been awarded a material contract to supply surveying and valuation
services to Lloyds Bank plc.
Lloyds Bank plc surveying and valuation services have
historically been carried out by an in-house operation. The
contract awarded to LSL will include the transfer to e.surv of the
existing Lloyds Bank plc surveyors and back-office employees. The
initial contract period is for five years. After a period of
integration and transition, the provision of valuation services by
e.surv is expected to commence in the third quarter of 2018 and the
services will be fully operational during the final quarter of
2018.
The contract is expected to enhance the Group's earnings and
provides a positive opportunity to leverage the LSL surveying
assets to drive growth. Due to the timing of the integration and
the requirement for specific one-off transition and integration
costs, the contract is expected to be broadly earnings neutral for
the remainder of 2018.
Ian Crabb, Group Chief Executive Officer of LSL, said:
"I am pleased that Lloyds Bank plc, which currently employs
c.200 surveyors, has chosen LSL as its partner to provide this
service for the Bank.
This contract award demonstrates the market leading proposition
that e.surv is able to offer its customers and reflects well on the
technology investment which e.surv has made to enhance its
proposition through the development of a market leading Surveying
IT platform.
I would also like to take this opportunity to welcome our new
colleagues into the LSL Group."
This announcement has been determined to contain inside
information.
For further information, please contact:
Ian Crabb, Group Chief Executive Officer
Adam Castleton, Group Chief Financial Officer
LSL Property Services plc 0207 382 0360
Melanie Cowell
LSL PR Manager 07968 604660
David Rydell
Sophie Wills
Buchanan 0207 466 5000
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
This information is provided by RNS
The company news service from the London Stock Exchange
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