LSL on Target for Best Year Yet
Fri 14 Nov 2014
LSL on target for best year yet - but profits warning all the same
LSL, the parent group fo brands including Your Move, Reeds Rains, Marsh & Parsons, and Davis Tate, says it is on track for a record year in 2014.
In an interim management statement covering July 1 to October 31, it said estate agency revenue was up 10% on the same period last year, and for the first ten months this year, up 16%.
It also said that lettings income had grown 12% in the three months to October 31 compared with a year ago, and by 26% during the first ten months of this year.
In London, it said that Marsh & Parsons' trading reflected "lower activity levels in the central London market." However, its lettings income growth remained strong.
But despite declaring that "2014 is set to be a record year for LSL", the group cautioned that its profits would be "marginally below our previous expectations, reflecting recent lower activity levels across the market."
It went on: "With the recent reduction in activity levels and the further uncertainty around the general election next year, we are cautious on the market outlook for 2015.
"However, the medium to longer term fundamentals of the housing market remain positive."
LSL- whish also runs surveying and financial services businesses - said it will continue to look at making further acquisitions.
LSL is the second corporate to say it is on target for its best year yet: Countrywide has also given shareholders the same warming news.