Liquid error: wrong number of arguments (2 for 1) Record year LSL Property Services as underlying operating profit hits 42m | Marsh & Parsons Sales and Lettings Estate Agents London

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Record year LSL Property Services as underlying operating profit hits 42m

Thu 12 Mar 2015

The Newcastle-based LSL Property Services plc has reported a record year.

Financial results for the year ended December 31, 2014, show the company - which provides residential property

services incorporating both estate agency and surveying businesses - achieved underlying operating profit of

42m, up 13% from 37.1m in 2013.

This was highest figure ever attained by LSL, even during the peak of the property market boom.

Group revenues, meanwhile, rose 11%, from 258.6m to 287.5m, while profit before tax increased 87%, from

17.1m to 31.9.

LSL, which runs estate agents such as Your Move and Reeds Rains, also generated 42.2m from the IPO of

Zoopla, consisting of 19.8m exceptional profit, a special dividend of 16.5p per share and the retention of 51% of

the original shareholding, valued at 21.3m at December 31, 2014.

LSL group chairman Simon Embley said: I am very pleased to report that 2014 was a record year for the Group

with underlying operating profit higher than LSL achieved in the property market peak of 2007.

The year saw the orderly transition of senior management with Ian Crabbs first full year as Group CEO and

Adrian Gill assuming responsibility for the Estate Agency Division.

The year also saw the achievement of our profitability per branch target that we set in 2011 whilst Marsh &

Parsons expanded its branch footprint in a difficult market.

The Surveying division secured new contracts on improved margins.

I was also delighted that our investment in Zoopla delivered an exceptional return to shareholders.

The Group has a robust balance sheet with relatively low levels of gearing and is extremely cash generative at

the operational level.

The business is well positioned to capitalise on the changing market conditions to increase shareholder value.

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