The LSL Property Services share price increased by 5% yesterday following a positive trading update.
Its shares increased 12p or 4.98% to close at 253p after the residential property services group unveiled a strong performance for the first seven weeks of 2021.
All three divisions – financial services, surveying and estate agency – have reported growth in underlying operating profits.
It has also announced new banking arrangements, with a £90m revolving credit facility.
The revolving credit facility, which has a maturity date of May 2024, will replace the previous £100m facility that was due to mature in May next year.
The company said the move would “give the group long-term balance sheet flexibility to take advantage of a number of attractive opportunities, particularly in financial services”.
LSL’s estate agency profit for January is ahead of the corresponding period last year, with exchange income rising on record pipelines moving towards completion.
At the end of last month, LSL’s residential sales exchange pipeline was more than 50% ahead of the year before.
Comments (3)
Reasonable results -be interesting to see where LSL focus on in the future.
Well done LSL. With the business rates holiday coming to an end it looks like any extension will be on the basis you will have to apply for it and to qualify you will probably need to demonstrate you need it. When you have a lot of business premises that is a lot of money. Also when are the government going to look at businesses that claimed furlough and reported healthy profits on the back of it. What about all those poor staff that got their pay and commission cut last year, I guess now the directors will be patting themselves on the back and awarding themselves a bonus.
Hopefully some of those furloughed staff who returned to work in H2 have made up some lost ground in terms of extra commissions resulting from the increased activity.
LSL reporting that exchanges are up 50% in January compared to last year so that should be finding it’ s way into staff pockets
The date for the ending of the stamp duty holiday being kicked down the road to June which should coincide with the opening up of the country .
Throw in the fact that the BODS have successfully reneotiated a new credit facility which sets them fair into 2024. Many of LSL staff have every reason to be feeling more confident about their futures