LSL Property Services has announced that it will issue its half year results for the six months ended 30 June 2022, on Wednesday 3 August 2022.
A briefing for analysts will be held later the same day. Analysts who require details should contact Buchanan at LSL@buchanan.uk.com.
The last financial update provided by LSL, in March, saw the firm post record underlying operating profits driven by strong performance across its core businesses.
For the year to 31 December 2021, the Newcastle-headquartered outfit reported revenue of £326.8m compared to £266.7m in the prior period.
Underlying operating profit was at its highest ever amount, increasing 40% from £35.2m to £49.3m.
Investors were told that LSL will continue with its diversified strategy and greater focus on financial services in order to help it in the face of a more challenging housing market.
Meanwhile, the estate agency division increased underlying operating profit by 53% to £18.4m – and LSL reported its share of the entire UK purchase and remortgage market was now almost 10%.
The share price has dropped 22% over the last year. If a business had turnover drop by the same amount it is likely profitability would be marginal. I think LSL has a stormy 2nd quarter to come, and even possibly a first 6 months that does not measure up to expectations. Running an estate agency business is always about keeping some reserves to weather the storm, you know it will come it is just when. I do not think to the current incumbents have sufficient in the larder to make it through a cold winter intact.
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