LSL this morning reported strong results for the first half of this year.

This was despite posting a warning on profits last month.

Group revenue, it said in interim results delivered to the City, was up 8% to £151.4m, with growth in estate agency up 9%.

Pre-tax profits soared 35% across the group to £8.4m, up from £6.2m for the same period last year.

Lettings income grew strongly by 11% to £34m, up from £30.6m for the same period last year.

Marsh & Parsons, the business’s flagship London brand, grew its revenues by 11% to £17.1m, and its operating profits by 47%, to stand at £2.2m, up from £1.5m last year,

However LSL – parent company of brands including Your Move, Reeds Rains and Marsh & Parsons – repeated its caution on the outlook for the rest of this year.

It said: “Whilst it is difficult to accurately predict market transactions and consumer confidence for the remainder of calendar year 2016, as reported in the Group’s recent pre-interim results trading update, LSL does not expect market conditions to improve sufficiently to meet previous financial expectations for the full year.”

Chairman Simon Embley spelled out that residential sales volumes will be “suppressed” in the second half of this year.

LSL also reported that last month it sold 1m shares in Zoopla, raising £3m. Following this disposal, it retains a 2.5% stake in Zoopla. Before last month’s sale, it calculated that its 2.7% stake in Zoopla was worth £30.1m.