LSL profits up to nearly £20m

ESTATE estate agent LSL Property Services posted a higher first-half pre-tax profit, driven by growth in its estate agency and surveying divisions, but said the outlook continued to be uncertain.

The continued shortage of available mortgage finance and cuts in government spending leading to further pressures on employment are likely to hurt the market in the short term, the York-based group said.

On July 29, Bank of England figures showed that British mortgage approvals fell more than expected in June and overall lending stalled, suggesting the housing market will continue to soften in the coming months.

Hide Ad
Hide Ad

LSL said it would pay a first-half dividend of 2.5 pence. It did not pay a dividend in the year-ago period.

For the six months ended June 30, pre-tax profit was 19.7m compared with 4.3m in the year-ago period.

Revenue climbed 36 per cent to 101.1m.

Related topics: