LSL seeks further acquisitions

LSL Property Services today revealed that it was looking for further acquisitions as the housing market improves.

In the year ended December 31 2009, group revenue was down 2.5 per cent to 157.7m. Profit before tax increased to 16.6m, compared to a loss of 6.2m the year before.

Over the year, the acquisition of Halifax Estate Agencies established LSL as the second largest estate agency business in UK.

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The acquisition was completed on January 15 2010 and the integration has been completed on schedule.

Roger Matthews, the York-based company's chairman said: "The group has made substantial progress in 2009, and ends the year in a much stronger position in both the surveying and estate agency divisions. The increase in underlying operating profits of 55 per cent to 28.3m is an excellent result given the continuing challenging market conditions.

"Whilst the short term outlook for the market remains uncertain, the business is significantly more robust through the cycle with a lower cost base, a larger lettings portfolio, a growing asset management business and a surveying business which has extended a number of key contracts and grown its market share. As a result, the group is well positioned to deliver further increases in profitability when the market recovers.

"Longer term, the underlying macroeconomic conditions in the housing market remain positive. The group has a strong balance sheet with net debt of 25.7m against an available facility of 75m. This, together with the cash generative nature of the business, means that the group is well placed to respond to further acquisition opportunities which may arise as a result of market conditions."

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