LSL confident despite ‘uncertain’ economy

ESTATE agency and surveying business LSL Property Services has said trading was in line with expectations as the group reported improved first quarter turnover.

The York-based group, which became Britain’s second largest estate agency chain after completing the purchase of Halifax Estate Agencies in January, saw group turnover increase by 37% over the first quarter of 2010 compared to the same period last year.

LSL said its surveying division continued to grow – turnover was up 15% – thanks to its storng market position and a contract with Sanatnder.

Estate agency turnover over the first three months of the year was up by 64%.

Roger Matthews, chairman of LSL, will tell shareholders at the group’s annual general meeting today: “The group has continued to trade in line with the board’s expectations. Activity levels remain encouraging and reflect the continuation of the run rates in the second half of 2009.

“In estate agency, the ex-Halifax Estate Agency (HEAL) branches, which have been re-branded and trading under our ownership since January 15, are performing as expected and activity levels are building month by month.

“The anticipated level of cost savings has been achieved and the focus going forward continues to be on growing income streams, particularly in lettings.”
 
Mr Matthews will add that the market outlook for the second half of 2010 remains “uncertain”

“However, the group is well capitalised and has a strong balance sheet, with growing income streams in asset management and lettings, and a diversified surveying client base, placing the business in a strong position to deliver significant growth through the cycle,” he will add.