LSL defies market to grow turnover

TURNOVER at property services group LSL has grown by a third despite the backdrop of a weakening housing market, the company said today.

The figure rose 17% for the first 10 months of the year even when income from the Halifax Estate Agencies branches bought in January is stripped out.

LSL, the company behind brands including Reeds Rains and e.surv, was also cautious about the property market in 2011.

In a stock market update, the company said it had restructured Home of Choice, an acquisition earlier in the year which, with Advance Mortgage Funding bought in October, gives it “the opportunity to significantly leverage the Group’s financial services business”.

The performance of the former Halifax business has significantly improved and is expected to be profitable in the second half of the year.

Overall, estate agency and financial services turnover was up 17% on a like-for-like basis while the surveying division saw turnover increase by 18%.

Looking ahead, the company said LSL is “extremely well placed to deliver progress in 2011 and beyond”.