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LSL Property Services sees annual underlying operating profit 'marginally ahead' of 2019
StockMarketWire.com
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Residential property services provider LSL Property Services said it expected to deliver full-year 2020 underlying operating profit marginally ahead of 2019 despite the impact of the pandemic.
The update comes as the company reported strong trading in the period from July to October, with all three divisions reporting 'encouraging front-end sales metrics.'
Sales activity in November continued to reflect a strong market, with the sales exchange pipeline at 30 November 2020 maintained at the same level as at 31 October 2020 and 60% ahead of last year.
For the ten months ended 31 October 2020, revenue decreased by 18% to £214.3m, which the company said was materially impacted by Covid-19, as well as 'the reshaping of the Your Move and Reeds Rains networks in February 2019, and the tenant fee ban introduced in June 2019.'
There was currently no evidence of a material increase in residential fall-through trends, although the elongation in the time taken to complete may put pressure on this across the market generally, the company said.
At 9:55am: (LON:LSL) LSL Property Services PLC share price was 0p at 214p
Story provided by StockMarketWire.com
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