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LSL sees annual revenue down 15% on lockdown impact, tenant fee ban
StockMarketWire.com
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Residential property services provider LSL said it expected annual revenue to decrease as performance was 'materially' impacted by Covid-19 and tenant fee ban imposed in June last year.
For the year ended 31 December 2020, revenues was expected to fall by around 15% to £266.0 million year-on-year.
The company said revenue 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.'
The company made a strong end to the year, however, as December revenue grew 12% from the prior-year period after the November lockdown was lifted.
'Trading was stronger than our internal expectations in December in the financial services and surveying divisions, and we anticipate an improved group underlying operating profit for the year ended 31 December 2020 of around £41.5 million,' the company said.
At 9:16am: (LON:LSL) LSL Property Services PLC share price was 0p at 214p
Story provided by StockMarketWire.com
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