LSL Property Services plc, which includes brands such as Your Move, Reeds Rains and London’s Marsh & Parsons, said its 2018 operating profit will be ‘slightly ahead’ of expectations but ’slightly behind’ last year in its latest full year trading update.
LSL said that group revenue for the year ended 31 December 2018 increased by 4% reflecting overall growth in both estate agency (up 3%) and surveying (up 9%) and that financial services income was up 17% year on year. It said that in its London agency a 2% fall in revenue was due to a 13% fall in residential exchange revenue which was partially offset by a 4% rise in lettings revenue.
The company commented: “We continue to remain cautious on the market outlook for 2019 given the continued uncertainty over the UK and global political environment and the potential impact on UK consumer confidence. Nevertheless, we are confident that LSL, with its market leading brands and broad portfolio of property services, remains well positioned.”
Most people won’t be too surprised that a well diversified property business is holding up well in a challenging market, although the concept of being slightly ahead but slightly behind is a creative description even for a trading update.