In H115 LSL delivered stable revenue on H114, but investment saw costs rise moderately and the adjusted operating profit and EPS fall by 32%. There was double-digit revenue growth in both lettings and financial services, and the re-engineering last year in the surveying division saw profits rise a third despite flat revenue. Falling H1 volumes in the core sales business were expected and should reverse into growth in H215. Management is confident of delivering FY15 market forecasts.
14 Aug 2015
Confidence in H2 recovery
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Confidence in H2 recovery
LSL Property Services plc (LSL:LON) | 264 -10.6 (-1.5%) | Mkt Cap: 275.0m
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14 Aug 2015 - Author:
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In H115 LSL delivered stable revenue on H114, but investment saw costs rise moderately and the adjusted operating profit and EPS fall by 32%. There was double-digit revenue growth in both lettings and financial services, and the re-engineering last year in the surveying division saw profits rise a third despite flat revenue. Falling H1 volumes in the core sales business were expected and should reverse into growth in H215. Management is confident of delivering FY15 market forecasts.