LSL Property Services - parent company of Your Move, Reeds Rains and London agency Marsh & Parsons - has given a relatively upbeat report to shareholders on its 2018 performance.
It says in a statement this morning that profits across the group last year are slightly behind those of 2017 but ahead of expectations nonetheless, “which is a highly resilient performance in the context of challenging residential market conditions during 2018.”
Estate agency division incomes was up 3.0 per cent year on year although incomes from exchanges decreased 9.0 per cent.
Overall this was offset by a 4.0 per cent rise in lettings income and a more dramatic 17 per cent rise in financial services revenue, fuelled by two acquisitions during the year.
London-based Marsh & Parsons delivered a relatively strong performance with revenue down only two per cent year on year “as lettings income continued to perform positively with growth of 4.0 per cent largely offsetting the 13.0 per cent fall in residential exchange revenue.”
LSL’s surveying division enjoyed a strong year but split into two halves: its revenue fell 6.0 per cent in the first half but a new deal to service Lloyds Bank customers meant a 25 per cent hike in the second half.
This morning’s statement to shareholders concludes by saying that: “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.”