Revenues for LSL Property Services - owner of Your Move and Reeds Rains - dropped last year by 15 per cent.
Although the company reports a strong December in particular, when it saw a 65 per cent year-on-year rise in its sales pipeline, the past year's figures not only suffered from the pandemic but also had to absorb the costs of restructuring Your Move’s and Reeds Rains’ High Street networks.
Bright spots for the company included its Primis mortgage service, where completions soared 23 per cent in 2020. And LSL’s surveying business saw revenues up 25 per cent year-on-year.
LSL profits across the group increased to £41.5m, bolstered by furlough payments. However group revenues for 2020 year are likely to drop 15 per cent to £266.0m when figures are finalised in March.
“The welfare and safety of our colleagues and customers continues to be afforded the highest priority, and the group continues to apply the advice of the government and public health authorities throughout our businesses and we will monitor closely any changes to the guidance as the course of Covid-19 evolves” the company says.
“Following the announcement of the national lockdown on 4 January 2021, the government reiterated its intention to enable the housing market to operate as normally as possible, and the group’s financial services, surveying and estate agency operations remain open and operating in line with guidance.”
Market analyst and PropTech entrepreneur Anthony Codling says the figures are strong, given the impact of Coronavirus.
“LSL is certainly riding the wave of the current explosion in housing market activity. Estate agents are on the front line and have to manage the ups and downs of the market. LSL's revenues for the full year will be around 15 per cent lower in 2020 than in 2019, but in the face of a global pandemic, this is a strong result” he believes.