LSL reports 16% estate agency revenue slide
LSL Property services has reported a 16% decline in estate agency revenue after shrinking its network of Your Move and Reeds Rains branches.
The group owns one of the largest estate agency networks in the UK and has sought to consolidate branches through a smaller number of larger hubs.
Last year it announced plans to cut the number of Your Move and Reeds Rains-owned branches from 308 to 144.
LSL Property services has reported a 16% decline in estate agency revenue after shrinking its network of Your Move and Reeds Rains branches.
The group owns one of the largest estate agency networks in the UK and has sought to consolidate branches through a smaller number of larger hubs.
Last year it announced plans to cut the number of Your Move and Reeds Rains-owned branches from 308 to 144.
It also restructured its London operations at Marsh & Parsons, closed the division’s headquarters on New Oxford Street, WC1, with a number of high-profile exits and relocated operations.
Marsh & Parsons delivered “resilient revenue”, down by 3% over the 12-month period. Residential sales income dropped by 5%, with lettings income down by 2%.
In a trading update for the full-year ended 31 December, it reported a group revenue decline of 4%.
LSL pointed to “challenging residential market conditions”, particularly in London, and said it expected profits to be “slightly ahead of the board’s prior expectations and slightly ahead of last year”.
At 31 December it had net debt of £49.1m, against £32.1m a year earlier.
However, it said “the combination of increased political stability and a favourable LSL estate agency sales pipeline… compared to the LSL board’s prior expectations provide a positive backdrop to the start of 2020”.
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