Profits up for LSL

Item 2016 2015 % change Group revenue  – £m 307.8 300.6 2 Group underlying operating profit – £m 34.6 42.9 -19 Group underlying operating margin – % 11.3 14.3 Group operating profit – £m 65.4 41.4 58 Profit before tax – £m 63.5 38.6 65 Basic earnings per share – pence 49.2 29.7 66 Adjusted basic earnings per share – pence 25.9 31.5 -18 LSL Property Services has reported a 58% growth in operating profit in 2016, with revenues up by 2% to £307.8m. However, underlying operating profits were down by 19% to £42.9m, and the company cut dividends from 8.6p per share to 6.3p. The company posted 1% revenue growth in its surveying division and 3% growth in its estate agency division. It said it responded to “changing market conditions” in the second half of the year and stamp duty regulations by selling its stake in Zoopla and pausing acquisition activity. Simon Embley, chairman of LSL, said: “Following a strong first-half performance, the group delivered a resilient second-half performance given the changing market conditions. I am pleased that we maintained revenue growth in both the estate agency and survey divisions.” • To send feedback, e-mail karl.tomusk@estatesgazette.com or tweet @ktomusk or @estatesgazette