Revenue down 18% at LSL Property Services

LSL Property Services’ revenue has decreased by 18% on a like-for-like basis to £214.3m for the 10 months ended 31 October. In a trading update, the firm attributed this to the impact of the pandemic, as well as the reshaping of the Your Move and Reeds Rains branch networks. However, LSL also reported that it expects to deliver an underlying operating profit “marginally ahead” of 2019. The firm’s underlying net bank debt sat at £31m at the end of October and it has a £100m revolving credit facility committed to May 2022. LSL added that its residential exchange pipeline stood at its highest level for 10 years at £24m by the end of October, despite transactions taking longer to complete. David Stewart, chief executive of LSL, said: “I am pleased to report that the group has taken advantage of the strong rebound in activity levels following the end of the first lockdown. “We look forward to reporting on our full-year results in the early part of 2021, when we will also set out details of the progress we have made on implementing our strategy.” To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette