LONDON–LSL Property Services PLC (LSL.LN) said Thursday it had a strong second half performance across the group and anticipates 2015 group underlying operating profit to be slightly ahead of last year.
The provider of residential property services incorporating both estate agency and surveying businesses added that it has a strong balance sheet, strong levels of cash generation and is well placed to increase shareholder value through continuing to deliver on its strategy.
At Dec. 31, 2015 the group had net banking debt of 39.9 million pounds ($56.51 million). Group underlying operating profit, which strips out exceptional and other one-off items, for 2014 was GBP42.0 million. LSL said it remains committed to its estate agency division strategy of increasing operating profit per branch;expanding the number of Marsh & Parsons branches; growing recurring lettings revenue streams; and evaluating selective acquisitions.
In the surveying division the board continues to focus on maximising revenue generation from B2B customers, optimising capacity management and enhancing the use of technology across the business, the company added.Earnings for the year ended Dec. 31, will be announced Mar. 3.Shares at 0820 GMT up 20.5 pence, or 8.53%, at 260.75 pence.
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