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LSL looks to further acquisitions as profits increase

LSL Property Services has reported a pre-tax profit of £25.8m, up from £17m in 2009, and says it is well placed to grow through further acquisitions this year.

Group revenue increased by 31 per cent to £206.6m from £157.7m in 2009.

Pre-tax profit including gains made from the purchase of Halifax Estate Agencies was £36m.

Underlying group profit increased 13 per cent to £31.9m up from £28.3m in 2009. However, the result included an operating loss of £3.2m for the Halifax Estate Agencies business.

In May LSL bought Home of Choice, now rebranded to First Complete, for total consideration of £0.4m. Pink Home Loans was acquired in November 2010 for £1.6m. LSL says profitability will be constrained in these businesses until the mortgage market improves.

Like-for-like income from the group’s financial services division increased by 6 per cent to £13.3m up from £12.5m in 2009.

Chairman Roger Matthews says: “We are confident that the Group can build on the market share gains made in 2010 and grow the business even in these market conditions.

“With a very strong balance sheet, we are well placed to grow both organically and through further acquisitions in the current market and deliver further substantial growth when transactions volumes recover.”

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