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LSL Property Services profits fall 67%

LSL Property Services has reported a pre-tax profit of £6.5m in the first six months of 2011, down 67 per cent on the £19.7m reported in the first half of last year.

The firm puts the decrease down to the acquisition of Halifax Estate Agencies for £13.4m in January last year.

Group revenue increased by 2 per cent, from £101.1m to £103.4m in the first half of the year.

Last month, Money Marketing revealed that LSL had acquired The Mortgage Alliance from Santander, which was followed by the firm acquiring a stake in Legal Marketing Services and LMS Direct Conveyancing.

In January 2010, LSL acquired Halifax Estate Agencies. This was followed by the acquisition of Home of Choice, now First Complete, in May 2010 and Pink Home Loans in November 2010, which Money Marketing first tipped.

Chairman Roger Matthews says: “Against the backdrop of an ongoing challenging housing market, we have continued to strengthen our market positions and drive new revenue streams in both Estate Agency and Surveying. As a result, the Board remains confident of delivering further progress in 2011, a confidence that is reflected in our decision to announce a 12 per cent increase in the interim dividend payment to 2.8p per share.”


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