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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.”


Schroder bolsters European equities team

Schroders has appointed Nicholette MacDonald-Brown as a fund Manager on its European equities team. MacDonald-Brown joins later this month and will report to head of European equities Rory Bateman. She joins after 11 years at Goldman Sachs. Bateman says: “We look forward to Nicholette joining at an exciting growth stage for the European equities team. […]


Will the RDR be the salvation of protection?

Even a casual observer of the way protection is distributed will quickly come to the conclusion that it is a flawed business. The size of the often-cited protection gap is over £2trn and a quick look at the Association of British Insurers’ sales figures for protection products shows a steady decline over the last 10 […]


Forcing people to retire later poses psychological concerns

You do not need to be a professor of psychology to know that being forced to work later in life than you want to is depressing. But the current debate on pension reform in the UK has so far only skimmed the surface of the emotional effects of individuals affected by it. For some women […]

FSA says platforms must consider orphan client strategies

The FSA has raised platform concerns over what happens to clients who no longer want to deal with their adviser. In its policy statement ps11/9 published today, the FSA warned platforms they will have to “carefully consider its contractual obligations” to clients who decide they no longer require the services of an adviser. It says […]


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