LSL resumes divis after turnaround

3rd Mar 2010 15:04

Residential property services provider LSL Property Services moved back into the black in 2009 with both the surveying and estate agency divisions ending the year in much better shape.The company made a pre-tax profit in 2009 of £16.61m compared to a loss of £5.14m in 2008. The turnaround was due to the estate agency division returning to profitability; underlying operating profit in this division was £6.7m in 2009, versus an operating loss of £6.7m in 2008.The underlying profit of the surveying division fell to £23.5m from £28.6m in 2008 on turnover that declined 12%, as the number of mortgage approvals in the UK in 2009 fell 34%.Revenue for the group as a whole eased to £157.7m from £161.8m in 2008.'Whilst the short term outlook for the market remains uncertain, the business is significantly more robust through the cycle with a lower cost base, a larger lettings portfolio, a growing asset management business and a surveying business which has extended a number of key contracts and grown its market share,' said the chairman of the company, Roger Matthews.The company has started paying dividends again, announcing an interim dividend of 5.4p.