Would You like a feature Interview?
All Interviews are 100% FREE of Charge
LSL is On Wednesday, March 22, 2023, at 7:00 am, we will announce our full year results for the 12 months ended December 31, 2022.
An in-person briefing for analysts will be held at the Buchanan office at 9:30 am GMT on the same day, with a webcast facility available for those who wish to attend online. Analysts interested in participating should contact Buchanan. lsl@buchanan.uk.com.
Late last year, LSL Property Services warned that higher interest rates and political uncertainty weighed on the housing market, lowering annual profits than expected amid “more challenging” trading conditions.
The LSL has identified the turmoil caused by September’s mini-budget and rising mortgage rates as causing a slowdown in new residential property sales.
Group income increased slightly to £276.1m in the ten months to end October, thanks to a strong performance in research. However, his real estate brokerage business fell by 6%.
The company now expects the group’s overall performance to be below previous expectations.
Earnings for the full year are expected to be slightly higher or lower than those reported in 2019, although earlier forecasts were for a stronger performance.
LSL Chief Executive Officer David Stewart said on November 28th: The real estate brokerage segment maintained the significant market share gains achieved in 2021 and built a strong sales pipeline as significant gains were delayed by continued slow exchange velocities across the market. This means the group is well positioned to deliver a strong second half profit performance going into his second half of 2022 and ahead of the same period in 2021.
“Since then, the mortgage and housing market has been disrupted by political uncertainty and sharp interest rate hikes, making market conditions more challenging than previously expected. Activity and new home sales declined, while previously agreed sales failures increased.
“This challenging backdrop means there is a wider range of potential outcomes than previously anticipated for the full year.
“We are pleased to confirm that LSL’s performance remains resilient. The amount of evaluation instructions received, including additional costs incurred due to discretionary payments made to more than 2,000 colleagues to mitigate the impact of significant increases in living costs. Around £600,000 will be reflected in 2022, and another £800,000 will be paid in 2023 to cover the winter months.”
LSL eyes growth in financial services after sale of Marsh & Parsons