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COVID drops LSL revenues by 15% during 2020, latest results reveal

Company says its financial performance has been helped by government's Covid furlough cash.

Nigel Lewis

covid lsl

LSL’s revenues dropped last year by 15% which in a normal year would be alarming but the company says Covid, despite a 65% year-on-year rise in its sales pipeline during December, hit the company hard.

Its interim annual report concentrates on its Primis mortgage business, this area of activity being its second brightest with mortgage completions up by 23% year-on-year.

One other booming part of LSL has been its surveying business, where revenues were up by 25% year-on-year during December.

Consequently, LSL says profits across the whole group increased to £41.5 million, although this has been significantly bolstered by furlough payments from the government.

Revenues down

Group revenues for the 12 months ended 31 December 2020 are expected to drop by around 15% to £266.0m (2020: £311.1m) which LSL blames mainly on Covid but also the significant restructuring costs of the Your Move and Reeds Rains networks, and the lingering effects of the tenant fee ban.

“The welfare and safety of our colleagues and customers continues to be afforded the highest priority, and the Group continues to apply the advice of the

Government and public health authorities throughout our businesses and we will monitor closely any changes to the guidance as the cuurse of Covid-19 evolves,” the company says.

“Following the announcement of the National Lockdown on 4 January 2021, the Government reiterated its intention to enable the housing market to operate as normally as possible, and the Group’s financial services, surveying and estate agency operations remain open and operating in line with guidance.”

Its full annual accounts are due out in early March.

January 15, 2021

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