Estate agency giant LSL has revealed the considerable financial carnage wreaked by its decision to close so many Your Move and Reeds Rains branches earlier this year.
The company has revealed this morning that revenues at its estate agency business have dropped by 16% so far since its radical closure programme was announced in February, and by a fifth over the past four months.
This has dragged its overall group revenue down by 3% since then despite a perky performance by its financial services arm where turnover increased by 1% and very strong results at its surveying arm, where they leapt by 29%.
The company is keen to point out how it might have fared if it had not closed, sold off or amalgamated over 120 branches.
LSL says is overall revenues would have increased by 5% without the restructure, and that estate agency revenue would have shrunk by only 5%, to be expected given the ongoing economic and political climate.
“LSL has delivered a creditable performance in the 10 months to 31st October 2019,” says CEO Ian Crabb.
“This performance has been delivered during a period when market activity levels have remained subdued given the continued uncertainty over the UK and global political and economic environment.
“LSL’s performance illustrates the benefits of the Group’s diversified strategy and the self-help initiatives being taken to respond to current market conditions.
“Until we have greater clarity on the political backdrop, we remain cautious on the market outlook for 2020 and we will continue to monitor market conditions closely.”