LSL Property Services
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Latest property news
Profits jump by 61% at LSL Property Services
Profits at corporate giant LSL Property Services jumped by 61% during the first six months of the year to £14.3m from £8.9M, the company has reported. Unlike many of its PLC rivals including Countrywide and Foxtons, the company maintained turnover at last year’s levels bringing in £151.5m, helped by its lettings business, which increased turnover by 4%. This was boosted by its London prime agency brand Marsh & Parsons which grew its lettings revenue by 8%, although this was offset to by a drop in sales of 4%. But although sales revenues were flat overall, profits within its sales division increased by 37% helped largely by lower marketing costs at Your Move and the sale of a Marsh & Parsons-owned property. The struggling property sales landscape was offset by LSL’s financial services division which grew by 16%, helped by the acquisition of mortgage firm Group First last year. The detail of the report also reveal the changing shape of the estate agency business as the sales market slows down across the UK. LSL’s sales performance is better than most give the uncertainty over Brexit, but LSL is now as much a mortgage broker as it is a sales or letting…
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Movers & Shakers
LSL’s new Executive Director
LSL Property Services plc (LSL) has announced the appointment of Helen Buck as Executive Director...
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Latest property news
LSL Property Services leadership team awarded shares worth £1.25m
Agency giant LSL Property Services has awarded its core leadership team share options totalling £1.251 million, part of the PLC’s incentive scheme for senior staff. This includes Group CEO Ian Crabb (pictured, left) who receives vested shares worth (at today’s shares price of £2.10) £406,967 and Group CFO Adam Castleton (pictured, right(), who receives vested shares worth £294,700. Helen Buck (pictured, below left), who heads up the group’s Estate Agency business, gets shares worth £300,715. A further two directors – Jon Round, director of its financial services business and Ronan Jennings, who heads up its surveying business e.surv – receive shares totalling £192,000. The group can cash in the shares in two years’ time but to do so have been given targets that could prove difficult to achieve given current market conditions. Basic earnings per share must rise by 7.5% a year over the next 18 months, while total shareholder return must reach the median compared to its main competitors. Annual report LSL’s most recent annual report for 2016 reveals that adjusted basic earnings per share were down by 18%. The group, which includes agent brands Your Move, Reeds Rains and Marsh & Parsons, earlier this month reported group revenue…
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Latest property news
Profits up at LSL Property Services…
Good news indeed …but we are in uncertain times, says Simon Embley.
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Movers & Shakers
New MD for LSLi
Greg Young, Managing Director of Intercounty Estate Agents, has been promoted to Managing Director of LSLi with immediate effect.
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Movers & Shakers
LSL acquisition
LSL Property Services plc has acquired PHP Lettings in Elgin and Inverness, which Kim Harrison launched in 2002. PHP Lettings was then incorporated as a limited company in 2008 and managed hundreds of property portfolios. Kim and husband Gary have now decided to pursue other interests. Two Inverness staff members transferred to Your Move and following a full refurbishment of the branch; four have transferred to Your Move offices in Elgin. David Brown, Commercial Director for LSL Acquisitions said, “This is another positive move by LSL in acquiring a highly successful lettings business. The fact that PHP Lettings staff in Inverness have also already successfully transferred to the Your Move local branch – along with many of their landlords – simply adds to the good news.”
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