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…