StockMarketWire.com - LSL Property Services posts group operating profits of £11.3m for the six months to the end of June - 10% up on a year ago.

Revenues were 8% higher at £151.4m and operating profit margins rose to 7.5% from 7.4%.

Pre-tax profits were up 35% at £8.4m and the interim dividend of 4.0p per share is unchanged.

Chairman Simon Embley said: "The Group has delivered a strong first half performance in a changing market. I am particularly pleased with the profit growth in both Estate Agency and Surveying.

"Whilst we expect Residential Sales volumes to remain suppressed in the second half, trends in other parts of our business are expected to be more resilient. Our Lettings business continues to perform well, now representing 29% of total Estate Agency income. Mortgage cost and availability remain positive for the UK housing market with increasing distribution of products through intermediary channels which will support our growing Financial Services business.

"Whilst these are uncertain times in the residential housing market, the Group has strong fundamentals with a robust balance sheet and relatively low levels of gearing. The business will adapt quickly as it has in the past and is well positioned to navigate the current market conditions. I remain confident that LSL will continue to deliver long term value to our shareholders."




At 9:17am: [LON:LSL] LSL Property Services PLC share price was +1.5p at 240.75p



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