Profits have fallen at LSL Property Services amid a challenging housing market which the firm says is likely to continue through this year.
The Newcastle-based group which includes estate agency brands Your Move and Reeds Rains reported a slump in underlying operating profit from £49.3m to £36.9m as the firm blamed a smaller house buying market and the fallout from last September's mini-Budget. In full year results for 2022 the publicly listed firm said it had made a group loss of £56.7m compared with a £72.6m profit in 2021, having reduced the carrying value of goodwill by £87.2m to reflect tougher trading conditions.
Despite the downbeat numbers, LSL said it expected to remain resilient in a difficult but steadily improving market through the second half of this year. It also pointed to progress in streamlining its operations to focus on business-to-business services through the sale of its consumer facing financial services business to the joint venture it shares with Pollen Street Capital and the £29m disposal of Marsh & Parsons.
