Property group's profits and revenues bolstered

REVENUE and profits have edged up for property services group LSL amid a reported recovery in the market.

- BY TOM KEIGHLEY Business writer [e-mail]

The London-listed group, which is based in Newcastle but has operations throughout the UK, said it expects to deliver further growth in underlying profits this year.

And bosses say tightened regulations in the sector will drive work its way.

In half year results published to investors, LSL said group revenue was up 5% to £89.7m and group underlying operating profit has risen 3% to £14.8m, with the increase coming despite investments in the business and absorption of the Employers' National Insurance contributions increase.

The group's operating margin remained at 17%.

New CEO Adam Castleton, who took the role in January, said he was confident of further growth prompted by greater regulation of the sector - from LSL's three key divisions: financial services, surveying and valuation, and estate agency franchising.