Business
INTERIM RESULTS
INTERIM RESULTS.
About this update from Lsl Property Services Plc
[{"type":"text","content":"\n \nRNS Number : 4078K LSL Property Services 30 July 2013 \n \n\n\n\n\n\nFor immediate release\n\n\n30 July 2013\n\n\n\n\n \n \nLSL Property Services plc ('LSL')\n \nInterim Results For the six months ended 30 june 2013\n \nLSL Property Services plc ('LSL') a leading provider of residential property services incorporating estate agency and surveying businesses (the 'Group'), announces its interim results for the six months ended 30 June 2013.\n\n\n\n\n\n\n\n2013\n\n\n2012\n\n\nChange \n\n\n\n\nGroup revenue\n\n\n£118.8m\n\n\n£120.8m\n\n\n-2%\n\n\n\n\nGroup Underlying Operating Profit(1)\n\n\n£11.5m\n\n\n£14.5m\n\n\n-21%\n\n\n\n\nOverall operating margin \n\n\n9.7% \n\n\n12.0%\n\n\n-2.3%\n\n\n\n\nProfit/(loss) before tax \n\n\n£8.4m\n\n\n(£7.9m)\n\n\n+206%\n\n\n\n\nBasic earnings/(loss) per share\n\n\n6.3p\n\n\n(6.0p)\n\n\n+204%\n\n\n\n\nAdjusted basic earnings per share\n\n\n7.6p\n\n\n9.6p\n\n\n-21%\n\n\n\n\nNet bank debt(2) at 30 June\n\n\n£31.7m\n\n\n£36.8m\n\n\n -14%\n\n\n\n\nHalf year dividend\n\n\n3.3p\n\n\n3.1p\n\n\n+6%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLike-for-like(3) Group revenue\n\n\n£118.8m\n\n\n£115.3m\n\n\n+3%\n\n\n\n\nLike-for-like Group Underlying Operating Profit\n\n\n£11.5m\n\n\n£12.0m\n\n\n-4%\n\n\n\n\nLike-for-like operating profit margin\n\n\n9.7%\n\n\n10.4%\n\n\n-0.7%\n\n\n\n\n(1) Underlying Operating Profit is before exceptional costs, amortisation of intangible assets and share based payments\n(2) See Note 13 for calculation\n(3) Like-for-like excludes the impact of the insourcing of a contract by a major Surveying client in June 2012 as announced in the Interim Results in July 2012 \n§ Excellent and improving performance from Agency division\n§ Surveying impacted, as previously reported, by a major contract insourced in June 2012\n§ Ongoing investment in lettings, building market share and increased capacity ahead of market improvement\n§ Excellent cash generation and strong balance sheet\n§ Market conditions and Group performance have improved significantly since Easter\n§ Interim dividend up 6%\n \nEstate Agency Performance\n§ Underlying Operating Profit increased by 28% to £8.4m (2012: £6.5m). Agency operating margin increased to 9.3% (2012: 7.5%)\n§ Resi...