Business
TRADING UPDATE AND COVID-19 UPDATE
TRADING UPDATE AND COVID-19 UPDATE.
About this update from Lsl Property Services Plc
[{"type":"text","content":"\n \n \n RNS Number : 0389P\n LSL Property Services PLC\n 05 June 2020\n \n \n \n \n \n For Immediate Release\n \n \n \n 5 June 2020\n \n \n \n \n \n \n \n \n \n LSL Property Services plc (\"LSL\" or \"The Group\")\n \n \n \n \n \n TRADING UPDATE AND COVID-19 UPDATE\n \n \n \n \n \n LSL reports strong first quarter trading and resilient performance in unprecedented market conditions with encouraging initial activity levels following easing of lockdown restrictions\n \n \n \n \n \n LSL Property Services plc, a leading provider of residential property services incorporating financial services, estate agency, and surveying and valuation businesses, issues a trading update for Q1 to 31 March 2020 and also for April 2020 and a COVID-19 update following the easing of the lockdown.\n \n \n \n \n \n HIGHLIGHTS\n \n \n \n \n \n Strong financial performance in Q1 ended 31 March 2020\n \n \n · Group Underlying Operating Profit1 up by 62% to £3.4m compared with Q1 2019\n \n · Financial Services, Estate Agency and Surveying Divisions all report an increase in operating results over prior year\n \n · Net Bank Debt at 31 March 2020 of £42.1m, resulting in modest gearing2 at 0.97x Adjusted EBITDA\n \n \n Decisive action taken in response to COVID-19 outbreak\n \n \n · \n Focus on maintenance of income streams, including lettings, mortgage brokerage, insurance and remote surveying valuations\n \n \n · \n All Board members voluntarily reduced salaries and fees by one-third\n \n \n · Reduction in payroll costs to reflect lower levels of activity, with the UK Government Coronavirus Job Retention Scheme deployed in respect of 73% of staff\n \n \n \n \n Resilient financial performance during lockdown, generating an operating profit in April 2020\n \n \n · \n The Group generated an Underlying Operating Profit in April 2020 of £...