Slide 1: Half Year Results Presentation
Half Year Results Presentation Six months ended 30 June 2013 July 2013 1
Slide 2: Executive Summary
LSL Property Services plc Half Year results presentation July 2013 Executive Summary Underlying Group Operating profit of £11.5m (2012 LFL: £12.0m) Estate Agency delivered impressive profit growth of 28% to £8.4m (2012: £6.5m) • Excellent average fee, lettings and financial services growth • Strong
Slide 3: Highlights
LSL Property Services plc Half Year results presentation July 2013 Highlights Good progress towards leadership in all key markets Agency – Asset Agency – Financial Surveying Agency – Branches Management Services LSL Market leader #2 in market Market leader #4 in market position 2013 2013 residential
Slide 4: Financial Performance
LSL Property Services plc Financial Performance
Slide 5: Summary Group Financials
LSL Property Services plc Half Year results presentation July 2013 Summary Group Financials Actual LFL – excl LBG contract 2013/12 % Growth £m H1 2013 H1 2012 % H1 2013 H1 2012 % Jan- Apr May- Jun Revenue 118.8 120.8 (2) 118.8 115.3 3 (1) 10 Underlying Operating Profit(1) 11.5 14.5 (21) 11.5 12.0 (4
Slide 6: Financial Performance – Post Easter trading improvement
LSL Property Services plc Half Year results presentation July 2013 Financial Performance – Post Easter trading improvement January - April 2012 market volumes were strong due to changes in stamp duty and interest only mortgage legislation Strong improvement in market volumes post Easter 2013 reflect
Slide 7: Financial Performance – Surveying
LSL Property Services plc Half Year results presentation July 2013 Financial Performance – Surveying Surveying Segment Like for Like (excl LBG contract) H1 2013 H1 2012 % H1 2013 H1 2012 % Mortgage approvals ‘000 Mortgage approvals ‘000 592 589 0 592 589 0 Jobs ‘000 Jobs ‘000 198 220 (10) 198 196 1
Slide 8: Financial Performance – Estate Agency
LSL Property Services plc Half Year results presentation July 2013 Financial Performance – Estate Agency Market H1 2013 H1 2012 % House Puchase Mortgage Approvals 332,000 304,000 9 Actual KPIs H1 2013 H1 2012 % Exchange Units* 12,251 12,761 (4) Exchange Fees £m 34.9 34.1 2 FS Income £m (incl interme
Slide 9: Marsh and Parsons
LSL Property Services plc Half Year results presentation July 2013 Marsh and Parsons H1 13 H1 12 % Revenue £m 13.5 12.8 5 Operating Profit £m 2.6 2.9 (10) Margin 19.4% 22.9% London market constrained by stock shortage Residential sales income up 12% and lettings up 3% Investment in - New branches -
Slide 10: Financials – Cashflow and Debt
LSL Property Services plc Half Year results presentation July 2013 Financials – Cashflow and Debt Strong Cash Generation £m H1 2013 H1 2012 Operating Cashflows As expected, higher rate of PI cash settlements Operating Profit 11.5 14.5 Significant capex investment in new M&P branches Depreciation/ JV
Slide 11: Market and Strategy
LSL Property Services plc Market and Strategy
Slide 12: Mortgage Market Overview
LSL Property Services plc Half Year results presentation July 2013 Mortgage Market Overview House Purchase Approvals Annual Growth in Mortgage Approvals (’000) (%) 800 Thousands 700 40% 600 20% 500 400 0% 300 -20% 200 100 -40% Dec-12 Jan Jul-12 Nov Feb Apr Jun-13 Aug Oct Mar May Sep 0 06 H1 06 H2 07
Slide 13: Surveying: Operations and Development
LSL Property Services plc Half Year results presentation July 2013 Surveying: Operations and Development Market Share Operational Update Surveying Market Share Delivery of high service levels and regular positive feedback from all key clients ’000 H1 2010 H1 2011 H1 2012 H1 2013 Major contract insou
Slide 14: Estate Agency: Profitability and Market Share
LSL Property Services plc Half Year results presentation July 2013 Estate Agency Profitability and Market Share Profit per branch 30 Target benchmark profit per branch £30k - Profit per branch (£000's) £50k 25 20 H1 2013 rolling 12 month Profit per branch 15 increased by £21k to £26k (excluding Mars
Slide 15: Estate Agency – Counter Cyclical Income
LSL Property Services plc Half Year results presentation July 2013 Estate Agency – Counter Cyclical Income Total H1 Lettings and Asset Management income up 3% to £31.1m Balanced Growth: Asset Management and Lettings Lettings Lettings income up 9% 70.0 £m Now 67% the size of Residential sales income
Slide 16: Estate Agency – other businesses
LSL Property Services plc Half Year results presentation July 2013 Estate Agency – other businesses Financial Services Total LSL lending up 11% to £4.0bn across Pink, First Complete and Linear Revenue up 16% to £5.5m and H1 profit contribution up 34% to £0.6m Implementation of new common platform to
Slide 17: Summary
LSL Property Services plc Half Year results presentation July 2013 Summary Capitalising on improving market conditions Ongoing investment in organic growth initiatives plus investment in capacity ahead of market recovery Surveying - service delivery excellence to lender clients in B2B and contract r
Slide 18: Appendices
LSL Property Services plc Appendices
Slide 19: LSL's Genesis
LSL Property Services plc Half Year results presentation July 2013 LSL’s Genesis LSL’s business transformation from a loss making insurance distribution arm Key Events July 2001 2004 2011 2012 2008 New MBO of your-move and e.surv Q4 Renewal of Acquisition of First Complete Asset management acquisiti
Slide 20: Who are We Now?
LSL Property Services plc Half Year results presentation July 2013 Who are We Now? LSL Property Services plc Residential Property Buyers and Sellers Customer Capture Surveying Estate Agency Strategic Business Cross Surveying Selling Surveying Surveying Current Surveyors (Employees) Current Estate Ag