COVID drops LSL revenues by 15% during 2020, latest results reveal

first_imgLSL’s revenues dropped last year by 15% which in a normal year would be alarming but the company says Covid, despite a 65% year-on-year rise in its sales pipeline during December, hit the company hard.Its interim annual report concentrates on its Primis mortgage business, this area of activity being its second brightest with mortgage completions up by 23% year-on-year.One other booming part of LSL has been its surveying business, where revenues were up by 25% year-on-year during December.Consequently, LSL says profits across the whole group increased to £41.5 million, although this has been significantly bolstered by furlough payments from the government.Revenues downGroup revenues for the 12 months ended 31 December 2020 are expected to drop by around 15% to £266.0m (2020: £311.1m) which LSL blames mainly on Covid but also the significant restructuring costs of the Your Move and Reeds Rains networks, and the lingering effects of the tenant fee ban.“The welfare and safety of our colleagues and customers continues to be afforded the highest priority, and the Group continues to apply the advice of theGovernment and public health authorities throughout our businesses and we will monitor closely any changes to the guidance as the cuurse of Covid-19 evolves,” the company says.“Following the announcement of the National Lockdown on 4 January 2021, the Government reiterated its intention to enable the housing market to operate as normally as possible, and the Group’s financial services, surveying and estate agency operations remain open and operating in line with guidance.”Its full annual accounts are due out in early March. January 15, 2021Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » COVID-19 news » COVID drops LSL revenues by 15% during 2020, latest results reveal previous nextAgencies & PeopleCOVID drops LSL revenues by 15% during 2020, latest results revealCompany says its financial performance has been helped by government’s Covid furlough cash.Nigel Lewis15th January 20210858 Viewslast_img

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