Lsl Prop Regulatory News (LSL)

23 May 2007 07:02

LSL Property Services23 May 2007 For Immediate Release 23 May 2007 LSL Property Services plc AGM Trading Update Roger Matthews, Chairman of LSL Property Services plc, a leading providerof residential property services, incorporating estate agency brands Your Moveand Reeds Rains and surveying brands e.surv and Chancellors Associates, willmake the following statement on current trading at the company's Annual GeneralMeeting to be held later today: "We are pleased to report that, for the year to date, all our operatingdivisions are performing well and slightly ahead of management expectations. In the first four months ended 30 April 2007: * Group turnover is up 10%; * Estate agency and financial services turnover is up 8%; * Surveying turnover is up 14%. Turnover has benefited from a maiden contribution from Chancellors Associates. Our estate agency brands, Your Move and Reeds Rains, are both performing well ina slightly slower market compared to this time last year. In Your Move we havecontinued to make some progress in reducing our operating cost base. We haveinvested in additional financial services capacity, both in Reeds Rains andLinear, to deliver future growth. In summary, the Group has made a good start to this financial year. Lookingahead to the second half of this year, activity levels in the housing market areuncertain in light of the short-term upward momentum in interest rates and thepotential introduction of Home Information Packs now delayed to 1 August.However, LSL's operating model demonstrates some resilience to the housingmarket cycle and we continue our stated strategy of pursuing selectiveacquisitions in both agency and surveying. The longer term macro-economic factors indicate a strong housing market, leavingthe Group well positioned to deliver future growth." For further information please contact: Simon Embley, Group Chief Executive OfficerDean Fielding, Group Finance DirectorLSL Property Services plc 01904 715 324 Richard Darby, Nicola Cronk, Catherine BreenBuchanan Communications 020 7466 5000 Notes to editors: LSL Property Services plc is one of the leading residential property servicescompanies in the UK and provides a broad range of services to its customers whoare principally mortgage lenders, as well as buyers and sellers of residentialproperties. LSL's main operations are its surveying business, which operatesunder the e.surv and Chancellors Associates brands, its estate agency business,which operates under the Your Move and Reeds Rains brands, and its financialservices business. For further information, please visit LSL's website: www.lslps.co.uk This information is provided by RNS The company news service from the London Stock Exchange