In a trading update for the ten months ended 31 October, the group reported that revenues had slipped 3% to £262.8mln, however, when excluding the impact of branch closures across its Your Move and Reeds Rains brands in the first quarter of the year, like-for-like (LFL) revenues rose by 5%.
The overhaul of Your Move and Reeds Rains caused LFL revenues in the group’s estate agency business to fall 5% in the period.
There was better news across the rest of the group, with its financial services arm reporting organic growth of 3% while surveying revenues jumped 29%.
Despite the decline in estate agency, LSL reiterated that it will deliver underlying operating profit for the full year “in line with its prior expectations”.
Ian Crabb, LSL’s chief executive, praised the group’s “credible performance” despite what he said were subdued market activity levels as a result of “continued uncertainty over the UK and global political and economic environment.”.
He added that the firm was “cautious on the market outlook for 2020” until it received greater clarity on the political backdrop.