LSL Property Services received a £32.9m boost last year after selling its shares in Zoopla.
The UK's second largest listed estate agent reported full-year results today that were in line with expectations, despite the headwinds faced by the property market in the lead-up to (and after) the EU referendum.
The property group's underlying operating profit fell from £42.9m in 2015 to £34.6m last year. Profit before tax came in at £63.5m, up 65 per cent on the £38.6m the year before.
Group revenue grew two per cent, from £300.6m to £307.8m.
Why it's interesting
Not only were LSL's results in line with expectations, the company also didn't change its guidance for the year ahead, which equity analyst Anthony Codling said was "quite a feat" in the current property climate. House price growth slowed throughout last year following changes to stamp duty, and due to the uncertainty surrounding the Brexit vote, which analysts have predicted will put people off buying big-ticket items. Today, Halifax reported that house price growth has nearly halved over the past 11 months.
What LSL Property Services said
Simon Embley, chairman of LSL, said: "Following a strong first half performance, the group delivered a resilient second half performance given the changing market conditions.
"The group reacted decisively to the changing market conditions in the second half by taking selective cost measures and strengthening the balance sheet."