Marsh & Parsons owner LSL in post-Brexit profit warning

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Shares in the UK’s biggest listed estate agents were hammered earlier as Marsh & Parsons owner LSL Property Services hit the market with an ugly post-Brexit profit warning.

LSL, which also owns Your Move and Reeds Rains, saw shares slide 11% or 28p to 220p as it said the vote “has led to further consumer uncertainty and LSL’s post-referendum trading performance has reflected the market conditions”.

The firm does “not expect market conditions to improve sufficiently” and as a result, full-year profits will be “significantly” lower than the £46 million expected by the City.

LSL’s gloom sank rivals Foxtons — down 4.5p to 118.25p and Countrywide, which dropped 15p to 237.68p.

Analysts at Jefferies said: “Shares across the residential sector have been hit hard as investors seek to understand the referendum’s impact on the UK housing market. Uncertainty appears to be the main theme.”

As well as LSL’s Brexit-induced profit warning, a new survey from Hometrack also showed the capital will bear the brunt of a property slowdown.

It said: “The headwinds facing the London market ahead of the vote have resulted in rising supply and relatively fewer sales pointing to slower house price growth in the months ahead.”

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July 22, 2016 |
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