(Reuters) – LSL Property Services said on Friday its annual profit would be slightly behind last year, as rapid inflation lifted energy and staff costs, and deal completions at the residential services provider’s joint venture was slower than expected.
The Newcastle-based company also said its estate agency and direct-to-consumer financial services businesses were hit by “extremely” slow residential pipeline conversion rates due to the persisting industry-wide capacity issues in preparing documents for the conveyance of property.
The company had earlier expected 2022 profits to be in line with last year, but now sees annual profit for the year ended Dec. 31 to be “slightly” behind 69.9 million pounds ($88.26 million) it reported a year earlier.
“Should the current slow conversion rates across the market persist or fall through increase, then more significant pressure would be placed on profits,” it said in a statement ahead of its annual general meeting later in the day.
($1 = 0.7920 pounds)
(Reporting by Sinchita Mitra in Bengaluru; Editing by Rashmi Aich)
