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LSL is one of the leading residential property services companies in the UK and provides a broad range of services to its customer who are principally mortgage lenders, as well as buyers and sellers of residential properties. LSL’s main operations are its surveying business, which operates under the e.surv, Barnwoods and Chancellors Associates brands, its estate agency business, which includes the Your Move and Reeds Rains brands, and its financial services business.

LSL Property Services Plc slipped to a first-half loss in a very difficult market and expects conditions to remain challenging for some time.

Your Move and Reeds Rains exchange income down by 48% and turnover down 27%

The estate agency turnover decreased by 25% to 39.4m (2007: 52.8m) and the underlying operating loss was 4.1m (2007: profit 6.5m).

The group did not recommend an interim dividend. It had paid an interim dividend of 3 pence a year earlier.

For the six months to June 30 2008, the group reported a pretax loss of 0.8 million pounds compared with a 12.1 million profit a year earlier, while revenue fell 10 percent to 93.1 million pounds.

Net debt of 61.7m at 30 June 2008 (2007: 56.3m). Net assets as at 30 June 2008 were 38.0m, a reduction of 4.9m from the previous year end. Net debt as at 30 June 2008 was 61.7m, an increase of 13m from the previous year end. The Group has a borrowing facility of 95m in place until July 2010, of which 36.9m was undrawn at 30 June 2008.

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