Major Surveying Contract Win

For Immediate Release                                                                              

 16^th May 2018                                                                                                         

LSL Property Services plc ("LSL" or "Group")

Major Surveying Contract Win

 

LSL Property Services plc, a leading provider of residential property services incorporating both Estate Agency and Surveying businesses, is pleased to announce that e.surv Limited ("e.surv"), its residential surveying and valuation services operation, has been awarded a material contract to supply surveying and valuation services to Lloyds Bank plc.

 

Lloyds Bank plc surveying and valuation services have historically been carried out by an in-house operation.  The contract awarded to LSL will include the transfer to e.surv of the existing Lloyds Bank plc surveyors and back-office employees. The initial contract period is for five years. After a period of integration and transition, the provision of valuation services by e.surv is expected to commence in the third quarter of 2018 and the services will be fully operational during the final quarter of 2018.

 

The contract is expected to enhance the Group's earnings and provides a positive opportunity to leverage the LSL surveying assets to drive growth. Due to the timing of the integration and the requirement for specific one-off transition and integration costs, the contract is expected to be broadly earnings neutral for the remainder of 2018.

 

Ian Crabb, Group Chief Executive Officer of LSL, said:

 

"I am pleased that Lloyds Bank plc, which currently employs c.200 surveyors, has chosen LSL as its partner to provide this service for the Bank.

 

This contract award demonstrates the market leading proposition that e.surv is able to offer its customers and reflects well on the technology investment which e.surv has made to enhance its proposition through the development of a market leading Surveying IT platform.

 

I would also like to take this opportunity to welcome our new colleagues into the LSL Group."

 

This announcement has been determined to contain inside information.

 

For further information, please contact:

 

Ian Crabb, Group Chief Executive Officer

Adam Castleton, Group Chief Financial Officer

LSL Property Services plc                                                              0207 382 0360

 

Melanie Cowell

LSL PR Manager                                                                                07968 604660

 

David Rydell

Sophie Wills

Buchanan                                                                                            0207 466 5000

                                                                                                                   

Notes on LSL:

LSL is a leading provider of residential property services to its key customer groups.  Services to consumers include: residential sales, lettings, surveying, conveyancing and mortgage, pure protection and general insurance brokerage services. Services to mortgage lenders include: valuations and panel management services, asset management and property management services. For further information, please visit LSL's website: www.lslps.co.uk