LSL PROPERTY Services has grown profits and revenue thanks to growing market share in its surveying and estate agency business.

The York-based group revealed in its interim results for the six months to June 30 that it had grown pre-tax profits from £4.3 million in the same period in 2009 to £19.7 million. It increased turnover by 36 per cent to £101.1 million, from £74.1 million in 2009 despite mortgage approvals being at half historic norms.

Chairman Roger Matthews said: “The outlook for the market continues to be uncertain and we remain cautious in view of well documented broader economic challenges. However against this backdrop we have continued to strengthen our counter-cyclical income businesses, in particular, asset management, and as a result the group is becoming increasingly robust through the cycle.

“We are well placed to grow the business both organically and through selective acquisitions and deliver significant increases in shareholder value when the market recovers,” he said.

In January, the business acquired Halifax Estate Agencies Ltd (HEAL), adding 206 branches to its estate agency network. The division recorded a loss of £3.6 million in the first half, but is expected to be profitable in the second half of the year.