LSL Property Services Reports Strong First-Half Financial Growth
LSL Property Services reported strong first-half financial performance, with revenue rising to £92.3 million and underlying operating profit increasing by 11% to £15.9 million. Despite a modest decline in UK housing transactions, the company achieved its highest first-half margin in over 15 years at just under 17%. Growth was driven primarily by surveying services, asset management, and estate agency franchising. The firm cited resilient activity in remortgaging, lettings, and recurring revenue streams as key contributors to performance. Management reaffirmed its full-year outlook for higher revenues and profits, supported by a transformation program expected to deliver at least £5 million annually starting from 2027. LSL also announced a new share buyback of up to £12 million while maintaining an interim dividend. Divisional highlights included strong growth in asset management revenue (up nearly 44%) and surveying services, which saw both revenue and profit rise by double digits. However, financial-services profits declined due to investment costs for a CRM platform and lower adviser numbers.
Topics: buyback announcement margin expansion profit increase revenue growth