LSL Property Services sounds optimistic note amid profit upgrade and appointment of CEO designate

2025-03-30 08:21:20

LSL runs businesses such as Your Move and Reeds Rains

Property services group LSL has upgraded revenue and profit expectations for 2024 at the same time as appointing a new CEO designate.

In a pre-close trading update, the Newcastle-based group, which includes brands such as Your Move and Reed Rains, said group revenue for 2024 is expected to be a 20% increase on the previous year at about £173m. Group underlying operating profit is also said to be "significantly ahead" of 2023 levels and above the board's expectations.

LSL told shareholders that all three of its main divisions - financial services, surveying and valuation and estate agency franchising - had experienced growth. That included boosted operating margin of about 16%, compared with the group's normal 12% level.

Its financial services network, which provides functions to mortgage intermediaries, saw profit increase year-on-year and its overall share of the UK housebuying and remortgage market increased to 11.6%. In th