LSL Property Services maintains guidance as trading improves
By Josh White
Date: Wednesday 17 Sep 2025
(Sharecast News) - LSL Property Services reported higher first-half revenue and profit on Wednesday, as it said trading had improved as expected in the second half, with full-year guidance unchanged and mortgage market activity starting to pick up.
The estate agency, surveying and financial services group posted revenue of £89.7m for the six months ended 30 June, up 5% year on year, while underlying operating profit rose 3% to £14.8m and operating margin held at 17%, its highest level in 15 years.
Profit before tax fell 18% to £11.3m, reflecting £1.8m of exceptional costs, while adjusted operating cash flow dropped to £7.4m from £11.7m.
The group declared an interim dividend of 4p per share, unchanged on last year.
LSL said it had maintained strong market share across its three divisions while investing in technology, including rolling out a new CRM system in financial services and moving towards commercialising automated valuation models in surveying.
It added three new estate agency franchise branches and supported three lettings book acquisitions by franchisees, renewed a major lender contract, and saw 43% growth in B2C revenue within its surveying arm.
"We made positive progress in the first half of 2025, delivering revenue and profit growth, while maintaining operating margin at its highest level for 15 years," said chief executive Adam Castleton.
"We delivered structurally higher ROCE of over 30%, well above historical levels.
"LSL is a well positioned business, as our three divisions add value at all key points in the UK's property and mortgage lending ecosystem.
"With 2025 on track, we are looking ahead with renewed ambition and confidence about our future."
The group said July was the strongest refinancing month of the year so far, wih mortgage pipelines running above historic norms, underpinning expectations of higher refinancing activity through the rest of 2025.
It said it expected to deliver a further increase in underlying profit for the full year in line with market expectations.
At 0938 BST, shares in LSL Property Services were down 1.02% at 292p.
Reporting by Josh White for Sharecast.com.
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