LSL Property Services (LSL) H2 2024 earnings summary

Executive summary

• Achieved strong profit growth in 2024, with Group Underlying Operating Profit up 169% to £27.7m and Group Operating Profit up 484% to £21.9m year-over-year.

• Revenue increased 20% to £173.2m, driven by robust performance in Surveying & Valuation and Estate Agency Franchising.

• Maintained full year dividend at 11.4p per share and continued share buyback programme.

• Strengthened balance sheet and extended £60m revolving credit facility to 2030.

Financial highlights

• Group Underlying Operating Profit: £27.7m (2023: £10.3m), margin 16% (2023: 7%).

• Group Operating Profit: £21.9m (2023: £3.7m).

• Profit before tax: £23.0m (2023: £4.9m).

• Adjusted cash flow from operations: £31.1m (2023: £(0.2)m).

• Basic EPS: 17.3p (2023: 7.9p); Adjusted Basic EPS: 21.1p (2023: 7.6p).

• Net cash at year end: £32.4m (2023: £35.0m).

Outlook and guidance

• Trading in early 2025 is in line with expectations; further profit growth anticipated for 2025.

• Board remains confident in long-term prospects, supported by strong balance sheet and investment in technology and growth initiatives.