LSL Property Services (LSL) H2 2025 earnings summary

Executive summary

• Delivered 17% profit growth to £32.6m in 2025, with record 18% margin and high cash generation, supporting increased shareholder returns.

• Achieved broad-based performance across all divisions, with strategic and operational progress including bolt-on investments, B2C revenue growth, and scaling of the Pivotal JV.

• Maintained strong market share and reinforced strategic relationships with lenders and partners.

• Built a platform for future growth through technology investment and operational improvements.

Financial highlights

• Revenue grew 6% year-over-year to £182.9m; underlying operating profit up 17% to £32.6m, margin up to 18% from 16%.

• Group operating profit up 20% in H2 versus H1; margin at highest level in 15+ years.

• Cash conversion remained high at 90-91%, with net cash at year-end of £27.8m.

• Adjusted basic EPS improved to 24.4p from 21.1p; proposed total dividend held steady at 11.4p.

• Dividends and share buybacks represented just under 50% of operating cash flow, totaling £16.8m distributed to shareholders.

Outlook and guidance

• FY26 outlook is in line with expectations, with increased revenue and profit anticipated versus FY25.

• Trading in early 2026 supports confidence in meeting market expectations, with continued profit growth and robust cash generation.

• Cash conversion expected to remain at mid to upper end of 75%-100% range, with capex of £3-5m and H2 weighted performance.

• Focus remains on leveraging platform strength for growth, productivity, and higher returns.