Agency franchising and finance giant has recorded a year of what it calls “positive progress.”

In a statement to shareholders it says Group revenue is up 20% to £173.2m; Group underlying operating profit is up 169% to £27.7m; and Group operating profit is up an astonishing 484% to £21.9M.

Chief executive David Stewart puts this down to the successful completion of its comprehensive restructuring in 2023.

Its Estate Agency Franchising Division saw underlying operating profit up 77% to £7.6m (£4.3m in 2023) with an underlying operating margin of 28%, although the number of properties under franchisees’ management remained almost static at 37,462 (37,502 in 2023).

LSL says it is now a much simpler Group, better positioned to deliver higher operating margins, and more consistent earnings through market cycles.

Stewart comments: “2024 was a year of positive progress, as we built successfully on the restructuring work completed in 2023. 

“We were able to grow profits materially, and at a faster rate than we had anticipated at the start of the year.

“Trading in the early months of the new year is in line with expectations, indicating we will be able to improve performance again in 2025.

“I believe the Group is now well positioned to build on solid foundations and I am sure that under the leadership of Adam Castleton, who will take over as Group CEO on 1 May, the Group will go from strength to strength.”