Reeds Rains and Your Move parent company LSL has revealed upbeat financial results as it announces a new CEO.

Group revenue for the last year is expected to increase by 20% to £173m (2023: £144.4m) and operating profit is “significantly ahead of prior year and slightly ahead of the Board’s prior expectations”, LSL says as it releases unaudited accounts.

Transformed

The group transformed its operating model in 2023 by switching all of its branches to franchises.

Current CEO David Stewart, who took up the reins in 2020, is standing down on 1st May this year to be replaced by Adam Castleton, who before joining LSL in 2015 had a non-property background including stints with eBay, 02 and The Walt Disney Company.

Search

The company has now begun a search for a new CFO. Stewart will remain with LSL as a non-executive director of the group’s Financial Services Network, which trades as ‘PRIMIS Mortgage Network’.

We are immensely grateful to David, who during his tenure as CEO led the transformation of LSL.”

Adrian Collins, Non-Executive Chair, says: “We are immensely grateful to David, who during his tenure as CEO led the transformation of LSL to a higher margin, less capital-intensive business that will perform more consistently through market cycles.

“The Board is very confident in Adam as the right person to lead LSL forwards”.

Michael Stoop, non-executive director, will become chair of the Estate Agency Division, and Darrell Evans, also non-executive director, will chair the Surveying and Valuation Division.

New model

LSL has 62 estate agency franchisees operating in 310 territories, making it one of the biggest providers of franchise services in the UK.

And in November last year, LSL launched a new ‘hybrid associate model’ for self-employed agents.

LSL Estate Agency Franchising said the model allows self-employed agents to run their own businesses while partnering with one of LSL’s local branches.