LSL is reporting strong results for the first half of the year, with profits jumping to £14.4 million, up from £3.2 million.

The franchise group, which owns estate agents Your Move and Reeds Rains, says the results are in line with its expectations after a strong start to the year.

Revenue up

Group revenue was up to £85.4 million compared with H1 2023 at £72.5 million.

In April. it announced a £7 million share buyback plan as its performance picked up rapidly.

Following a period of significant strategic transformation, we have delivered a robust financial performance.”

David Stewart, Group CEO, says: “Following a period of significant strategic transformation, we have delivered a robust financial performance in the first half of 2024 during a period in which our end markets have been fairly muted.

“Each of our businesses has achieved strong market share whilst focusing on delivering against our strategic priorities and putting in place a solid platform for future growth.”

Transformed

The group transformed its operating model last year by switching all of its branches to franchises.

LSL has 61 estate agency franchisees operating in 306 territories making it one of the biggest providers of franchise services in the UK. It is also one of the UK’s largest providers of surveying and valuation services, supplying seven out of the 10 largest lenders.