LSL has just released its full-year results to the City with CEO David Stewart declaring 2024 was a year of “positive progress” with profits and revenue up substantially in all areas.

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.

Successful restructure

LSL believes its 2024 performance is a result of the successful completion of its significant restructuring and transformation programmes in 2023 when it turned its entire estate agency network into franchises. LSL says it is now a much simpler Group that is better positioned to deliver higher operating margins, and more consistent earnings through market cycles.

In its Estate Agency Franchising Division, underlying operating profit was 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 stable at 37,462 (37,502 in 2023).

I believe the Group is now well positioned to build on solid foundations.”

David Stewart, Group Chief Executive commented: “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.”