LSL Property Services PLC on Wednesday said trading in the initial few months of 2025 has been in line with expectations as it reported an advancement in revenue for 2024.
The Newcastle Upon Tyne, England-based provider of services to mortgage intermediaries and franchised estate agencies reported a significant jump in pretax profit to £23.0 million in 2024 from £4.9 million in 2023.
This improvement can be attributed to growth in revenue coupled with a reduction in exceptional costs.
Revenue advanced 20% to £173.2 million from £144.4 million as its Surveying & Valuation division recorded a 36% revenue improvement driven by contract enhancements and increased Bank of England mortgage approvals.
Further supporting the bottom line was a reduction in exceptional costs which decreased 70% to £4.1 million from £13.8 million, with LSL noting the significance of the £5.8 million item included in 2023 relating to ‘restructuring activity and corporate transaction costs’.
The firm kept it final dividend flat at 7.4 pence, bringing its total dividend for the year to 11.4p, also flat with the prior year.
Its shares were flat at 265.00p on Wednesday morning in London.
The firm also noted that Adam Castleton will be formally taking over as chief executive officer on May 1. This follows his appointment as CEO designate in January following CEO David Stewart’s notification of his intention to retire.
On current trading, the firm reported a positive start to the new year, with trading in line with expectations.
LSL said it expects to deliver ‘a further increase in profits in 2025’, with it positive about both its short and medium-term prospects.
Stewart 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.’
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