LSL Property Services has reported a strong end to 2025 with improved profitability across all divisions and continued momentum within its Financial Services (FS) arm, according to its pre-close trading update for the year ended 31 December 2025.
The group said full-year results are in line with board expectations, supported by a strong second half.
Group revenue increased by around 6% to approximately £183m, while underlying operating profit is expected to rise by more than 15% year-on-year.
Operating margin reached a record high of around 18%, reflecting improved efficiency and lower central costs.
MORTGAGE SHARE UP
LSL’s Financial Services Division delivered further market share gains during the year, with its share of the UK purchase and remortgage market rising to 11.8%, up from 11.6% in 2024.
The division benefited from increased refinancing activity in the second half of the year, a trend that has continued into early 2026 and is supporting adviser productivity and volumes across the network.
PIVOTAL GROWTH BOOST
The group also highlighted continued progress at Pivotal Growth, its mortgage advice consolidation joint venture. Pivotal has now completed 21 acquisitions and, in December 2025, secured a new senior debt facility from a leading European capital provider.
The funding enabled the repayment of existing shareholder loan notes and provides third-party capital to support future acquisitions without requiring additional shareholder funding.
LSL said this strengthens Pivotal Growth’s ability to scale profitably and expand its adviser base in a fragmented advice market, supporting long-term growth within the group’s FS ecosystem.
SURVEYING & VALUATION
Elsewhere, the group continued to invest selectively in growth. Its Surveying & Valuation division signed its first automated valuation model contract with a major UK banking group, while the Estate Agency Franchise division completed a bolt-on acquisition in January 2026 and supported a sharp increase in lettings book acquisitions by franchise partners.
LSL ended the year with net cash of £27.8m and has launched a new £12m share buyback programme following the completion of its previous £7m buyback.
WORKING AT PACE
Adam Castleton (main picture), group chief executive officer, said: “LSL has delivered a strong performance over the period. Underlying Operating Profit was up in all three divisions and our central costs reduced – we achieved a record high Group Operating margin.
“The Group saw an acceleration in our revenue and profit in the second half of the year and we have started 2026 in line with our expectations.
“We further strengthened our Group growth drivers through the acceleration of our estate agency franchise partners acquiring lettings books; a bolt-on acquisition in our Estate Agency Franchise Division; and signing our first AVM deal by our Surveying & Valuation Division. As we start 2026, we are working at pace on further growth initiatives.
“With our strong financial performance and a highly resilient, cash generative business model we are returning cash to shareholders through our enlarged share buyback programme.
“I am excited about the opportunities ahead for the Group, as we continue to drive forward success in our core businesses and increasingly working together for the benefit of the wider Group.”
