LSL: ‘We are trading better than expected’

LSL’s businesses remain in “good shape” and are trading better than expected so far this year, the property brand claims.

A trading update issued ahead of LSL’s annual general meeting yesterday, said the company is benefiting from its “strategic transformation” last year and is taking advantage of “improving market conditions.”

The LSL estate agency network was shifted to a franchise model in the first half of last year as the brand moved its focus to mortgages and financial services.

LSL said in March that trading remained ahead of expectations but its latest update said: “We are pleased to confirm that the group has continued to trade well, with the outlook for the full year in line and potentially slightly better than our updated expectations.
 

“Our focus is on taking advantage of the improved market conditions and optimising the performance of our businesses, whilst keeping our eyes firmly on the need to deliver value to shareholders. We are working hard to develop our plans and we look forward to setting these out in more detail as these progress.”

The March update said cumulative profit over the first two months of the year was around £1m compared with losses of £1.5m and £2m for the same period in 2023 and 2022 respectively.  

It said: “Early performance in 2024 reflects the benefit of the reduced volatility of the franchising model.”

LSL’s interim results will be released in September 2024.

https://www.investegate.co.uk/announcement/rns/lsl-property-services--lsl/agm-statement/8268798