According to LSL’s latest results covering the first half of the year, the division’s market share of purchase and remortgage stood at 11.3%, in line with 11.2% last year.
The financial services division covers Primis, TMA Mortgage Club and Pivotal Growth.
The report said advisers “continue to adapt effectively to changes in the mortgage market”, growing total revenue by 3% year-on-year to £22.6m.
The number of network firms decreased by 5% to 1,084, which LSL said was due to reducing its number of protection-only businesses.
Primis advisers who sell mortgage and protection came to 2,245 in the period, a drop from 2,312 last year, and 392 advisers sell only protection and general insurance, a decline from 535 in the same period last year.
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Network protection revenue decreased by 12% year-on-year to £6.6m, which again illustrates its “strategic repositioning from protection-only brokers”.
The firm said TenetLime, which it acquired last year, said the “profit contribution was in line with expectations” and was “on track to deliver returns in excess of cost of capital”.
Pivotal Growth ‘continues to gain momentum’
Looking at Pivotal Growth, LSL said it “continues to gain momentum” and has acquired 19 businesses to date, including two acquisitions completed in Q3 2025.
Pivotal Growth has over 500 advisers, which LSL said will give it “critical mass to leverage its scale to attract deals and drive revenue synergies and profitability”.
LSL’s share of profits after tax in Pivotal Growth came to £100,000, which compares to a loss of £400,000 last year.
The underlying profit for the division came to £4.8m, a rise from £3.9m in the same period last year.
Estate agency division revenue stable
Within LSL’s estate agency franchising division, it said it had completed two years of trading a fully franchised model for its estate agency business.
The firm said its strategic focus was on “further enhancing our franchising expertise to bring on new partners, expanding our geographic reach, and developing our services for franchisees”.
The revenue for the division came to £13m, in line with last year, and the total number of exchanges was 17% above 2024.
It added that franchisees continued to grow, with three lettings book acquisitions, bringing over 600 properties to the lettings portfolio in the first half of the year.
Underlying profit came to £3.2m, up from £3.1m last year, and the number of properties under franchises’ management stayed stable at around 37,246.
Surveying and valuation division revenue up 9% YOY
The LSL surveying and valuation division’s revenue rose 9% year-on-year to £53.2m, reflecting a 7% increase in jobs performed and a 2% increase in income per job.
The firm said the division reflected the “benefit of contract extensions with improved terms as well as operational efficiency across the division”.
Asset management review stayed flat at £2.6m, while surveying operating profit fell to £10.7m from £11.7m last year.
The latter was attributed to “normalised surveyor incentives and investment in our data strategy”.
The firm’s market share of physical and remote valuation instructions was 37%.
LSL group profit before tax rises to £11.3m
Overall, the group profit before tax came to £11.3m, which is slightly down from £13.8m in the same period last year.
Group revenue came to £89.7m, a rise from £85.4m in the first half of last year.
Adam Castleton, group chief executive of LSL, said: “We made positive progress in the first half of 2025, delivering revenue and profit growth, while maintaining operating margin at its highest level for 15 years. We delivered structurally higher ROCE of over 30%, well above historical levels.
“LSL is a well-positioned business, as our three divisions add value at all key points in the UK’s property and mortgage lending ecosystem. We have a capital-light B2B platform for UK residential property market services.
“My focus is on empowering our teams, capturing further operational improvements in each division, and seizing the opportunity to leverage more of the group’s collective strengths. Combined, these should deliver enhanced margins and greater returns for shareholders.
“It is early days in my tenure as CEO, and I am excited about the growth opportunities open to us as a group. With 2025 on track, we are looking ahead with renewed ambition and confidence about our future.”
