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LSL ups mortgage completions to £14.7bn in six months

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  • 30/07/2019
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LSL ups mortgage completions to £14.7bn in six months
LSL Property Services has reported a robust performance in its mortgages business for H1 2019 owing to organic growth and acquisitions.

 

The mortgage business, part of the group’s financial services division, grew completions by 11.4 per cent to £14.7bn.

LSL’s share of total mortgage completions by value rose to 8.5 per cent.

Operating profit for the financial services division increased 20 per cent to £4.3m.

The company ascribed the division’s performance to organic growth driven by continued success in the intermediary market and the acquisitions in Q1 2018 of RSC New Homes and Personal Touch Financial Services (PTFS).

Jon Round, group financial services director at LSL Property Services (pictured) said that integrating PTFS into the Primis brand, and making ongoing investments in technology, had been among the highlights of the past 12 months.

“We are developing consistency across the network and enhancing the solutions we offer to customers and intermediary business partners,” Round said.

“A growing number of appointed representative (AR) and directly authorised (DA) intermediaries are choosing us and we continue to provide a leading proposition to all our intermediaries and partners,” he said.

At group level, LSL Property Services strengthened margin, reporting a rise in operating profit of five per cent to £12.2m on revenue growth of one per cent to £154.1m for H1 2019.

Group adjusted earnings before interest, tax depreciation and amortisation (EBITDA) rose by 37 per cent.

Ian Crabb, LSL Property Services chief executive officer, said: “It’s pleasing to report another period of successful growth as the business further strengthens its position as a leading distributor of mortgage and non-investment insurance products.”

 

 

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