Its trading update said its financial services network, which comprises Primis, The Mortgage Alliance and Linear Financial Solutions, was “resilient” last year, “with profitability slightly ahead of plan”.
It added that its share of the UK purchase and remortgage market grew to 10.7 per cent, up from 10.5 per cent in 2022.
LSL also received approval for its acquisition of the TenetLime mortgage network, “with completion now imminent”.
It added: “Plans for the integration are in place and we are on track to deliver the planned business benefits.”
‘Subdued’ valuations activity
The group said that, while there was an improvement in activity in the second half of the year, subdued business impacted its surveying division. However, it said there were signs of a pick-up in the final months of 2023, which were expected to result in an improvement in earnings for 2024.
It also noted that the surveying and valuation division extended its contract with Lloyds Banking Group until 2028.
Wider performance
LSL said it had a “positive” final quarter, with full-year results projected to be in line with expectations, and this year would deliver profits “materially ahead of 2023”. It said this would be due to an improved performance in surveying and a full year of operating its franchising model.
The group generated £144m in revenue, down from £217m in 2022. However, adjusting for disposals, like-for-like revenue was 10 per cent lower than the previous year. This was compared to a housing market that contracted 19 per cent and lower lending, according to LSL.
It closed the period with £34.9m in net cash, down from £40.1m in 2022.
