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Birmingham Post
Birmingham Post
Business
Tom Keighley

LSL Property Services reports record year as diversification pays off

LSL LSL Property Services Newcastle

LSL Property Services has reported record underlying operating profits driven by strong performance across its core businesses.

The Newcastle-based firm - which includes the Reeds Rains and Your Move brands - said underlying operating profits increased to £49.3m, up 40% from £35.2m in 2021, on group revenue of £326.8m, up from £266.7m.

Investors were told LSL’s focus on financial services will help it face a more challenging housing market in months to come as it pointed to estimates that suggest the mortgage market will be about 11% lower than in 2021 and housing transactions about 19% lower.

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