**Summary**
LSL Property Services PLC released a pre-close trading update for the 12-month period ended December 31, 2025, highlighting strong performance and strategic progress. Key points include
1. **Financial Performance**
Group revenue increased by ~6% to ยฃ183 million.
Underlying operating profit rose by over 15%, with a 30% increase in the second half.
Record-high operating margin of ~18% (up from 16% in 2024).
Net cash position improved to ยฃ27.8 million, with full-year cash conversion exceeding 85%.
2. **Strategic Achievements**
Surveying & Valuation Division secured its first Automated Valuation Model (AVM) contract with a major UK bank.
Financial Services Division increased market share to 11.8%.
Acquisition of National Search Service (NSS) enhanced conveyancing services in the Estate Agency Franchise Division.
Estate Agency Franchise partners accelerated lettings book acquisitions (10 in 2025 vs. 3 in 2024).
3. **Share Buyback**
Completed a ยฃ7 million share buyback program and launched a new ยฃ12 million program, reflecting strong financial health.
4. **Pivotal Growth JV**
Completed 21 acquisitions and secured third-party debt funding to support expansion without additional shareholder investment.
5. **Outlook**
Positive start to 2026, with continued refinancing tailwinds supporting Financial Services and Surveying & Valuation divisions.
Limited exposure to subdued Prime London markets
improving transaction pipeline in other areas.
Board expects continued profit growth and strong cash conversion in 2026.
LSLโs CEO, Adam Castleton, emphasized the Groupโs strong performance, strategic advancements, and commitment to shareholder returns, highlighting optimism for future growth initiatives. Full-year audited results are expected in March 2026.
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> ### Key Notes:
- **Group Revenue**: Increased by approximately 6% from ยฃ173.2m in 2024 to ~ยฃ183m in 2025. - **Underlying Operating Margin**: Improved from 16% in 2024 to a record high of ~18% in 2025. - **Net Cash**: Increased by 26% from ยฃ22.0m in June 2025 to ยฃ27.8m in December 2025. - **Share Buyback Programme**: A new ยฃ12m programme was launched in 2026, up from ยฃ7m in 2024. - **Financial Services Division Market Share**: Increased from 11.6% in 2024 to 11.8% in 2025. This table provides a clear comparison of key financial metrics and debt-related information between 2024 and 2025 for LSL Property Services PLC.