**Summary**
LSL Property Services PLC, a leading UK residential property services platform, reported strong financial results for the year ended December 31, 2025. The company achieved a record underlying operating margin of 18%, a 17% increase in underlying operating profit to £32.6 million, and a 6% rise in revenue to £182.9 million. This performance was driven by growth across all divisions, strong cash conversion, and continued shareholder returns through dividends and a share buyback program.
Key financial highlights include
**Revenue Growth** Increased by 6% to £182.9 million, maintaining strong market share in all divisions.
**Underlying Operating Profit** Rose by 17% to £32.6 million, with a record underlying operating margin of 18%.
**Group Operating Profit** Increased by 3% to £22.6 million after exceptional costs.
**Adjusted Operating Cash Flow** Slightly decreased to £29.8 million, with a cash conversion rate of 91%.
**Return on Capital Employed (ROCE)** Improved to 35%, reflecting higher returns under the new operating model.
**Net Cash** Decreased to £27.8 million, with a full-year dividend maintained at 11.4p per share.
Strategic and operational highlights include
**Innovation and Technology** Launched an Automated Valuation Model (AVM) with a major lender, rolled out a new broker operating platform, and deployed digital solutions for process automation.
**Scale Expansion** Increased market share in Financial Services, grew B2C revenue in Surveying & Valuation, and completed acquisitions in Estate Agency Franchising.
**Expertise and Culture** Achieved record employee engagement at 77% and won industry awards.
**Group Strengths** Strengthened cross-divisional working, commenced organizational design work, and reduced central costs.
LSLs performance reflects its focus on disciplined execution, converting scale into profit growth, and maintaining high returns on capital. The company remains confident in its short and medium-term prospects, despite macroeconomic uncertainties, and continues to invest in digital solutions, data science, and AI to enhance productivity and decision-making.
| Financial Metric | 2025 (£m) | 2024 (£m) | Year-on-Year Change |
|---|---|---|---|
| Group Revenue | 182.9 | 173.3 | 6% |
| Group Underlying Operating Profit | 32.6 | 27.8 | 17% |
| Group Underlying Operating Margin | 18% | 16% | 180bps |
| Group Operating Profit | 22.6 | 21.9 | 3% |
| Adjusted Operating Cash Flow | 29.8 | 31.1 | (6%) |
| Net Cash | 27.8 | 32.4 | (14%) |
| Debt (Lease Liabilities) | 6.5 | 5.8 | 12% |