LSL’s estate agency network has performed ahead of its plans since shifting to a franchised model last year.
The LSL estate agency network was shifted to a franchise model in the first half of last year and a trading update from the brand said the division delivered a profit margin of around 30% during the second half of 2023.
Overall, LSL said that following a positive final quarter, full year results for 2023 are “in line with the board’s expectations” and it believes its profits in 2024 will be “materially ahead” of this year.
Group revenue from continuing operations was £144m, down from £217m in 2022, LSL said.
After adjusting for disposals, like-for-like revenue was 10% below prior year in a housing market 19% lower and in a smaller lending market, the update said.
LSL said: “The group’s trading in January was in line with management expectations and ahead of 2023.
“At this early stage of the year, we remain on track to deliver a material increase in profit for 2024 compared to 2023 due mainly to the benefits of improved performance in surveying, as well as a full year of operating the franchising model.”
