Estate agent chain LSL has seen profits rise by 180% as the pandemic subsides.
The group’s half-year results hailed a return to health, with revenue up 45% to £166.5m and profits at £27.3m. Operating margins, after Covid-19 costs, were also much healthier at 18% against last year’s sickly 8%.
As well as the reopening of the economy, LSL said its results had been boosted by the performance of its financial services arm. The division rose by 68% to account for £7.8m of profits. The firm also extended its market share in estate agency to boost underlying operating profit to £12.5m from £2.4m, while surveying and valuation profits rose by 179% to £11.4m.
LSL boss David Stewart said: “We took advantage of favourable market conditions while making significant progress in executing our strategy, which places financial services at the forefront.”
He added that further investments in technology and financial services “will deliver tangible benefits from 2022”.
Disposals of non-core investments in LMS, which it sold in May, and TM Group in July 2021, netted the group a combined £41m, boosting cash resources to £43m.
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