Annual Report
and Accounts 2025
LSL PROPERTY SERVICES PLC
LSL PROPERTY SERVICES PLC
lslps.co.uk
Registered in England
(Company number 5114014)
Registered office:
First Floor,
Victoria House,
Hampshire Court,
East Newcastle Business Park,
Scotswood Road,
Newcastle Upon Tyne,
NE4 7YJ
Email: investorrelations@lslps.co.uk
LSL Property Services plc Annual Report and Accounts 2025
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The leading B2B platform for
UK residential market services.
LSL Property Services plc
Company Number: 5114014
For further information about our Group,
please visit our website: lslps.co.uk
LSL PROPERTY SERVICES PLC ANNUAL REPORT AND ACCOUNTS 2025
Designed and produced by
www.blackandcallow.co
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OTHER INFORMATIONFINANCIAL STATEMENTSCORPORATE GOVERNANCESTRATEGIC REPORTOVERVIEW
LSL PROPERTY SERVICES PLC ANNUAL REPORT AND ACCOUNTS 2025
01
Contents
STRATEGIC REPORT
02 Highlights
03 Our Investment Case
04 Business Model and Strategy
08 Chair’s Statement
10 Group Chief Executive Officer’s Review
13 Financial and Divisional Reviews
20 Section 172 Statement and Stakeholder Engagement
27 Risk Management
31 Viability Statement
32 Sustainability Report
38 Non-Financial and Sustainability Information
Statement
39 TCFD Report
CORPORATE GOVERNANCE
46 The Board and Executive Team
50 Corporate Governance Report
56 Nominations Committee Report
60 Audit & Risk Committee Report
65 Directors’ Remuneration Report
82 Report of the Directors
86 Statement of Directors’ Responsibilities in Respect of
the Annual Report and Financial Statements
FINANCIAL STATEMENTS
87 Independent Auditor’s Report
97 Group Statement of Profit or Loss and Other
Comprehensive Income
98 Group Balance Sheet
99 Group Statement of Cash Flows
100 Group Statement of Changes in Equity
101 Notes to the Group Financial Statements
151 Parent Company Balance Sheet
152 Parent Company Statement of Changes in Equity
153 Notes to the Parent Company Financial Statements
OTHER INFORMATION
159 Definitions
162 Shareholder Information (including forward-looking
statements information)
Forward-looking statements
This Report may contain forward-looking statements with respect of certain plans, goals and
expectations relating to the future financial condition, business performance and results of LSL. Further
information about forward-looking statements can be found in the Shareholder Information section on
page 163.
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LSL PROPERTY SERVICES PLC ANNUAL REPORT AND ACCOUNTS 2025
02 03
OVERVIEW
Highlights
Our key highlights are:
Group Underlying
Operating Profit
£32.6m
(2024: £27.8m
1
)
Group Underlying
Operating Profit
Margin
18%
(2024: 16%)
Profit before tax
£23.1m
(2024: £23.1m
1
)
Full year
dividend
11.4p
(2024: 11.4p)
Adjusted cash flow
from operations
£29.3m
(2024: £31.1m)
Colleague
engagement score
77%
(2024: 73%)
Group ROCE
35%
(2024: 32%)
Group Revenue
£182.9m
(2024: £173.3m
1
)
1 Refer to note 36 to the Financial Statements
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LSL PROPERTY SERVICES PLC ANNUAL REPORT AND ACCOUNTS 2025
02 03
OTHER INFORMATIONFINANCIAL STATEMENTSCORPORATE GOVERNANCESTRATEGIC REPORTOVERVIEW
We are committed to delivering long-term value creation to our Shareholders and rewarding them
through our success.
A high return, low capital employed
model
Post transformation in 2023, our business model
offers:
• High ROCE.
• Improved profit margins.
• Reduced fixed costs.
• Structurally lower capital expenditure requirements.
Quality of earnings
• We have recurring or repeatable revenues
from contractual commitments with our B2B
partners.
• Earnings volatility is lower due to our reduced
fixed cost base and lower operational gearing.
Market leading positions in large addressable markets
• PRIMIS is the largest mortgage and insurance broker network in the UK, with 12% market share in 2025.
• e.surv is the largest provider of physical and surveyor led residential valuation services in the UK, with c.39%
market share.
• Our Estate Agency Franchise Division is the second largest franchise group in the UK.
Provision of business critical services
• We have deep and long standing relationships
from providing business critical services to our
partners.
• Our combination of specialist knowledge and
advanced innovative technology creates rich
data.
Returns to Shareholders
• Dividend of £11.8m proposed for FY 2025.
• New £12m share buyback programme.
Our Investment Case
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LSL PROPERTY SERVICES PLC ANNUAL REPORT AND ACCOUNTS 2025
04 05
OVERVIEW
Our business model
Thr
ough a number
of k
ey resources...
...we provide a range
of first class products
and services...
...to our customers...
…generaƟng revenue in a number
of ways…
...for the benefit of
all our stakeholders...
Talented and
commiƩed people
Leading technology
InnovaƟon and data
Group capital
Shareholders
Colleagues
Customers
Suppliers
Regulators
CommuniƟes and
Environment
Services to mortgage
intermediaries
Mortgage and
insurance
intermediaries
• Share of mortgage
procuraƟon fees paid
by lenders.
• Share of protecƟon and
insurance commission
fees from providers.
• Broker supervision fees
and other plaƞorm fees.
• RoyalƟes relaƟng to
housing sale.
• RoyalƟes relaƟng to
leƫng properƟes.
• AddiƟonal support
services to franchisees.
• Property valuaƟons
for lenders.
• Home surveys
to consumers.
• Data sales.
ValuaƟon and
surveys
Lenders
Retail customers
Estate agency
franchising services
Franchisees
Business Model and Strategy
Our purpose, mission and vision
Our Purpose | Empowering smart property
decisions.
Our Mission | We deliver trusted property
services powered by data and expertise to
enable people and businesses to thrive.
Our Vision | The UK’s most trusted platform
connecting people to property.
Our new values are described on page 06
In 2025 we launched our new purpose, mission,
vision and values to colleagues across the
Group, building on who we are and how we
work together to achieve more. This framework
will guide us in everything we do.
Key:
Group Financial Services
Surveying &
Valuation
Estate Agency
Franchising
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LSL PROPERTY SERVICES PLC ANNUAL REPORT AND ACCOUNTS 2025
04 05
OTHER INFORMATIONFINANCIAL STATEMENTSCORPORATE GOVERNANCESTRATEGIC REPORTOVERVIEW
Note:
1 Unless stated otherwise, information in this section of the Report is as at 31 December 2025
Our strategic priorities
We aim to leverage the strengths of the Group
to deliver sustainable, resilient and profitable
growth and enhance our market leading
positions across our three core businesses by
deepening our strategic relationships.
Data & Insight | Further utilise our considerable
proprietary data sets to create unique insights for our
customers.
Innovation & Technology | Enhance the productivity
of our businesses through innovation and technology
solutions.
Scale & Access | Create scalable platforms which can
leverage our market leading positions.
Talent | Retain, develop and attract talented people
We are made up of three Divisions, each of which is a leading player in the large markets in which it operates. This breadth of scale, and their strong
reputations, people and brands, provide competitive strength to the Group.
Financial
Services
One of the UK’s largest mortgage and insurance networks
• The Division provides an extensive product panel, compliance and other services to almost 2,600 advisers
and 1,049 firms.
• PRIMIS is one of the UK’s largest mortgage and insurance networks and together with the distribution introduced
by independent brokers to The Mortgage Alliance, TMA, the Division has a mortgage market share of one in nine
UK purchases and remortgages.
• The Division also includes the Group’s joint venture investment, Pivotal Growth, established in 2021 with Pollen
Street Capital to execute a ‘buy and build’ strategy of mortgage brokers. Since formation it has acquired 23 firms
and now has more than 500 mortgage advisers.
Surveying &
Valuation
One of the UK’s largest surveying and valuation businesses
• The Division’s principal business is the provision of surveyor-led valuations to UK mortgage lenders. It has recently
won a major contract for its Automated Valuation Model (AVM) making it the only provider in the UK to offer the
full range of valuation methodologies. It also provides surveying and valuation services to consumers.
• It is one of the UK’s biggest employers of Royal Institution of Chartered Surveyors (RICS) registered surveyors, with
491 (FTE) surveyors, and counts five of the top six UK lenders amongst its clients.
• The Division includes e.surv as well as Walker Fraser Steele Chartered Surveyors, which services the Scottish
market.
• The Division also manages the sale of residential properties on behalf of corporate clients and property investors
through its asset management businesses – LSL Corporate Client Services and Templeton LPA.
Estate
Agency
Franchising
One of the UK’s largest providers of estate agency franchise services
• The Division’s principal business is the provision of franchising services, such as brand marketing and commerci