After announcing a positive trading update yesterday, LSL has unveiled a new £12m share buyback programme, which pushed the company’s share price up 6.35% to 268p.
Following the recent completion of its £7m share buyback programme which was announced on 25 April 2024, the the B2B platform for UK residential property market services, announced on Tuesday the commencement of a new share buyback programme in respect of its ordinary shares of 0.2 pence each up to a maximum consideration of £12m.
The company say says the new programme reflects the financial strength of the group, its capital light operating model and its ongoing strong cash generation capability.
Under the new SBB, the group will seek to buy back up to £12m its ordinary shares using existing cash resources, with Shore Capital entrusted to manage the non-discretionary share buyback programme to repurchase ordinary shares on its behalf between now and ending no later than 26 January 2027.
Under the previous share buyback programme, the group has repurchased 2,610,470 Ordinary Shares at an average purchase price of 268p per share. This represents 3% of the current outstanding share capital.
The Newcastle-based group, which operates mortgage intermediaries, estate agency franchises, and lender valuation services, yesterday issued a pre-close trading update to investors on the London Stock Exchange.
The group announced that it expects revenue to rise around 6% to £183m, while underlying operating profit is forecast to grow 15%, with the underlying operating margin reaching a record high of approximately 18%, up from 16% in 2024.
Trading highlights
LSL says the full year results for 2025 are in line with the board’s expectations with a strong performance in the second half of the financial year. All three divisions delivered improved Underlying Operating Profit. Central costs were reduced year-on-year.
+ Group Revenue up c.6% to c.£183m (2024: £173.2m)
+ Group Underlying Operating Profit is expected to increase by over 15% on the prior year, with second half profit up by c.30%
+ Group Underlying Operating Margin increased to a record high of c.18% (2024: 16%)
+ Net cash was £27.8m at 31 December 2025 (30 June 2025: £22.0m). Cash conversion normalised in the second half as expected, with full-year cash conversion of over 85%
Against a mixed market backdrop, the group continues to make positive progress, benefiting from its capital-light, structurally higher-margin business model and a sustained focus on operational improvement, cost discipline and disciplined growth opportunities.
Strategic progress
The Group has continued to deliver strategic progress across its businesses, including:
+ The Surveying & Valuation (“S&V”) Division signed its first Automated Valuation Model (“AVM”) contract with one of the UK’s largest banking groups, reflecting S&V’s product suite expansion and commitment to technological innovation. e.surv is the residential property valuation market leader in the UK  through its comprehensive property risk expertise and is the only provider that offers AVM, remote and physical property valuations
+ Financial Services Division market share increased, with our overall share of the UK purchase and remortgage market increasing to 11.8% (2024: 11.6%2)Â
+ In January 2026, the Group completed the small bolt-on acquisition of National Search Service (“NSS”), a leading property search company, using existing cash resources. This acquisition enhances LSL’s existing conveyancing service proposition in the Estate Agency Franchise (“EAF”)  Division. The acquisition is expected to be earnings accretive in year one
+ During Q4, EAF supported the tenth lettings book acquisition in 2025 by franchise partners (2024: three), an acceleration of this high ROCE strategic priority for the division
Current trading and outlook
LSL says 2026 has seen a positive start to trading, with the refinancing tailwind seen in the second half of 2025 continuing into the new year, supporting both our Financial Services and S&V divisions. There has been evidence that residential property transactions in Prime and Outer Prime London are subdued but LSL’s EAF Division has limited exposure to these markets and continues to see an improving transaction pipeline.
Overall, the board expects another year of profit growth in 2026 and ongoing strong cash conversion. Â A further update will be provided at the time of the Group’s audited full year results which are expected to be released in March 2026.
Adam Castleton, group chief executive officer, said: “LSL has delivered a strong performance over the period. Underlying Operating Profit was up in all three divisions and our central costs reduced – we achieved a record high Group Operating margin. The Group saw an acceleration in our revenue and profit in the second half of the year and we have started 2026 in line with our expectations.
“We further strengthened our Group growth drivers through the acceleration of our estate agency franchise partners acquiring lettings books; a bolt-on acquisition in our Estate Agency Franchise Division; and signing our first AVM deal by our Surveying & Valuation Division. As we start 2026, we are working at pace on further growth initiatives.
“With our strong financial performance and a highly resilient, cash generative business model we are returning cash to shareholders through our enlarged share buyback programme. I am excited about the opportunities ahead for the group, as we continue to drive forward success in our core businesses and increasingly working together for the benefit of the wider group.”
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