LSL Property Services plc (LSL.L) reported that its profit before tax for the year ended 31 December 2024 climbed to 23.01 million pounds from 4.86 million pounds last year. The year-on-year movement was primarily driven by the significantly higher Group Underlying Operating Profit in 2024. This was offset by net exceptional costs in 2024 amounting to 2.4 million pounds, compared to 4.4 million pounds in the previous year.
Group operating profit increased to 21.9 million pounds, from 3.7 million pounds last year. This growth was driven by improved trading performance during the period, though it was partially offset by 2.4 million pounds in net exceptional costs in 2024, compared to 4.4 million pounds in the previous year.
Profit attributable to owners of the parent for the year was 17.36 million pounds or 16.8 pence per share compared to a loss of 38.00 million pounds or 36.6 pence per share last year.
Adjusted earnings per share were 20.9 pence compared to 7.5 pence per share in the prior year.
The company said it has made a positive start to the year with trading in line with expectations. The company's end markets have been operating broadly in line with its assumptions. The company continues to expect that in 2025 it will increase profits further over 2024 and the Board's expectations for the full year remain unchanged.
Group revenue was 173.2 million pounds compared to 144.4 million pounds in the prior year. Revenue was 20% above prior year in a total mortgage lending market that was broadly flat and housing market that increased by 7%.
The Board has declared a final dividend of 7.4 pence per share, consistent with last year's final dividend of 7.4 pence. This results in a total dividend of 11.4 pence per share, matching the previous year's total dividend of 11.4 pence. The ex-dividend date for the final dividend is 8 May 2025, with a record date of 9 May 2025 and a payment date of 27 June 2025.
The company said it will continue to deploy share buybacks in a measured way and there are no plans to allocate cash reserved for the buyback into other Group activities. To date, 1.3 million pounds of the share buyback program announced on 25 April 2024 has been deployed. The current buyback program has been extended to the date of the 2025 AGM.
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