LSL Property Services sounds optimistic note amid profit upgrade and appointment of CEO designate

Property services group LSL has upgraded revenue and profit expectations for 2024 at the same time as appointing a new CEO designate.

In a pre-close trading update, the Newcastle-based group, which includes brands such as Your Move and Reed Rains, said group revenue for 2024 is expected to be a 20% increase on the previous year at about £173m. Group underlying operating profit is also said to be "significantly ahead" of 2023 levels and above the board's expectations.

LSL told shareholders that all three of its main divisions - financial services, surveying and valuation and estate agency franchising - had experienced growth. That included boosted operating margin of about 16%, compared with the group's normal 12% level.

Its financial services network, which provides functions to mortgage intermediaries, saw profit increase year-on-year and its overall share of the UK housebuying and remortgage market increased to 11.6%. In the surveying and va