Lsl Property Services Plc · LSE:LSL
Lsl Property Services — H1 2024 Earnings Presentation
16 slides from Lsl Property Services's earnings presentation, Sep 18, 2024
Slide 1: 2024 Interim Results
2024 Interim Results 18 September 2024 Growth Focus Execution Technology People 1
Slide 2: Agenda
Agenda 01 Highlights 02 Financial and Operational Performance 03 Summary and Outlook
Slide 3: Highlights
01 Highlights 3
Slide 4: Driving performance following strategic transformation
Driving performance following strategic transformation Strategic transformation Underlying Operating delivered. Profit £10m+ higher than More streamlined, H1 2023 agile Group Focus on organic growth Robust performance in a opportunities muted market and enhancing shareholder returns 4
Slide 5: Strong market positions across all businesses
Strong market positions across all businesses FINANCIAL SERVICES SURVEYING & VALUATION ESTATE AGENCY FRANCHISING UK’s largest mortgage and UK’s leading provider of One of UK’s largest estate agency insurance network valuations and surveys franchise groups Over 2,800 advisers; Provider to 7 of the 8
Slide 6: Building on strategic transformation
Building on strategic transformation FOCUS ON BUSINESS-TO-BUSINESS SERVICES STRENGTHENING AND BUSINESS DEVELOPMENT INVESTMENT IN GROWTH INVESTING IN LEADERSHIP TEAM Long-term extension of contract Principal Data Scientist, Product Further development of data, Director, Director of Lender with Lloyds
Slide 7: Financial and Operational Performance
02 Financial and Operational Performance 7
Slide 8: Strong profit improvement with benefits of strategic transformation programme
Strong profit improvement with benefits of strategic transformation programme, enhanced Surveying contracts and markets starting to normalise Group • Revenue and profit growth in each division. LFL H1 Highlights (£m) 2024 2023 Var. revenue +27% Group Revenue 85.4 72.5 18% • Strong Group operating ma
Slide 9: Resilient FS performance in soft market conditions
Resilient FS performance in soft market conditions Financial Services • Adjusting for TenetLime, Network profit broadly H1 Financial Services P&L (£m) 2024 2023 Var. maintained with extended governance structure as FS Network Gross Revenue 145.7 139.2 5% well as restructure costs absorbed FS Network
Slide 10: Profit improvement with contract renewals and taking full advantage of improving markets
Profit improvement with contract renewals and taking full advantage of improving markets as capacity retained Surveying & Valuation H1 S&V P&L (£m) 2024 2023 Var. • Income per job up 11% reflecting improved terms negotiated on contract renewals B2B – Valuations 43.5 33.7 29% Private Surveys 2.8 1.8
Slide 11: Strong profit and enhanced margin since conversion to franchise model
Strong profit and enhanced margin since conversion to franchise model Estate Agency Franchising H1 EA Franchising P&L (£m) 2024 2023 Var. • Revenue and Profit uplift reflects enlarged and Franchising Revenue 12.9 5.8 125% more efficient franchise operation for whole of Franchising Underlying Operati
Slide 12: Strong cash conversion
Strong cash conversion Group 60 14.4 50 40 (7.6) 1.0 (5.7) £m 30 35.0 (1.9) (1.5) (1.2) 32.5 20 10 0 Net Cash at Underlying Operating Dividends Paid Acquisitions Working Capital, Exceptionals Capex Interest, tax Net Cash at 31 Dec 23 Profit Depn etc. and other 30 June 2024 Highlights: • H1 Cashflow
Slide 13: Summary and Outlook
03 Summary and Outlook 13
Slide 14: Summary and Outlook
Summary and Outlook • Strategic transformation has been executed successfully • Significant increase in profitability in H1 • Completed and successfully onboarded Tenet advisers into our FS Network • Estate Agency Franchise business performing ahead of plan with attention now turning to growth oppor
Slide 15: Looking forward
Looking forward WELL-PLACED FOR THE FUTURE INVESTING TO SUPPORT GROWTH Financial Services Surveying & Valuation Estate Agency Franchising Network Business Win increased instructions with ocus on ‘sweet spot’ adviser Enhance franchisee proposition, major lenders firms with new products and services L
Slide 16: Forward Looking Statements
FORWARD LOOKING STATEMENTS This document contains certain statements that are forward-looking statements. They appear in a number of places throughout this document and include statements regarding our intentions, beliefs or current expectations and those of our officers, directors and employees con
LSL Property Services — H1 2024 Earnings Presentation on 6ix