Lsl Property Svcs Plc Ord (LSLPF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to LSL's preliminary results presentation. Thank you for joining us today. I'll start by talking through the key highlights. David will then take you through the financial results in more detail. I'll then come back and talk about the opportunities ahead and how we see the next phase of growth for LSL. Last year I set out clear priorities. Performance, technology and data, aligning the collective strengths of the group and empowering an accountable culture. In 2025, we have delivered strong progress against those priorities. We also continue to build for the future. Having spent a year in the role, my conviction in the opportunity for LSL has only increased. Today, I want to demonstrate two things to you, strong delivery and a platform for future growth. In 2025, we delivered on our promises. with profit growth of 17% to 32.6 million. This was a broad-based performance with profit up in all three divisions. There was margin expansion up to a record 18%, which brings in sight our next milestone of 20%. With focused cost discipline, we also reduced our central costs. and with 90% cash conversion, bringing 35% return on capital employed and increased absolute returns to shareholders. Our markets improved in 2025, although they remained slightly below long-term averages. We performed well, and we maintained our strong market positions. You'll see the graphs on the slide. The first one is about residential sales. Residential sales in the market were up 10%. And you can see the pull forward in Q1 due to the stamp duty changes, and H2 was normalised. We outperformed the market, with our residential revenue up 12%. And our residential pipelines were strong at the end of the year, against bursting pipelines the year before in the lead-up to the stamp duty changes. Mor...