LSL Property Services (LSL) has reported ‘highly resilient’ full year financial results for the year ended 31 December 2020, followed in the first quarter of 2021 by very strong financial performance and trading momentum.

LSL, which yesterday reached a five-year agreement with The Property Franchise Group (TPFG) to offer mortgage and protection advice services, released their trading results this morning. It reveals an increased focus financial services, recommences guidance, leading to an improved growth profile, enabling it to reinstate its dividend policy.

The group says that underlying operating profit increased 16% to £13.5m, while mortgage completion lending rose 3% to £32.6bn, with a total market share increased to 9%.

The total number of financial advisers grew by 8% to 2,585 in 2020, up from 2,392 a year earlier.

The surveying division recovered strongly from the lockdown in the first half of last year, with underlying operating profit up 30% in H2, to leave full year profit up 9%.

The estate agency division saw profit increase 8%, with the residential exchange pipeline at 31 December 2020 more than 65% above the same date in 2019.

David Stewart, group chief executive, said: “Our financial performance during 2020 highlighted the resilience and strength of our Group.” The work we have been able to complete on our strategy emphasises our exciting future, in which Financial Services will be our chief engine of growth and enhanced profitability.

“Our PRIMIS network is one of the leading service providers to mortgage intermediaries, whilst our heritage provides us with deep expertise in the provision of mortgage and protection advice to estate agency customers.

“The Group has invested significantly in its digital capability, which was enhanced further by the recent acquisitions of Mortgage Gym and Direct Life and Pension Services, and we now have industry-leading technology available. These factors combined to make LSL a compelling partner for Pollen Street Capital and The Property Franchise Group plc, in two recently announced strategic initiatives that we expect to deliver significant value for our Shareholders.

“However, I would add that we have been equally encouraged by the excellent performance of our Estate Agency and Surveying businesses.  In Estate Agency we are exceptionally well placed to benefit from the current strong market, having increased our market share since the end of the lockdown.  Our Surveying business is similarly performing extremely well, with opportunities to broaden its product set to lenders and customers.

“This progress could not have been made without the hard work and commitment of colleagues working across the Group and I would like to thank them for their exceptional effort and support.

“With current market conditions supporting growth in all of our businesses, I believe LSL is exceptionally well-positioned to continue to grow both organically and via acquisition and we look forward to the future with confidence.”