LSL Property Services (LSL) has reported a growth in profits and mortgage completions in its half year results.
LSL’s financial services division saw mortgage completions grow by 11.4% compared to the first half of 2018, rising to £14.7bn. LSL said this has increased its market share to 8.5% of the total market value of mortgage completions.
Ian Crabb, group chief executive officer, LSL Property Services, said: “The continued growth of LSL’s Financial Services business is testament to the hard work and dedication of everyone within the team.
“It’s pleasing to report another period of successful growth as the business further strengthens its position as a leading distributor of mortgage and non-investment insurance products.”
For the six months ending on 30 June, LSL saw underlying operating profit of £12.2m, a rise by 5% from 2018.
LSL has also reported group revenue is up 1% to £154.1m from £152.9m in 2018.
The financial services division reported underlying operating profit up 20% to £4.3m.
Jon Round, group financial services director, LSL Property Services, added: “A key success of the past 12 months has been the integration of Personal Touch Financial Services within the PRIMIS brand, enabling us to deliver consistent ‘best practice’ ways of working across our network business, creating a platform for further organic growth in our business.
“Our other main area of focus in 2019 has been to enhance the technology solutions we offer to improve both customer experience and the operational efficiency of our intermediary business partners. Our ongoing investment in IT is helping us to achieve this and enabling us to deliver good outcomes for customers.
“As an increasing number of AR and DA intermediaries make us their business partner of choice, we will continue to focus on providing a leading proposition to all our intermediaries and partners.”