LSL Property Services has started a £10m share buyback programme that will run until June 30 this year.
The group – which includes the Reeds Rains and Your Move brands – will purchase up to a maximum of 10,515,895 ordinary shares, in a move approved by its shareholders last year.
Numis Securities Limited has been appointed to carry out the non-discretionary share buyback which starts immediately and repurchased shares will held in treasury.
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Shareholders will asked to vote on the continuation of the buyback programme at LSL’s upcoming annual general meeting on May 27.
In March, LSL – which provides financial services, surveying and valuation and estate agency services – reported record underlying operating profits.
Investors were told underlying operating profits increased to £49.3m, up 40% from £35.2m in 2021, on group revenue of £326.8m, up from £266.7m.
The firm said a growth strategy designed to increase its financial services offering would protect it in the face of a more challenging housing market to come – pointing to estimates that suggest the mortgage market will be about 11% lower than in 2021 and housing transactions about 19% lower.
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