Underlying operating profit for the year to end December 2020 will be around £41.5mlm, said the agent, with financial services and surveying in December especially strong.

This profit is before the recognition of coronavirus (COVID-19)-related net costs and includes amounts received through the Government Coronavirus Job Retention Scheme.

Annual revenues are still expected to decrease by around 15% to £266mln, said LSL, though following the easing of the first lockdown in May 2020, there has been a strong recovery in revenue.

December saw group revenue rise 12% compared to the same month in 2019 with mortgage completions up by 23% and surveying revenue 25% higher

Buoyant house sales are driving this activity, LSL said, with the residential sales exchange pipeline at of December 31, 2020, more than 65% above the same date in 2019.

So far, there is no evidence of a material increase in residential fall-through trends, it added.

Net bank debt at of December 31, 2020, is expected to be about £2mln (2019: £41.9mlm) or about £17mln adjusting for COVID-19 related payment deferrals.

LSL said it expects to report 2020 full-year results on March 9, 2021.

via Proactive Investors