LSL Property Services posted annual pre-tax profit more than four times higher than a year ago, as mortgage approvals lifted 21% over the period.  

The listed group — which includes the Primus and TMA networks, e.surv and Your Move estate agents — added that home loan purchase approvals jumped 31%, while remortgage and other approvals were 8% higher, in a market statement. 

This lifted its share of the purchase and remortgage market to 11.8% from 10.6% a year ago. 

The group’s total advisers rose by 75 to 2,736 by the end of December. 

Profit jumped to £23m from £4.9m over 12 months, following two years of restructuring. 

It added: “We have made a positive start to the year with trading in line with our expectations in markets operating broadly in line with our assumptions.  

“We continue to expect that in 2025 we will increase profits further over 2024”. 

The group bought the TenetLime broker firms, from Tenet Group last August for up to £12.9m, which added 247 advisors. 

Throughout the year it added eight further firms via its Pivotal Growth joint venture with asset manager Pollen Street, including John Charcol.  This added another 150 mortgage and protection brokers.   

LSL group chief executive David Stewart said: “We were able to grow profits materially, and at a faster rate than we had anticipated at the start of the year.  

“Trading in the early months of the new year is in line with expectations, indicating we will be able to improve performance again in 2025.” 

The business confirmed that Adam Castleton (pictured) will take over as chief executive on 1 May, moving from his previous post as group chief financial officer.