The scheme has enabled LSL Staff to save between £10 and £250 per month for the past three year and then use these savings to buy LSL shares at a discounted price of £1.15 – set at the start of the scheme – as opposed to their current market value of £2.82.
It means those who invested the maximum £250 per month, £9,000 in total, will now walk away with more than £22,000, with all scheme members seeing their savings into the scheme more than double in value. Not only is the news seen to be good for scheme members – many of which operate at local branch level – but also a reflection of LSL’s continued success in the property market and increased share value.
LSL continues to be one of the leading providers of residential property services in the UK today boasting strong market positions in all areas of its business including estate agency, financial services and surveying as well as benefiting from established counter cyclical income streams. Only recently it reported an increase of 13% in underlying operating profit and has made excellent progress in a market where housing transactions levels are around 50% of historic normal levels.
Simon Embley CEO of LSL commented:
“As a plc we are obviously delighted to have been able to offer this opportunity to staff – something many of our competitors simply can’t do– and enable them to celebrate the ongoing success of the Group and, of course, their contribution to it.
“It’s no doubt been a tough few years for everyone and to bring such good news to our staff, amid a period of global economic uncertainty, is obviously welcomed. We’ve already opened a new scheme for staff to take part in and very much hope that in a few years time we’ll be able to report a similar good news story.”
Alexy Armitage of ifs ProShare, the organisation that encourages and promotes wider employee share ownership added:
“It’s great to hear that yet more people have benefited from a save as you earn scheme and that a company, such as LSL, has had the foresight to offer this opportunity to its staff – something we know can add significantly to an employees overall benefits package. Many people are now looking for low-risk, tax-efficient savings and benefits, particularly in the current climate, and a good save as you earn scheme can certainly offer these.”
“It’s a fantastic scheme, a great opportunity whilst at the same time proving a fruitful investment for any employee. I would thoroughly recommend it and had no hesitation in committing to the new 2011 scheme”.
“Having taken part in the 2008 share save scheme I would highly recommend it to others as it’s a fantastic way to save. The shares have more than doubled in the last 3 years so the money will help towards future renovation works to my house and help pay off some debt which I otherwise wouldn’t have been able to do. I have signed up again for the 2011 scheme and look forward to making future savings/profits in 3 years to come."
Have your say on this story using the comment section below