Zoopla Property Group is reporting record figures to the City and claims it has seen “continuous agency growth since May” as it continues its battle with OnTheMarket.
In its results for the year ending September 30 it is announcing a 34 per cent rise in revenue for £107.6m, plus a 20 per cent increase in profits to £25.4m. Zoopla bought price comparison business uSwitch in June for £160m.
Adjusted EBITDA, earnings after costs, was up 23 per cent to £48.7m.
Its agency numbers at the end of September were 12,702 - up from earlier in the year but down from 16,373 a year earlier, before the launch of OnTheMarket. As of September 30 Zoopla and Primelocation carried some 845,000 properties, down from 1.1m a year earlier.
“Our Property Services division achieved solid ARPA growth across every vertical – UK Agency, New Homes, Overseas and Commercial” says Zoopla chief executive Alex Chesterman.
“We have seen further growth in membership numbers in the Property Services division since the end of the Period [September 30]. Management is encouraged by the trend of continued UK Agency membership growth over the past seven consecutive months and is confident of delivering further membership” he says.
“Traffic to our property platform remained strong with high levels of user engagement and we recently passed the significant milestone of over seven million downloads of our property apps” he continues.
“The Comparison Services division outperformed expectations in the four months since the acquisition of uSwitch, with both the Energy and Communications verticals benefitting from our market-leading position and increasingly competitive consumer deals. We continue to innovate across both divisions of the business in line with our mission of providing the most useful resources for consumers when finding, moving or managing their home and being the most effective marketing channel for related business partners” says Chesterman.