A statement to the London Stock Exchange by eProp Services has cemented its role primarily as a PropTech firm.
This is in addition to having having its wholly-owned subsidiary GPEA licensing the Fine & Country brand as well as operating the Guild of Property Professional, while another wholly-owned subsidiary licenses the online easProperty brand and associated technology.
The statement has confirmed that it now owns 100 per cent of Property Logic, the firm’s technology subsidiary which until recently was only 67 per cent owned by eProp.
"Property Logic delivers technology solutions to over 1,000 UK and 20 international locations and the group is now well positioned to take advantage of consolidation in the PropTech sector. We will continue to investigate further merger and acquisition opportunities to provide long term shareholder value” says Jon Cooke, eProp Services chief executive.
The statement reported that in 2017 eProp had a £12.5m turnover including at that time the 67 per cent Property Logic ownership.
But it made a £2.65m operating loss, although the firm describes this as “a significant improvement over previous filed (eProp only) financial statements of £11.4m operating loss.
“We're delighted to confirm that the merger of eProp and GPEA has been successfully completed, and eProp Services plc has transformed itself into a multi-brand tech-enabled provider offering a wide range of services, both digital and traditional to the UK and international real estate agent sector” says Mark Phillips, company chairman.