A £17.8m pre-tax loss has been reported by Yopa in its latest financial statement filed at Companies House.
Figures lodged just before Christmas - and applying to the calendar year ending December 31 2019 - show that revenue rose 22 per cent from £6,857,065 in full year 2018 to £8,350,750 in 2019.
That pre-tax loss of £17,821,077 for 2019 was an improvement on the 2018 figure which was a loss of £30,365,369. In 2017 the losses were £18,332,269.
Gross profit rose from £2,684,809 in 2018 to £3,596,351 last year.
A statement accompanying the figures, from Yopa chairman Grenville Turner - the former Countrywide group chief executive who joined the agency in mid-2018 - says 2019 was a year of “strategic change and continued investment for the business.”
He goes on: “The company solidified its product offerings with new pricing bundles and the re-introduction of a deferred payment product ‘Pay Later’ in the year.”
Investment during 2019 included a new financial services off-shoot, increasing the scale of its call centre, and a rebranding exercise.
And although the figures refer solely to 2019, Grenville’s statement makes a reference to this year, claiming unspecified “record revenues, market share and KPI results” since the end of the spring 2020 lockdown.
The past three years’ combined pre-tax losses for Yopa have now exceeded £66m.
Savills’ investment arm and LSL Property Services are investors in the agency, which during 2019 - the year to which these latest figures relate - raised £16m through an equity issue from all its existing investors with the exception of LSL.
Just over a year ago, when Yopa filed its figures for 2018, it predicted it would “see a significantly improved financial performance in the second half of 2019 and more fully in 2020”.