Member Article

Zoopla celebrates 'very successful year' as revenues hit record highs

Digital group Zoopla Property Group (ZPG) has revealed bumper revenues and profits in its full year results revealed today.

The group, which operates websites such as Zoopla, uSwitch and PrimeLocation, saw revenue increase to £197m in the year to 30 September, up 84% on the group’s 2015 revenues of £107m.

Profit for the year was also up 44% to £36.7m while adjusted EBITDA jumped 58% to £77.1m, fuelled by record levels of switching activity in its comparison services division.

Alex Chesterman, Founder and Chief Executive Officer of ZPG said that the year had delivered ‘record revenues and EBITDA’ for the group, underlined by the 600m visits to its related websites in the last 12 months.

He added: “We continue to lead innovation in the property and comparison markets as we work towards fulfilling our mission of providing the most useful resources for consumers when finding, moving and managing their home and being the most effective partner for related businesses.”

ZPG, which is part owned by the Daily Mail and General Trust and Countrywide, also used its yearly results to announce the acquisitions of estate agency website design business Technicweb and connected home insurer Neos.

The deal for Technicweb, which also provides cloud-based hosting, was agreed this week for an initial £1.5m with a further £250k due 12 months after completion.

The terms of the Neos ‘strategic partnership’ have not been revealed, but the investment is likely to take the form of similar exclusivity agreements with PropTech startups like Landbay and Trussle.