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Revenues jump at Zoopla but profits fall

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  • 24/05/2017
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Revenues jump at Zoopla but profits fall
Zoopla Property Group (ZPG) has announced a sharp rise in revenues for the first half of the year, pointing to record numbers of visits to its website and app.

Revenues rose 22% year-on-year to hit £117.9m, with adjusted EBITDA up to £45m from £40m.

However, profits took a hit, falling 25% from £22.6m to £16.9m, in part due to a series of acquisitions. During the period Zoopla announced the purchase of property information firm Hometrack and software firm Expert Agent.

Zoopla has been on something of a partnerships spree of late, announcing tie-ups with the likes of online broker Trussle, buy-to-let lender LandBay and property investment firm Bricklane. It has added to those ranks with a “strategic investment” in Zero Deposit, a new business looking to provide an alternative to tenant deposits.

In its statement, Zoopla said: “Our strategic partnerships are proving to be of great value as they provide unique and differentiated products and services to our consumers and partners whilst giving us valuable insights into some of the leading innovators in our markets.”

Returning to Zoopla

According to the results, there has been a 6% rise in the number of agents and a 9% rise in total listings across both its Zoopla and PrimeLocation sites. Around 750 estate agency branches have returned to Zoopla’s sites over the past two years.

Alex Chesterman, founder & CEO of ZPG said: “Our audience grew by 5% with a record 314 million visits to our websites and apps and we achieved record levels of brand awareness for both Zoopla and uSwitch.

“Our property division has performed very well, driven by continued portal partner win backs, strong demand for our upsell products and the continued migration of our software partners to cloud-based products. The integration of Hometrack into the wider business is progressing well and, since the acquisition, we have signed new deals with TSB and Bank of Ireland and extended our relationship with HSBC, now serving 17 of the top 20 UK mortgage lenders.

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