Scout24 has released its full year financial results for 2022, with promising numbers across the board and rising profitability for the German number-one portal.
With a strong focus on paid subscriptions and diversified revenue streams, Scout24 has thrived while other global real estate markets have faltered, with a healthy balance of Professional (agent) and Private (landlord and homeseekers) customer segments.
Scout24's Professional segment revenue increased by 10.8% to €291.2M for the full year. Revenue growth was driven primarily by agent memberships, including new memberships and current users upgrading to higher-value memberships.
Meanwhile, the Private segment achieved revenues of €121.5M, a 28.5% YoY increase driven by strong demand for Plus products, which grew by 52.4% over the course of the year. Scout24 highlighted the TenantPlus product and improved paywall efficiency for its increased subscription revenues, while June's 300,000 subscribers rose to 320,000 by the end of the year.
Q4 was the fastest-growing quarter of the year for Scout24, while the total number of partner agents also increased at a faster than the annual average, reaching 21,200.
Tobias Hartmann, CEO of Scout24 SE, said:
"The financial year 2022 confirms once more the high resilience of Scout24’s business model and our ability to grow successfully throughout changing real estate markets. We are focused on supporting our agents and customers with the tools, marketing and services they need to be successful in this new environment.
Dr Dirk Schmelzer, CFO, said:
"We met our revenue and exceeded our ordinary operating EBITDA guidance for the year, which both had already been revised upwards. As we had communicated previously, 2022 was a year of investment, which we have now completed. We are seeing the positive impact already in Q4 2022 with increasing profitability."
In short, it's a lot of green lights for Scout24 at the moment. The company paid out generous dividends of more than $69M in July 2022, and ImmoScout24 also extended its 17-year partnership with independent real estate analysis firm BulwienGesa in November.
However, a rumoured €6.3Billion takeover last year didn't materialise. But the fact that it is even being talked about is testament to the ongoing strength of the Group.