Scout24, the operator of Germany's leading real estate portal ImmoScout24, has released its results for the first quarter of 2023. Highlights of the company's operations for the three months ended March 31st included:
Scout24 benefitted from what it called "structural changes in the real estate market caused by inflation" in the first quarter of 2023.
The company's core agent advertising business saw 9.3% year-on-year revenue growth, a 20% rise in the number of agents listing on its platform (21,703) and a 6% rise in average revenue per agent (€1088).
“We started the new financial year 2023 with a good first quarter. The increased relevance of ImmoScout24 in the changed market environment is driving strong demand for our core products. In this challenging market, we want to support our customers with the best possible products in order to operate successfully on the real estate market.
Especially in these times, brokers are more important than ever to mediate professionally between owners and searchers. Due to the increased relevance of ImmoScout24, we are confident about the further course of the year and will continue to focus on the needs of our customers in order to meet this requirement. This is in line with our focus on profitable growth,” commented Tobias Hartmann, CEO of Scout24.
The good news extended to Scout's Private business segment which saw revenue rise 23.7% year-on-year to €35 million while customer numbers grew to 342,000. The segment includes consumer subscription products for renters, buyers and landlords.
Scout24's Media segment also saw strong growth (7.9%) during the quarter and brought in revenues of €9 million thanks in part to strong growth in the portal operator's secondary market of Austria.
The company is optimistic about the future as it reaps the rewards of investment in its product suite according to CFO, Dirk Schmelzer:
"The increased relevance of ImmoScout24 and our core products is reflected in the growth momentum for the first quarter of 2023. We are also seeing increasing operating economies of scale as a result of investments in innovative digital products. Our shareholders also benefit from the implementation of our strategy.
We increased our adjusted earnings per share by 27.3% in the first quarter and are pleased to propose to the Annual General Meeting that the dividend be increased by 18% to EUR 1.00 per share. We are optimistic about the company's current financial development and continue to feel comfortable with the existing sales and growth forecast."