Zoopla Posts £6.2 Million Loss in 2022 Despite 19% Revenue Increase

The British property portal Zoopla saw losses narrow from £17.8 million during the 2021 calendar year to £6.2 million in 2022 as revenue increased from £73.3 million to £87.3 million. The London-based company was profitable on an operational level with Operating profit for 2022 standing at £2.2 million.

In accounts filed with Companies House, the company said that the increase in revenue was due to "price rises and the end of free of charge contracts offered during the Covid-19 pandemic".

The decreased yearly loss was a result of the rise in revenue but also thanks to a reduction in impairment related to investment in its subsidiaries (Techniweb, Websky and Yourkeys). Overall, impairment fell from £12.1 million in 2021 to £8.3 million in 2022.

The accounts note that these subsidiaries are being bypassed in order for Zoopla to focus on its flagship Alto Saas product which is managed under the parent entity (ZPG Property Services Holdings UK Ltd) with the company continuing to invest heavily in new products and marketing.

Zoopla, which was taken private by US private equity firm Silver Lake in 2018, is the closest challenger to Rightmove in the UK market. The company recently renamed its property division as 'Houseful' and outsourced customer support services.