Zoopla Property Group reports reports its revenues are up 130 per cent to £96.4 million and EBITDA has increased 89 per cent to £40.5 million for the six months ended 31 March 2016.
The results include six months of trading from the company’s Comparison Services division which comprises energy and communications verticals.
The division saw record levels of “switches” with comparison leads up 37 per cent to 16.2 million which the company claims helped consumers save over £175 million from household bills.
Zoopla Property Group, which owns and operates UK home-related digital platforms including Zoopla, uSwitch, PrimeLocation and the Property Software Group says its Property Services division enjoyed 12 consecutive months of UK Agency partner growth.
Property listings grew to 854,000 reflecting an increase in the group’s number of property partners and visits to the company’s websites and mobile app reached over 300 million. Over 68 per cent of visits were via mobile.
Strategic partnerships with and investments in some of the UK’s most-promising PropTech start-ups were announced during the half while product innovation and integration saw the launch of new tools for both consumers and professionals.
Some of these include the ‘Running costs’ tool which helps users understand the total costs of occupying any property and the award-winning ‘AdReach’ retargeting product which helps Zoopla partners win more business.
The acquisition of the Property Software Group for £75 million was another highlight of the period which resulted in an interim dividend of 1.5p per share to be paid on 24 June 2016 to shareholders on register as at 3 June 2016.
“Our Property Services division has traded in line with management expectations with ARPA growth across every vertical and we have now seen 12 consecutive months of UK Agency partner growth as well as increased inventory and strong traffic,” confirms Zoopla founder and CEO Alex Chesterman.
“We have launched a number of exciting new features for both consumers and professionals and seen a particularly strong performance in our Comparison Services division with record switching volumes in both the Energy and Communications verticals.
“This is a result of seasonality, our market-leading collective switch, energy supplier price cuts and a highly-competitive environment for broadband deals,” he says.
“Following the end of the period, we announced the acquisition of the Property Software Group and have begun integrating the business into the ZPG family.
“This deal will transform our relationship with property professionals, providing the UK’s first-end-to-end business solution which will enable them to both generate increased revenues and to engage more effectively with their clients.”
Zoopla expects full year 2016 Adjusted EBITDA to be at the top end of market expectations.
Management expects continued partner growth within the Property Services division and continued strong performance despite seasonally lower switching volumes in the Comparison Services division.
In addition, the recent acquisition of the Property Software Group will underpin future growth with a wider range of products and services on offer.