Zoopla Property Group (ZPG) has announced its half-yearly financial results for the six months ended 31 March 2017, revealing revenue are up 22% to £117.9 year on year compared with £96.4 million a year prior.
The group, which also runs the uSwitch comparison website, Prime Location property search site and the Zoopla portal received record traffic of over 314 million visits to the company’s websites and apps with 68%+ via mobile.
The company’s net debt at the end of the period was £209.3m which it attributes to additional funding related to various acquisitions
Founder and CEO of ZPG Alex Chesterman said the group’s positive financial results were driven by visits to its websites.
“We have enjoyed a strong first half to the financial year across both divisions and are delighted to report record revenues and adjusted EBITDA for the Period,” Chesterman 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.”
Chesterman said the launch of ZPG’s all-encompassing product Move Planner was also a win for the company, reiterating that people want to move with ease.
“We also made good progress on our continued product differentiation with the launch of an innovative new Move Planner tool which provides a one-stop shop for all moving related services and are pleased to announce today a strategic investment in Zero Deposit, a new business seeking to transform the lettings market by providing an alternative to tenant deposits,” he said.
“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.
Our Comparison division also performed strongly with high levels of leads and switching activity in every vertical. During the first six months of the year we helped millions of consumers find better deals and save over £137 million off their household bills and are pleased to report that uSwitch recently won two coveted awards at the MOMA Awards 2017 for both ‘Most innovative use of mobile’ and for ‘Best app’
“We remain incredibly excited by the underlying growth across each of the business divisions, our recent acquisitions and the significant cross-sell opportunities to our highly engaged consumer audience and our unrivalled partner base.”