eProp records £3.1m loss in 2019 but core activity improves

eprop Services plc, operator of the Guild of Property Professionals, and which wholly owns GPEA Ltd, which licences the Fine & Country brand, has published its accounts for the year ending December 2019.

In the business review the company said:

The directors are pleased with the progress for the business in 2019, including the sale of easyProperty brand and rebalancing the Group’s divisions.

The Group revenue for the year to 31st December 2019 is £10.5m (2018:£11.7m), the decrease in revenue reflecting the exit of the easyProperty business in the year, and the Group has returned a loss before tax for the 12 months of £3.1m (2018: loss of 5.4m).

The directors consider that operating loss from core activities (operating profi before depreciation, amortisation, impairments and share-based payment expenses) provides a key measure of progress made.

The directors are pleased to see a return to an operating profit from core activities for the year to 31 December 2019 of £0.4m, gainst a loss of £0.3m for 2018.

Noting that Covid-19 will have a significant impact on performance in 2020 the company is now focused on capitalising on the upturn as it becomes clearer, to support “strong growth in our sector”.

“In addition, having a strong balance sheet, the business continues to be wel positioned to take advantage of consolidation in the prop-tech sector and continues to investigate M&A opportunities to provide long term shareholder value.”

In the body of the accounts is the fact that the Group has tax losses amounting to £19.87m which arose prior to 1st April 2017 and are not expected to reverse within the next three years.

Also, that in the related-party transactions Jon Cooke, a director of e-Prop Services plc, is shown as a director and shareholder in Intelligent Services Group, a company which is a shareholder in Iam-Sold Ltd.

During the period  eProp received services from Iam-Sold amounting to £445,494 (2018: £13,059) and provided services to Iam-Sold amounting to £399,804 (2018: £15,454).

 

Update 26th May 2020. Following comments on this story EYE contacted Jon Cooke who confirmed that he has been a non-executive director of Iam Property (formerly Intelligent Services Group) for the past four years.

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13 Comments

  1. Robert_May

    …!

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    1. digitalfix

      If you can share your Rummage4 financials as a comparison, that would be great.

      Report
      1. Robert_May

        They are where they need to be in as much detail as they need to be.

         

        My  explanation mark was not a comment about the financials but about the fact  this story   revealed a piece of a jigsaw puzzle that had been lost under the sofa and as such is quite revealing.

         

         

         

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  2. 123430

    Not sure if these investors ‘get it’. They will never make any money, ever. Check out the list of failed ‘start-up’, prop-tech, pre Covid-19. It’s fascinating reading!

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  3. Property Pundit

    Can someone explain the eProp/Jon Cooke/IAmSold services received/provided set-up?
     
    Is someone getting Jon Cooke mixed up with Jamie Cooke?

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    1. AgencyInsider

      Looking at their accounts it is Jon Cooke who is a director of both companies.

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      1. Property Pundit

        That’s not what Companies House says, hence my question.

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        1. AgencyInsider

          Don’t know about Companies House. eprop accounts page 41 says it.

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          1. ARC

            Yes it claims he is a director of Inteligent Services Group which according to Companies House he isn’t.

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          2. Property Pundit

            Why wouldn’t you cross reference with the most reliable source, Companies House? It’s free these days you know.

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    2. ARC

      Jon Cooke is not listed as a Director of IAMSOLD with companies house. There might be an apology in the offing here.

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      1. Property Pundit

        Why would the auditors put such a paragraph in that appears untrue? eProp & IAmSold use different auditors. Why not take another look AgencyInsider? There has to be an explanation of some sort otherwise it’s just fishy.

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  4. Property Pundit

    Update 26th May 2020. Following comments on this story EYE contacted Jon Cooke who confirmed that he has been a non-executive director of Iam Property (formerly Intelligent Services Group) for the past four years.’

     

    Companies House Form AP01 is used to appoint an individual as a company director. The appointment must be registered with Companies House within 14 days of their appointment. As there is no legal distinction between executive and non-executive directors, their details will need to be filed with Companies House in the usual way.

     

    Anyone know why this appointment doesn’t appear to have been registered in the past four years?

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