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.