Revenue and profits at ZPG have shot up to record highs.
The business announced revenue of almost £157m (£156.9m) this morning, for the six months to the end of March, up 33% from the same period 12 months previously.
Adjusted EBITDA was also up, at £63.4m, a 41% increase on the same period a year ago.
ZPG also announced almost 350m visits across its various platforms, generating 36m leads for its partners, including estate agents.
In the property division alone, revenue rose 34% to £74.9m. UK agents using the portals and software were up 9%, to 26,173.
UK agency parters were up 7%, to 15,264 branches. Zoopla said the number of ‘win-backs’ to date is 1,350.
Listings rose 6% as at the end of March.
Average revenue per property partner was up by 18% to £484.
The comparison side of the business earned more than property, at £82m.
ZPG said this morning that details of the Silver Lake offer are likely to be made available tomorrow, and the shareholder meeting to vote on it is likely to be held on June 18.
ZPG founder and chief executive Alex Chesterman said it had been a strong first half to the year across both the property and comparison website divisions, adding: “Looking ahead, we are excited about the prospect of working with Silver Lake and the opportunity this offers to our employees, consumers and partners as we move to the next stage of ZPG’s development and growth.”
ZPG also said that it has enjoyed a good start to the second half of its financial year, and is encouraged by the rate of returning agents.
At least someone is making money from allowing payanyway agents onto portals and destroying honest businesses.
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Just illustrates the lucrative market up for grabs if otmp get their act together
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Smell the coffee everyone…agents are paying an increased charge of 18% per month. No doubt you are all passing these increased charges to clients to keep your business viable! They are most likely to take the money and run now they have the offer, if you’ve felt obligated in the past don’t they are milking your data and charging you for the privilege….they are selling so many energy change tariffs and is a comparison site pure and simple. From the RNS to the city by Chesterman…
‘I am pleased to report revenue of £156.9m and Adjusted EBITDA of £63.4m for the Period. We continue to grow our consumer engagement and to lead innovation with the launch of new tools across our platforms, helping our consumers to make smarter property and household related decisions and our partners to operate more effectively. “Our Property division performed well across each vertical, helped by demand for additional products, cross-sell and new contract wins, including the continued return of agents to our portals.” “Our Comparison division also performed well with leads up across each vertical. Energy had an exceptionally strong first half as a result of ongoing optimisation of the consumer journey and extreme weather during the Period prompting increased switching levels’.
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As of 3.20pm the stock Markets response to this news is as follows:
Rightmove +0.84%
ZPG +0.04%
Onthemarket + 8.68%
Bizarre!
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