Shares in ZPG fell hard yesterday despite upbeat results showing a leap of almost 24% in revenue – possibly, according to one analyst, exceeding Rightmove.

Proptech commentator Mike DelPrete, said yesterday that in the battle of growth strategies, Zoopla may have overtaken Rightmove for the first time.

Yesterday, shares in Zoopla closed at 322p, a fall of 23p or 6.75%.

Investors appeared to be concerned that while revenue was up, so also were costs, while pre-tax profits were up 4%.

One analyst said there had been a “glut” of acquisitions.

William Packer, of Exane BNP Paribas, also described the pre-tax profit increase as “light” and “somewhat disappointing”.

Another analyst,

City analysts were told in a briefing that there will be less disclosure in Zoopla’s diverse property business, reflecting the increased convergence of the various offerings.

They also heard that Zoopla sees any threat from OnTheMarket as limited, with the dropping of its ‘one other portal rule’ once OTM floats.

Cross-selling in ZPG’s property division – which includes two portals as well as software – is set to drive further revenue from agents next year.

ZPG also said yesterday that it is buying Dutch property analysis and automated valuations firm Calcasa for an initial consideration £26.5m. A performance based earn-out could mean ZPG handing over a further £44.2m over the next three years.

Peel Hunt said the acquisition was surprising as Calcasa’s business is not focused on the UK.

It added: “It no doubt demonstrates that ZPG’s ambitions lie not solely in the UK.”

DelPrete described the acquisition as huge.

He said: “This is a big deal because it’s international expansion. Very few property portals have expanded beyond their home market, even with ancillary products.”