Monday 26 August 2019

Zoopla books rising profit and reveals Dutch deal

ZPG said sales rose 24% to £244.5 million in the year to September, while pre-tax profits nudged up 4% to £48.1 million as it booked a record 648 million online visits.

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By By Ravender Sembhy, Press Association City Editor

The company behind online property portal Zoopla has reported rising revenue and announced the acquisition of a Dutch analytics firm for 30 million euros (£26.5 million) as it continues an expansion drive.

ZPG said sales rose 24% to £244.5 million in the year to September 30, while pre-tax profits nudged up 4% to £48.1 million as it booked record traffic of 648 million online visits.

Founder and chief executive Alex Chesterman put the results down to a combination of “underlying organic growth and further strategic acquisitions”.

The group’s property arm saw revenue rise 41% to £122.3 million, helped by acquisitions, and ZPG’s price comparison unit booked a 10% increase in sales to £122.2 million.

ZPG, which owns uSwitch and Money.co.uk, also revealed the takeover of Calcasa, which it describes as a leading provider of residential property market analysis in the Netherlands.

ZPG said the deal will see the creation of the largest residential property valuation database in Europe.

It comes after a failed attempt to take over GoCompare for £460 million earlier this month.

Mr Chesterman  said: “This is another example of a transaction that fits perfectly with our strategy. Calcasa is a market-leading business that we know well with strong underlying growth and which we believe will be even stronger under our ownership.

“And we are buying the business at a price that is accretive to our shareholders.”

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