Property: Increased traffic and profits for online search company Zoopla
PUBLISHED: 18:36 06 May 2014 | UPDATED: 20:11 06 May 2014
Online property search firm Zoopla said today it achieved record levels of traffic across its sites in the first half of its financial year as the housing market continued to improve.
The company, which also includes the Primelocation, SmartNewHomes and HomesOverseas brands, and whose technology also powers Archant’s www.homes24.co.uk website, reported a 37% surge in traffic to its own sites during the six to March 31, with 39.9million average monthly visits.
Zoopla added that its profits rose 26% during the period to £18.7m, while revenues lifted by the same percentage to £38.3m.
There has been market speculation that Zoopla will be among the next property companies to go public, following Foxtons’ successful float last year. This could value the company at more than £1billion.
A float at around this price could net founder and chief executive Alex Chesterman, who started the firm seven years ago, a fortune of £100m.
Zoopla has benefited from rising house prices and transaction levels, as the improving property market has been buoyed by Government initiatives such as the Help to Buy scheme.
The company, majority owned by Daily Mail & General Trust, makes money by charging estate agents and other property firms subscription fees to advertise their listings across its sites.
Mr Chesterman said: “More and more consumers rely on our websites and mobile apps to both search for properties and research the market. We remain focused on building a sustainable and profitable business.”