Annual revenues at property search group Zoopla rise by 24%

Zoopla has announced a 24% rise in annual revenues.

Zoopla has announced a 24% rise in annual revenues. - Credit: PA

Online property portal and search group Zoopla today posted headline annual earnings up by more than a third after a year which saw its shares join the London stock market following an initial public offering (IPO).

The group operates online property brands including Zoopla and PrimeLocation and powers the property search facility for other sites including ,

Group revenues for the year to September 30 grew 24%, to £80.2m, and earnings by 35%, to £39.6m.

However, one-off IPO costs of nearly £5.6m left pre-tax profit only slightly ahead, at £28.669m against £28.287m the previous year.

Alex Chesterman, founder and chief executgive of Zoopla, said: “I am pleased to present such a strong set of full year results following our successful IPO in June.

“2014 has been a landmark year for Zoopla Property Group with record audience levels and strong revenue growth across all areas of the business as consumers continue to recognise the importance of the Group’s services for searching and researching the property market at work, at home and on the move.

“We continue to deliver enhanced transparency and efficiency to the market and to develop a world-class consumer proposition designed to aid our users with their property search, increase engagement and drive value for our members.

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“We enjoyed record levels of traffic to our websites and mobile applications with 42.8m average monthly visitors generating over 29m leads during the year providing an excellent value proposition for our members and resulting in increased take-up of our additional premium products.”

Looking ahead, he added: “We are well placed for future growth with an excellent market position as a result of strong brand awareness and high levels of consumer engagement and market penetration.

“We remain focused and continue to execute on our strategy of enhancing both our consumer and member propositions with the launch of new features and products to further grow engagement levels and revenues.

“Whilst there are some political and economic challenges within the overall housing market, the impact of these on our business is not expected to be material and early trading post the year-end is in-line with expectations.”