Zoopla Property Group is reporting record figures to the City and claims it has seen “continuous agency growth since May” as it continues its battle with OnTheMarket.
In its results for the year ending September 30 it is announcing a 34 per cent rise in revenue for £107.6m, plus a 20 per cent increase in profits to £25.4m. Zoopla bought price comparison business uSwitch in June for £160m.
Adjusted EBITDA, earnings after costs, was up 23 per cent to £48.7m.
Its agency numbers at the end of September were 12,702 - up from earlier in the year but down from 16,373 a year earlier, before the launch of OnTheMarket. As of September 30 Zoopla and Primelocation carried some 845,000 properties, down from 1.1m a year earlier.
“Our Property Services division achieved solid ARPA growth across every vertical – UK Agency, New Homes, Overseas and Commercial” says Zoopla chief executive Alex Chesterman.
“We have seen further growth in membership numbers in the Property Services division since the end of the Period [September 30]. Management is encouraged by the trend of continued UK Agency membership growth over the past seven consecutive months and is confident of delivering further membership” he says.
“Traffic to our property platform remained strong with high levels of user engagement and we recently passed the significant milestone of over seven million downloads of our property apps” he continues.
“The Comparison Services division outperformed expectations in the four months since the acquisition of uSwitch, with both the Energy and Communications verticals benefitting from our market-leading position and increasingly competitive consumer deals. We continue to innovate across both divisions of the business in line with our mission of providing the most useful resources for consumers when finding, moving or managing their home and being the most effective marketing channel for related business partners” says Chesterman.
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Hmm they look like they're really hurting since OTM, don't they?? Waiting to see how the usual fan boys of Springett attempt to spin this one.
"Its agency numbers at the end of September were 12,702 - up from earlier in the year but down from 16,373 a year earlier, before the launch of OnTheMarket,"
This would suggest that they've been quite badly burnt by OTM, wouldn't it? Spin that in a positive way for Zoopla, why don't you?
Well Rookie, it's positive because despite the hit they have had to take from OTM they are bouncing back. I'm sure that like old soldiers, the good ship OTM won't sink it will just fade away :)
Exactly. They've been hit, now they're bouncing back.
I'm sure I'm not alone in finding this endless slog between OTM and Zoopla - with both sides guilty of childish behaviour at times - tiresome in the extreme. OTM aren't going to be overtaking Zoopla as the number 2 portal anytime soon, they probably won't ever do it. So can we just be done with the petty rivalry for a while?
Sure they were hurting, that's not news. They lost 25% of their offices and that must have felt like they'd had a stroke. However you missed the positive growth since May, revenues, profit, and traffic. Most call both combined "the overall view".
All I'm wondering now that Zoopla didn't die is if there will be 3 main portals moving forward or if OTM will shut down in the next 12-18 months. Personally I hope it stays. Before OTM I worked for one of the top 8-10 agencies for our area now we're in the top 5. Portals aren't the only reason for that, but were a key element for sure.
And here was I thinking that OTM was going to push both Z and RM out and bring down the prices that we are stung for, however RM are now stronger and there prices are still rising, Zoopla have plodded on as is and OTM after a flurry has stagnated.
The only winner here is RM and the losers are Agents and clients.
OTM's previous claims of taking over the portal industry and becoming top dog were presumptuous; their main goal of toppling Rightmove was always going to be an uphill struggle, and has been unsuccessful. It shall be interesting to see whether they maintain their position as a top 5 portal, or whether they will instead fade away from the industry. The next 12 months looks like it will be crucial for all parties concerned.
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