Zoopla reports strong results alongside Technicweb acquisition

Zoopla (LON:ZPLA) announced impressive full year results on Wednesday, alongside the acquisition of estate agency design website Technicweb.

Shares soared just after open on the Monday markets as the online property group reported an 84 percent rise in revenue to £197.7 million, and a 44 percent rise in profit to £36.7 million.

Adjusted EBITDA increased by 58 percent to £77.1 million and the site reported strong growth in online traffic, with over 600 million visits to the Group’s websites and mobile apps.

Zoopla CEO Alex Chesterman said in a statement:

“The Group has had another very successful year and we are stronger and more diversified than ever… We continue to lead innovation in the property and comparison markets as we work towards fulfilling our mission of providing the most useful resources for consumers when finding, moving and managing their home and being the most effective partner for related businesses.

“We generated over 53 million leads across the Group for our partners during the year, helping them to win more business and operate more efficiently. We have launched a number of new market-leading products as well as investing and partnering with some of the most innovative and relevant technology startups to further enhance and differentiate our proposition.”

Zoopla also announced the acquisition of cloud-based estate agency website design business Technicweb, as well as a partnership with home insurance provider Neos. Zoopla has negotiated partnerships with several tech start-ups already, including Landbay, Trussle, and FixFlo.

Chesterman commented on the acquisition:

“We are also pleased to announce today the acquisition of Technicweb, one of the UK’s leading estate agency website design and hosting businesses as well as our investment in and strategic partnership with Neos, the UK’s first connected home insurance provider.”

Zoopla (LON:ZPLA) shares rose 6.93 percent to 341.10 (0945GMT).