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We’re still getting agents returning to us, says Zoopla, as it announces ‘strong performance’

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Zoopla has reported that its property division is trading strongly, with agents returning to it.

In a short trading update, it said it was “very pleased” with current trading.

It expects revenues and EBITDA to be towards the top end of expectations when it reports its full-year results on November 29.

Yesterday’s statement said: “Our property division has performed strongly, driven by a continuation of returning portal partners, strong demand for our upsell products and further migration of our software partners to cloud-based products.

“Our comparison division has also traded well, reaching a new milestone of over 1m household energy switches in a 12-month period and saving consumers almost £300m off their household bills over that period.

“In addition, the integrations of both Hometrack and Expert Agent into the wider business have progressed well and underpin future growth opportunities.”

ZPG also announced that it has conditionally agreed to acquire financial services comparison website Money.co.uk for £80m plus a performance-based earn-out of up to £60m.

Established in 2008, Money allows consumers to compare thousands of deals from over 600 providers across more than 60 product categories including mortgages, loans, credit cards, bank accounts and insurance. The business has over 2m visits per month to its website.

Money generated revenues of £24.7m with an adjusted EBITDA of £8m in the year to the end of last October.

Money, which is based in Cirencester, Gloucestershire, employs over 50 staff, and will continue to operate as a stand-alone brand headed by founder and CEO Chris Morling.

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Source:: We’re still getting agents returning to us, says Zoopla, as it announces ‘strong performance’