Zoopla bounces back despite fierce competition
The property site's group profits and revenues are up despite the efforts of OnTheMarket.
The past year could have been utterly disastrous for Zoopla. The property group’s core eponymous website has faced a stern challenge from the new estate agent-backed competitor OnTheMarket, which threatened to starve it of revenues.
Although its new rival has drawn away 22% of Zoopla’s estate agent members, its full-year results, out today, look pretty buoyant. Group operating profits are up 23% to £48.7m on the back of a 34% jump in revenues to £107.6m.
CEO and founder Alex Chesterman said the business had endured a ‘transformational year’, adding that, ‘we have made great progress towards our vision of becoming the consumer champion at the heart of the home.’ Presumably that’s not to be taken literally – I don’t expect to find Chesterman inhabiting my under stairs cupboard.
