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.