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Interim Results

ZPG's H1 pretax profit slips as revenue, divi rise

24 May 2017 08:53

Online property specialist ZPG saw its H1 pretax profit slip lower, albeit on higher revenue and an improved interim dividend and commentary that it had made a good start to H2.

Pretax profit for the six months was £22.5m, from £28.1m. Revenue was £117.9m, from £96.4m. Interim dividend was 1.9p a share, from 1.5p.

"ZPG has had a good start to the second half of its financial year across both divisions and Management remains comfortable with market expectations for the 2017 financial year," said founder and CEO Alex Chesterman.

As at May 23, market expectations for FY 2017 revenue and EBITDA were £236.5m and £92.0m, respectively, said ZPG, citing Bloomberg data.

"We are encouraged by the continued rate of returning portal partners, ongoing migration of software partners to cloud-based products and the growing demand for our additional products," he said.

Looking at the results, Chesterman said ZPG had enjoyed a strong first half to the financial year across both divisions.

"Our audience grew by 5% with a record 314 million visits to our websites and apps and we achieved record levels of brand awareness for both Zoopla and uSwitch," he said.

The company also made good progress on its continued product differentiation with the launch of an innovative new Move Planner tool which provides a one-stop shop for all moving related services and were pleased to announce today a strategic investment in Zero Deposit, a new business seeking to transform the lettings market by providing an alternative to tenant deposits.

"Our Property division has performed very well, driven by continued portal partner win backs, strong demand for our upsell products and the continued migration of our software partners to cloud-based products," said Chesterman.

"The integration of Hometrack into the wider business is progressing well and, since the acquisition, we have signed new deals with TSB and Bank of Ireland and extended our relationship with HSBC, now serving 17 of the top 20 UK mortgage lenders."

ZPG's Comparison division also performed strongly with high levels of leads and switching activity in every vertical.

"During the first six months of the year we helped millions of consumers find better deals and save over £137m off their household bills and are pleased to report that uSwitch recently won two coveted awards at the MOMA Awards 2017 for both 'Most innovative use of mobile' and for 'Best app'.

"We remain incredibly excited by the underlying growth across each of the business divisions, our recent acquisitions and the significant cross-sell opportunities to our highly engaged consumer audience and our unrivalled partner base."

At 8:53am: (LON:ZPG) Zoopla Property Group share price was +17.7p at 375.8p

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