Zoopla Property Group announces takeover of Dutch firm Calcasa for £27m

 
Helen Cahill
Follow Helen
The firm has benefited from the growth in online services for estate agents and buyers (Source: Zoopla)

Zoopla Property Group (ZPG) has today unveiled its takeover of Dutch firm Calcasa as it announced a jump in revenues.

The figures

For the year ended 30 September, ZPG's revenue jumped 24 per cent from £197.7m to £244.5m. Profit for the year grew from £36.7m to £37.4m, a rise of two per cent. Acquisitions throughout the year added to the group's debt, which climbed from £146.5m to £191.5m.

Read more: GoCompare shuts down Zoopla's "highly opportunistic" takeover bid

At time of writing, ZPG's share price was down 0.75 per cent to 342.4p.

Why it's interesting

ZPG has today announced its acquisition of Calcasa, a provider of residential property market analysis in the Netherlands, for £27m. The acquisition adds to ZPG's competency in this sphere through its ownership of UK-based Hometrack.

Read more: Zoopla owner ZPG expected to see jump in profits

Roddy Davidson, analyst at Shore Capital, said: "We are encouraged by the strong momentum and upbeat outlook comments within this morning's results release and remain fundamentally positive on ZPG's prospects as a prominent beneficiary of structural growth in online switching activity and digital property advertising.

"We also see a significant opportunity in the second of these areas for ZPG to close the current pricing gap on Rightmove and view its software and data offering as a clear point of differentiation in this regard."

What Zoopla said

Alex Chesterman, founder and chief executive of ZPG, said: "Looking ahead, we are very excited by both the underlying growth opportunities in each division and the unique and unrivalled cross-sell opportunities we have created as we continue on our mission to be the platform of choice for consumers and partners engaged in property and household decisions."

Related articles