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

Helen Cahill
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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.

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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."

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