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