Technology company iamproperty says it has seen major growth in a year in which it sealed significant investment backing.
The Newcastle firm, which offers digitial solutions to more than 6,000 estate agents around the UK, says its revenue has risen 39% to £76.5m while Ebitda increased 62% to £11.5m. The company’s fully audited results are likely to be released later in the year.
Last October, iamproperty announced it had struck a deal with private equity firm Perwyn that has been reported to have been worth around £100m. It said the deal would help support the next phase of the company’s growth, which has seen it grow headcount by 250 to more than 550 people.
The company, which was founded in 2009 as a two-man team, says it sold more than £1.5bn worth of property for the first time in a 12-month period and its platforms were responsible for one in every 100 properties sold in the UK. It is expecting more growth in the coming year.
Ben Ridgway, co-founder of iamproperty, said: “2023 brought new challenges for the property market, however our ability to deliver strong results in any kind of environment shows our resilience. Continued growth has seen us welcome more team members as well as new partner agents, and we’re now working with over 6,000 branches, helping them to accelerate their success.
"We shared our ecosystem vision and work is already well under way to deliver it. Our ecosystem will ultimately provide agents with a single platform to manage their whole day, with everything under one roof, one central login and one partner relationship.”
Fellow co-founder Jamie Cooke added: “This has been a milestone year for the business and these results belong to our team. From supporting our partner agents through difficult market conditions to helping us to lead the way by developing our ecosystem, our people are at the centre of it all.
“We’re heading into 2024 with big plans, but what has always been important to us is still the same – continuous innovation so our solutions remain at the front of the market as well as providing a great service and support to our agent network and their clients.”
In its most recent audited accounts, iamproperty reported turnover of £55.1m, while its Ebitda grew to £7.3m. But over the same period – the year to the end of October 2022 – operating profit fell slightly to £2.7m.
