HY1 Revenue at £42.8m (an increase of 25% from £34.3m in the same period last year*)
EBITDA to date at £6.1m (an increase of 32% from £4.6m in the same period last year*)
We are delighted to announce that our portfolio company, iamproperty – the North East headquartered proptech company – has reported strong financial performance for the year so far, following a spree of new and innovative product launches to improve the home moving process.
The significant year-to-date financial performance is marked by a 25 per cent increase in revenue on the same period last year* and a 32 per cent rise in EBITDA . It also puts iamproperty on track to hit its revenue target.
iamproperty provides market-leading digital solutions to over 6,200 Estate Agency branches across the UK. The company’s strong financial performance follows major growth in its residential auction sales as the UK’s market leader, as well as significant progress in delivering on its vision to create an integrated ecosystem of solutions for agents.
Key developments of the ecosystem so far this year include the launch of the iamproperty Marketing Toolkit in May, a comprehensive data and prospecting platform. This was followed by the iamproperty CRM in July, allowing agents to manage sales, lettings, property management and accounts in one cloud-based platform.
Founded in 2009 by entrepreneurs Ben Ridgway and Jamie Cooke, who lead the business today, the company has also been on a recruitment drive to support demand and its ambitious goals. So far this year, 80 new team members have joined the business, based racross the UK.
The Newcastle-headquartered company pioneered the Modern Method of Auction (MMoA) and has sold £945M worth of property between January and July of this year, an increase of more than 15 per cent on the same period last year.
Gurinder Sunner, Partner at Perwyn said: “We are delighted with iamproperty’s year-to-date results, which were preceded by important milestones, including our announcement as the company’s new private equity partner in October 2023. iamproperty followed this with the key appointment of Mark Lewis as Group Chairman, bringing experience in leading and scaling household names such as eBay UK and MoneySupermarket Group plc. We look forward to continuing to support the company as it scales, builds on its new product launches and works towards the development of a single, comprehensive platform for estate agents.”
Ben Ridgway, Co-Founder of iamproperty, said: “We announced some big ambitions last year, setting the wheels in motion for a strategy that would have a transformative impact on our business and the sector. These in-year results are a testament to our team working hard to fulfil those strategic objectives, even against the backdrop at the beginning of this year of a challenging property market and political landscape.”
“The ultimate goal of our ecosystem is to provide agents with a single platform to manage their whole day, with everything under one roof, one central login and one partner relationship. With multiple systems, often working in silo, it creates a cumbersome, admin-intensive process, and ultimately contributes to the delays we see in the property market. With tech that works together, coupled with our unique service wrap around, we can improve the experience for everyone in the home buying, selling and lettings process, and help agents to be more profitable and efficient.”
Jamie Cooke, Co-Founder of iamproperty, added: “We’re immensely proud of our team in announcing these year-to-date results, as it’s all down to their hard work and commitment to our common goal. Throughout this period of growth, we’ve worked hard to retain our culture which is again down to our people. As for delivering on our vision, the feedback we’ve had from the market on the huge leaps forward with our ecosystem delivery has been extremely positive. We continue to work closely with our Partner Agents to deliver something that will genuinely support them to be more successful. We’re on a trajectory to close off the year in an incredibly strong position, and with a vision that’s fast becoming a reality.”
*Start of Nov 2023 to end of July 2024