iamproperty’s financial results for the year ending 31 October 2022 show the North East headquartered proptech group had its biggest year of growth to date, reporting revenue is up by 45 per cent to £55m.
The company, which is backed by private equity partner LDC, increased gross profit by 48 per cent to £26m during the period, up from £17m (FYE: October 21). EBITDA increased by 31 per cent to £7m, up from £5.5m.
The business also welcomed 264 new employees during the 12 months, with headcount now at over 480 and a recruitment drive underway to bring in more talent across technology, customer service and sales.
Growth extended to iamproperty’s Partner Agent network, with over 1,800 new Estate Agency branches onboarded during the financial year. iamproperty is one of the UK’s largest providers of digital solutions to Estate Agents and now works with over 5,300 branches.
The business’ growth was partly driven by two major acquisitions. In March 2022, cloud-based property software business VTUK was acquired in a trade deal. VTUK’s CRM software platform openview enables agents to fully automate their day-to-day operations and will form a key part of iamproperty’s offering moving forward.
In August 2022, SDL Auctions’ portfolio of Estate Agency Partners who used the SDL online Modern Method of Auction (MMoA) service was also acquired. Over 1,000 Estate Agency branches transitioned into iamproperty’s Partner Agent network, benefitting from its market-leading iamsold auction offering.
iamproperty expects growth to continue after a strong start to trading in the current financial year (FYE: October 2023). The business has achieved record-breaking auction results in the first quarter, with property sales up by 56 per cent on the same period last year. It is also preparing to launch various innovations to its product and service ecosystem as it prepares for its next phase of growth.
Ben Ridgway, Co-Founder of iamproperty, said: “2022 was a phenomenal year for the business and we’re incredibly proud of our team. To have grown our Partner Agent network, service offering and position in the market significantly in the last 12 months is no mean feat in difficult market conditions. We are built on innovation and the last two years have seen us innovate our products and services, as well as acquire new businesses that enable us to deliver our commitment to Estate Agents and the market – to accelerate agents’ success and improve the home buying and selling process for everyone involved.
“2022 has set us up for success and continued growth as we prepare to enter a new era of product and service innovation, aligned to our vision for an iamproperty ecosystem. It will be a new solution that we hope will be transformational not just for the business and our Partner Agents, but for the property industry.”
Jamie Cooke, Co-Founder of iamproperty, added: “These results belong to our team, who continue to amaze us by pushing the boundaries of product and service excellence. While we’re really pleased to report continued growth and create more opportunities for our people, we’re also excited by the growth our Partner Agents are seeing, as they embrace our solutions to drive efficiencies, which is enabling them to accelerate their own success.”
LDC partnered with iamproperty in 2019 to support the management team’s ambitious plans to accelerate growth and expand and diversify the business’ offering.
Gareth Marshall, Partner and Head of the North East and Scotland at LDC, added: “Ben, Jamie and the rest of the team have had another remarkable year. They’ve shown, once again, that prioritising innovation helps businesses to grow in complex and fast-moving markets. We’re looking forward to seeing what they achieve next.”