PropTech iamproperty delivered record revenue and double-digit profit growth in its 2024 financial year.
The Newcastle-based firm’s revenue rose 18.3% to £51m as around 1.1m residential properties were bought and sold across the UK.
The company says the success was driven by innovative new service launches and supported by an increase in transaction volumes across the market.
Adjusted EBITDA also increased 22% to £15.1m, as the group scaled up investment in new service launches for its estate agent partners to support accelerating demand for its proprietary, technology enabled solutions.
The organisation’s online residential property auctions business, iamsold, generated sustained revenue growth of 20.4% to £41.4m, with profit before tax of £13.9m before head office costs.
Over 1% of all UK property transactions are now being conducted through iamproperty.
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“We are pleased to have delivered a year of record growth, driven by growing demand among our estate agent partners for our services, which we continue to grow as part of our seamless ecosystem of solutions, bringing a ‘one stop shop’ solution for our agents,” said Ridgway.
“The residential property market needs to change and we are leading efforts to make it work better for everyone.
“Building on the standout success of our online auction offering, our ambition is to create one central, integrated digital platform providing a comprehensive ecosystem of cutting-edge solutions to help estate agents win increased market share, unlock value and bring speed and security to every transaction, making the whole property buying and selling process better for everyone.
“We are moving fast towards that target thanks to our 700+ brilliant people, industry-leading tech, and pioneering ecosystem offering that we continue to invest in and further refine.
“With the UK Government having recently announced a range of plans to modernise the home buying and selling process to save people time, at iamproperty our solutions are already helping thousands of estate agents and people up and down the UK have a better, faster, and more secure moving process.”
Gurinder Sunner, partner at Perwyn, added: “These results demonstrate iamproperty’s differentiated strategy and the great strides being made by Ben, Jamie and team as they build a platform of scale and deliver on their plans to lead the sector.
“It is apparent that, even against an evolving market backdrop, the group’s fast growing ecosystem of services and solutions is creating enhanced value for estate agents, bringing speed, security and transparency to every type of property transaction in the UK.
“The opportunity ahead is significant and we look forward to supporting the company as it moves closer to achieving its ambitious growth objectives.”