Newcastle proptech reports revenue increase following ‘milestone year of growth’

iamproperty’s financial results for the year ending 31 October 2023 show the North East headquartered proptech group continued its growth trajectory, with a 39 per cent rise in revenue up to £76.5m.

EBITDA also increased, rising by 62 per cent to £11.5m. Both figures are the highest ever recorded by the company since it was founded in 2009 by entrepreneurs Ben Ridgway and Jamie Cooke, who still lead the business today.

iamproperty provides digital solutions to Estate Agents, and now works with over 6,000 branches across the UK. Last autumn, the business announced its future strategy and vision to create an integrated ecosystem of solutions, continuing its commitment to transform the property market and make agents’ lives easier.

To support this ‘milestone phase of innovation’, in October Perwyn was announced as its new private equity partner. Mark Lewis was then appointed as Group Chairman, bringing experience of leading and scaling many well-known businesses with great technology at their core, such as eBay UK and MoneySupermarket Group plc.

iamproperty also welcomed 250 new employees during the financial year, with its headcount now at over 550 people, and a recruitment drive underway to add more talent across multiple departments.

As well as announcing its ecosystem vision, the business continued to develop its portfolio of solutions including CRM, auction, compliance, onboarding and sales progression. New solutions were also launched to stay at the forefront of the market and help Estate Agents to be one step ahead.

iamproperty pioneered the Modern Method of Auction (MMoA), and within the financial year sold over £1.5bn worth of property for the first time in a 12-month period. It has been a transformational few years for auction, and now, 1 in every 100 properties sold in the UK is by iamproperty via MMoA.

Growth is expected to continue after a strong start to trading in the current financial year, and with 2024 set to be a major year for the ecosystem journey. Various new features and solutions will be launched, helping agents to stay ahead of legislation, generate leads and bring speed and security to all transactions.

Ben Ridgway, Co-Founder of iamproperty, commented: “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. 2023 has been a year of continued collaboration with our Partner Agents and our team to drive this next phase of innovation, and we are incredibly excited for the future.”

By Matthew Neville – Senior Correspondent, Bdaily

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