Zoopla has turned its results around with a big increase in profits to nearly £18.8 million after a loss the previous two years.

The portal suffered a loss of £6.2 million in 2022 following a £17.8 million deficit the year before, but this became a healthy profit last year, its newly-released accounts show.

The accounts also show Zoopla’s revenue increased from £87.3 million to £90.4 million in 2023.

Aggressive move

And the news is a boost to Zoopla at a time when rival OnTheMarket (OTM) has made an aggressive move in the market.

OTM was bought for £100 million by global property data group CoStar at the end of last year, and has increased its marketing spend massively.

The profit increase was driven primarily by a number of cost restructuring programmes…”

Sam Fletcher, CFO at Zoopla parent company Houseful, says: “The profit increase was driven primarily by a number of cost restructuring programmes enacted in both 2022 and 2023 and aimed at driving greater levels of profitability.

“Revenue increased by 3.6% due to a recovery in the new homes market, growth in website advertising partnerships and the end of free of charge contracts offered during the Covid-19 pandemic,” she says in the company accounts.

Takeover rejected

Zoopla’s chief rival, Rightmove recently rejected a takeover bid from Australian firm REA, which is owned by Rupert Murdoch’s News Corp.

Zoopla is the Headline Sponsor of The Negotiator Awards this year, and is also partnering The Negotiator Conference & Expo, which precedes the Awards.

The portal is also one of the ‘partners’ of the England cricket team for a series against the old enemy Australia.

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