Reapit reveals acquisitions plan with profit and revenue boost

Proptech firm Reapit has unveiled a full-year profit of £3.3 million and revenue of £19.3 million for its UK business.

There was a profit increase of £0.4 million and revenue was up £26% or £4.1 million, the company’s annual report to the end of May 2022 reveals.

It also reported an EBITDA figure of £6.16 million, which was 31.9% of revenue, an increase from £3.97 million and 26% the previous year,

The parent company RPL TOPCO Ltd, which operates in Australia, Ireland and Denmark as well as the UK, reported a loss before tax of £5.26 million, but revenue was up, at £36.27 million, and EBITDA increased to £7.19 million.

Mark Armstrong, group CEO, (main picture) says: “I am very pleased with growth in 2022, particularly considering the level of economic and political uncertainty in the UK .

“Organic growth in the UK has been strong at 26% YOY, and at a global level acquisitions as well as strong organic growth have delivered 58%. These acquisitions and the investment in R&D form part of our strategy to provide customers with continually improving, market leading software.

“We will continue to develop our products with complementary, valuable, features and functionality through internal development, partnerships with third party proptech businesses and through acquisitions.”

Management reshuffle

Armstrong, who was UK and group CEO, became solely group chief executive earlier this year overseeing the company’s operations here as well as in Australia, Ireland and Denmark.

Patrick Hannah, who was formerly chief marketing officer, took over as CEO in the UK. The firm wants to see how this change works before making it permanent.

Reapit recently launched MyAgency, a round the clock client app designed to help agencies win more business, which is fully integrated with the company’s AgencyCloud platform.

The company also announced a partnership last month with know-your-customer and anti-money laundering app provider Thirdfort.