Zoopla sees ‘return to growth’

Zoopla is going from strength to strength thanks in part to its acquisition of comparison website uSwitch earlier this year, which is doing even better than expected, as well as a rise in estate agency customers. According to its latest trading update to the City, Zoopla, which earlier this year acquired online price comparison site uSwitch for £160million in a move designed to differentiate it from rivals Rightmove and OnTheMarket, has attracted a further 146 UK estate agents to its membership since July, contributing to growth in turnovers and profits. Zoopla has accepted that it lost business this year to challenger property website, OnTheMarket.com (OTM), but now insiststhat its UK agency membership is “continuing its return to growth.” Zoopla now has a total of 12,701 agency customers on its books, along with 2,706 new homes customers and 737 overseas members. Zoopla forecasts that full-year revenue will increase by a third to £107 million, with adjusted cash profit up by a fifth to £48 million. These optimistic projections are supported by the company’s decision to diversify its offering with its uSwitch acquisition, which has outperformed expectations, while its portal division was in line. There has been a positive reaction to Zoopla’s…