Proptech Group iamproperty Achieves Record Growth with Revenue Up 45% to £55m

iamproperty co-founders, Jamie Cooke and Ben Ridgway

iamproperty, a North East-based proptech group backed by private equity partner LDC, has reported its highest year of growth to date. The company’s financial results for the year ending October 31, 2022, show a 45% increase in revenue, reaching £55 million.

During the same period, iamproperty achieved a 48% growth in gross profit, totaling £26 million, up from £17 million in the previous financial year (ending October 2021). Additionally, EBITDA rose by 31% to £7 million, compared to £5.5 million previously.

The company experienced substantial expansion, hiring 264 new employees in the 12-month period, bringing the total headcount to over 480. iamproperty is currently engaged in a recruitment drive to attract more talent across technology, customer service, and sales.

The growth extended to iamproperty’s Partner Agent network, with over 1,800 new Estate Agency branches joining during the financial year. As one of the UK’s largest providers of digital solutions to Estate Agents, iamproperty now collaborates with over 5,300 branches.

Two major acquisitions played a role in iamproperty’s growth. In March 2022, the company acquired VTUK, a cloud-based property software business. This acquisition brought VTUK’s CRM software platform, openview, which enables agents to automate their day-to-day operations, into iamproperty’s offering.

Another significant acquisition took place in August 2022 when iamproperty acquired the portfolio of Estate Agency Partners from SDL Auctions. Over 1,000 Estate Agency branches transitioned to iamproperty’s Partner Agent network, benefiting from the company’s iamsold auction offering.

iamproperty anticipates continued growth after a strong start to the current financial year, with record-breaking auction results in the first quarter and a 56% increase in property sales compared to the same period last year. The company is also preparing to launch various innovations to its product and service ecosystem in preparation for its next phase of growth.

Ben Ridgway, Co-Founder of iamproperty, expressed pride in the team’s achievements and highlighted the company’s commitment to accelerating agents’ success and improving the home buying and selling process. Jamie Cooke, Co-Founder of iamproperty, credited the team’s dedication to excellence and highlighted the success experienced by Partner Agents who have embraced the company’s solutions.

LDC partnered with iamproperty in 2019 to support the management team’s growth plans and expand and diversify the company’s offerings. Gareth Marshall, Partner and Head of the North East and Scotland at LDC, commended iamproperty on their remarkable year and emphasized the role of innovation in driving growth in dynamic markets.

Author
Place Guild
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