North East property technology company iamproperty saw revenues rise by almost 40% in the year it received new private equity backing, new accounts have revealed.
The accounts for Timec 1667 Limited – the ultimate parent company of iamproperty – show that turnover for the year ending October 31, 2023, rose from £55.1m a year earlier to £76.9m. Operating profit also grew substantially, going from £2.7m in 2022 to £4.3m.
The Gosforth firm, which specialises in technology for online property auctions, was started as a two-man team in 2009 by Jamie Cooke and Ben Ridgway.
Read more : signs of improvement in North East economy
Go here for more North East business news
Last year headcount topped 500 and it is believed that further growth in personnel has been added after the year end. In the accounts, the company outlines how the slowing of the housing market amid higher interest rates and wider economic worries led to a fall in transaction value during 2023.
But it said that stability was returning to the market and that its auction platforms had become more attractive to some buyers.
The company said: “Iamproperty continues to invest heavily in its people and its technology to maintain its market leading auction position and begin to drive innovation through movebutler and CRM. We expect 2024 to continue to be dominated by a buyers’ market, however continuing stability with interest rates and the increased availability of lending will support a resurging housing market.
“Acknowledging the historic trend of general elections dampening housing activity, the Ƶ’s 2024 election is expected to follow suit, affection demands and overall transactions in the broader housing market. Despite these challenges, we are poised for continued growth by expanding our agent branch network, integrating multi-product solutions to enhance the adoption of auctions, and leveraging robust data-led insights to drive success.”
Last year the company announced investment from private equity backer Perwyn that is believed to have topped £100m. At the time, Perwyn said that it would “support the business as it delivers on its vision to provide an ecosystem of innovative solutions for estate agents across the Ƶ”. That deal, in which Mr Cooke and Mr Ridgway retained their majority share, saw Lloyds Bank equity division LDC exit the company, having had a minority stake since 2019.
Since then the company has acquired Somerset firm Information Works as part of its growth strategy. It had previously acquired property software business VTƵ and SDL Auctions’ portfolio of estate agency partners in 2022 to expand its portfolio.
Co-founder Ben Ridgway said: “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. We now have Perwyn by our side and are gearing up for our next phase of growth, so we’re incredibly excited for the future.”
