Newcastle technology firm iamproperty has released its first set of accounts since it partnered with new investors in a deal thought to have been worth more than 拢100m.
The Gosforth firm, which provides technology for online property auctions, announced Perwyn as its new private equity partner in October 2023 after a period of significant growth. That deal led to the formation of a new parent company for iamproperty, with accounts for Hammer PW Topco now published for the year ending October 31, 2024.
The accounts show revenues of just under 拢51m. That amount is lower than the revenues posted by iamproperty鈥檚 previous parent company, Timec 1667, due to a change the way it reports income received from online sales in collaboration with estate agents using its technology.
The company said that its Ebitda had increased by 22% to 拢15.1m, while the period also saw it add 120 new employees to top 700 people around the 海角视频. Administrative expenses, most of which relate to the Perwyn deal, led to an operating loss of 拢5.8m.
iamproperty said that it had helped estate agents to sell more than 拢1bn worth of property from more than 10,000 sales. It is forecasting further growth and said it had seen a strong start to the current financial year, helped in part by a relatively stable housing market.
Co-founder Ben Ridgway said: 鈥淐ontinuous innovation to improve the moving experience for everyone has always been what drives us. We launched two new solutions in our last financial year which are central to our ecosystem vision. Now we have a suite of market-leading solutions, our next phase of development will see us bring them all together, so estate agents have everything they need to manage their agency under one roof, creating more opportunities for them to be successful.
鈥淭o support this innovation and build our future, we鈥檝e invested heavily in our people and technology. Growing to 700 people across the 海角视频 was a huge milestone, and with recruitment ongoing, it鈥檚 a really exciting time to join us.鈥
Fellow co-founder Jamie Cooke added: 鈥淚t鈥檚 been another brilliant year of collaboration with our agent network and fantastic to see more agents than ever benefitting from our tech and service.
"These results are a testament to our team, who have supported our network to achieve record auction sales which have been key to our growth, as well as delivering on our innovation roadmap which will take us into our next phase of growth.鈥
iamproperty was founded by Mr Cooke and Mr Ridgway in 2009 after they spotted a gap in the market for a property auction service that benefited both estate agents and consumers. It had previously been backed by LDC, the private equity arm Lloyds Banking Group, before the deal with Perwyn.
Gurinder Sunner, partner at Perwyn, said: 鈥淭hese results demonstrate iamproperty鈥檚 differentiated strategy and the great strides being made by Ben, Jamie and team as they build a platform of scale and deliver on their plans to lead the sector.
"It is apparent that, even against an evolving market backdrop, the group鈥檚 fast-growing ecosystem of services and solutions is creating enhanced value for estate agents, bringing speed, security and transparency to every type of property transaction in the 海角视频. The opportunity ahead is significant and we look forward to supporting the company as it moves closer to achieving its ambitious growth objectives.鈥
