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Zoopla shrugs off Brexit as profits surge

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Property website Zoopla reported a 38 per cent increase in annual pretax profit on Wednesday and said it was well placed to withstand any negative impact caused by the Brexit vote.

[LONDON] Property website Zoopla reported a 38 per cent increase in annual pretax profit on Wednesday and said it was well placed to withstand any negative impact caused by the Brexit vote.

The portal, which posted profit of 46.2 million pounds (S$82.68 million) in the year to the end of September in line with analysts' forecasts, said it was comfortable with expectations for 2017, when further growth is anticipated.

"The directors believe that the group's multi-channel, multi-brand strategy creates a diverse revenue base which means it is well placed to minimise any negative impacts (from the June 23 referendum)," the firm said.

Zoopla also said on Wednesday it had acquired estate agent website design and hosting business Technicweb.

REUTERS