Turnover has jumped at Newcastle tech firm iamproperty on the back of two acquisitions.
The provider of auctioning and sales services to UK estate agents saw turnover leap from £37.8m to £55.1m in 2022, following its purchase of cloud-based property software business VTUK and SDL Auctions’ portfolio of estate agency partners during the year. Co-founder Ben Ridgway described the year as "phenomenal" for the LDC private equity-backed group, which includes auction provider iamsold and a 'whole of market' unit comprising The Conveyancing Partnership, Intelligent Compliance Limited and VTUK.
Despite the growth, operating profits fell from £3.4m to £2.7m after amortisation expenses increased to £2.6m. Meanwhile, gross profits grew more than 48% to £26.2m.
