This could be the last set of half-year results from ZPG (ZPG), as the owner of several digital platforms including Zoopla has received a 490p a share recommended offer from US investment group Silver Lake Management. The scheme document should have been posted by now, with a shareholder meeting expected to be held on 18 June. Subject to shareholder approval and a successful negotiation of all the regulatory hurdles, completion is anticipated in the third quarter of 2018.
At least ZPG will be going out on a high note, with adjusted cash profits up by 41 per cent at £63.4m; the bad news is that, in view of the offer, there is no half-year dividend. Revenue in the property division was up by a third, boosted by acquisitions, although organic growth was still a healthy 9 per cent. Property partner numbers also grew by 9 per cent to 26,173, while cross-selling and acquisitions helped to lift the average revenue per partner by 18 per cent to £484.
Progress on the comparison websites was equally robust, with revenue also up by a third and helped by the inclusion of Money, a financial services comparison website. The number of leads generated to its comparison partners jumped by 70 per cent to 27.1m, helping to save consumers over £300m on their household bills. The energy side was particularly strong as more people put thought into switching suppliers prompted by the bad weather, although activity here is expected to ease off as the warmer weather approaches.
| ZPG (ZPG) | ||||
| ORD PRICE: | 489p | MARKET VALUE: | £2.14bn | |
| TOUCH: | 489-489.4p | 12-MONTH HIGH: | 501p | LOW: 314p |
| DIVIDEND YIELD: | 0.8% | PE RATIO: | 49 | |
| NET ASSET VALUE: | 55p* | NET DEBT: | 132% | |
| Half-year to 31 Mar | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
| 2017 | 118 | 22.5 | 4.0 | 1.9 |
| 2018 | 157 | 29.5 | 5.1 | nil |
| % change | +33 | +31 | +28 | - |
| Ex-div: | - | |||
| Payment: | - | |||
| *Includes intangible assets of £630m, or 144p a share | ||||
