Property technology firm grows after investment

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 £100m.

- GRAEME WHITFIELD

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 £51m. That amount is lower than the revenues posted by iamproperty's previous parent company, Timec 1667, due to a change in 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 £15.1m, while the period also saw it add 120 new employees to top 700 people around the UK.

Administrative expenses, most of which relate to the Perwyn deal, led to an operating loss of £5.8m.