ZPG feeling confident as Zoopla wins 'multiple' estate agent deals

Zoopla and uSwitch operator ZPG reported a good start to the financial year across both divisions, with its websites and mobile apps attracting 53 million average monthly visits during recent months.

In a short trading update ahead of its annual shareholder meeting, ZPG confirmed "multiple" large estate agents and mortgage lenders had signed long-term contracts with its property division and that with both divisions continuing to perform well into the new year, management were comfortable with market expectations for 2018.

The price comparison division was reported to have enjoyed "solid" switching volumes in its energy, communications and financial services verticals.

Integration of products across the uSwitch and the September acquisition of Money.co.uk was making "good progress".

Since the start of the second quarter, ZPG has refinanced its debt through the issue of new bond and bank facilities, which is said increased financial flexibility, "providing a more stable and appropriate capital structure and allowing it to secure attractive interest rates for the next five years".

ZPG shares were roughly flat in early trading on Tuesday at 347.6p.