Munich-based Scout24 SE, operator of the digital real estate marketplace ImmoScout24, has continued its revenue growth of the first quarter in Q2 2022. The core business with brokers and the sale of so-called plus memberships again helped the online real estate marketplace to a leap in revenue.
Group turnover of €217.6 million for the first half of 2022 exceeds the previous year’s figure of €189.7 million by 14.7%. Due to the structural shifts caused by inflation and interest rates – from buying to renting, from seller’s market to buyer’s market – the marketing and service needs of broker-clients are increasing, which has a positive effect on product demand, the press release states. The broker core business achieved a 6.7% increase in turnover, and the sales leads business (brokerage of sales mandates) achieved a 31.6% increase in turnover.
“Rising interest rates, higher prime costs and the uncertain geopolitical and macroeconomic environment are also influencing the German real estate market. Against this background, the marketing strength of the ImmoScout24 platform is gaining in importance. The strong growth in the first half of the year confirms the strategic orientation of the Scout24 Group, which focuses on the digitalisation of the real estate market,” comments Tobias Hartmann, CEO of Scout24 SE.
Scout24 has invested a total of around €10.3 million in the future fields of mandate acquisition and the Vermietet.de platform. The intent is for higher online marketing expenses for the generation of seller leads as well as higher marketing and personnel expenses for the rapid expansion of the offer for private landlords, according to the press release.
EBITDA from ordinary activities in H1 2022 increased by 9.5% to €120.7 million, the release goes on to say. At 55.5%, the EBITDA margin from ordinary activities in the first half of the year was only 2.6% below the previous year’s margin. The unadjusted Group EBITDA even increased by 11.6 % in H1 2022 compared to H1 2021.
Scout24 is a German digital company, owning the digital marketplace ImmoScout24 for residential and commercial real estate. With over 20 million users per month on the website or in the app, ImmoScout24 is the market leader for digital property marketing and search in Germany. ImmoScout24 is also active in Austria.