Smoove saw its revenues grow by 12% to £19m in the 12 months until the end of March, its latest trading update shows.
Increased revenues were driven by strong growth in the broker channel, with especially strong comparative growth during H1, reflecting the effect of Covid-19 on the prior year.
Smoove saw a 10% growth in the number of active broker users to 2,207 from 1,998 at the end of FY 2021.
It also agreed to provide additional services to Lloyd’s Banking Group for the provision of remortgage services.
Some 75,000 DigitalMove cases were also completed during the period, up from 40,000 in 2021.
Additionally Smoove launced its Estate Agency product, Smoove Start, which is in pilot and made key hires across the management team and in specialist roles bringing new capability especially in technology and data.
Finally, the acquisition of Amity Law in October 2021, a conveyancing firm based in Bolton, enabling the Group to test products in a live environment.
Jesper With-Fogstrup (pictured), chief executive of Smoove plc, said: “We made substantial progress in our core business this year having expanded our relationship with Lloyd’s Banking Group, grown our existing routes to market and launched a new Estate Agency channel. We’ve also continued to develop our plans to make the entire home moving process simpler.
“Recent times have seen an acceleration in the adoption of new technology in an industry that has lagged behind many others. Our significant investment in technology and data enable us to be at the forefront of this change while at the same time meeting the demands of a market for home moving and remortgages that is currently booming.
“Our strategy is to build digital products and services that play a part at every stage of the home ownership process and I’m pleased to report on the progress we have made as we pilot our first product for estate agents.
“Consumer confidence in the housing market shows little signs of abating which allows us to build new routes to market and unlock revenue earning opportunities. “
