The 2019/20 financial year has been described as ‘a milestone’ for The Agency, with the group delivering its first ever full year Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) profit and cashflow, strong year-on-year revenue growth, and growth across key metrics.
- Revenue – $41.86 million (up 48 per cent)
- EBITDA – $2.66 million (up 161 per cent)
- Gross commission income – $47.92 million (up 26 per cent)
In its report to shareholders yesterday, The Agency formally announced revenue of $41.86 million (up 48 per cent on the 2019 financial year), gross commission income of $47.92 million (up 26 per cent on 2019), and an EBITDA – $2.66 million (up 161 per cent on 2019)
“While The Agency – like everyone else in the real estate sector – was not immune from the COVID-19 fallout, the strength of our disruptive model and cloud-based platform allowed us to continue to deliver our high-quality services with no interruptions,” Executive Chairman, Andrew Jensen said.
“Our model was originally built on a foundation that all our agents and staff could seamlessly work externally without having to be reliant on an office.
“The ability for agents to work from anywhere is highly attractive and will be an important recruitment driver for agents in the future.
“With the relaxation of COVID-19 restrictions in most key markets, we pleasingly experienced a strong last month of FY20 which is testament to the robustness of our business model and the strength and tenacity of our sales agents and administrative staff.
“These strong results are now flowing through to the FY2021 with a record 446 listings for the month of July, a 68 per cent increase on the same monthly period last year.
“FY2020 has been a significant year in our short history, one in which we have delivered milestones across the company.
“While COVID-19 did impact numbers in the last quarter of the financial year, the rebound we witnessed in the first few months of the new financial year fills us with optimism and positions us to continue our growth trajectory for FY2021 and beyond.”