Rural and agribusiness real estate specialist Elders released their end of year result, reporting a profit after tax of $122.9 million and underlying EBIT of $119.4 million, representing a 62 per cent increase on the previous financial year.
The company reports transacting just over $5 billion in sales during the year with gross profit growing across the residential business by 21 per cent.
Elders says this is the strongest result they have seen in five years with the standout performers being south Western Australia, regional Victoria and regional NSW.
Along with the strong overall performance, they note the vast majority of business owners within the network saw an overall improvement in 2020.
“Prudent business and fiscal planning along with strong regional markets during the COVID-19 pandemic have seen our owners come through the crisis stronger than ever,” head of residential real estate, Belinda Connor said.
“When the initial impact of COVID hit in April, we immediately offered fee relief and cashflow deferral initiatives to support our franchisees through a difficult period.”
Two new company acquisition office openings and strong growth in the company rent roll have also contributed to the results.
In addition to the network members, Elders continues to own and operate its own company based real estate offering.