Real estate industry leader The Agency Group Australia has recorded strong growth for the half-year 2020 with a combined total group revenue of $25.2 million – up 147 per cent on the previous corresponding period.
Yesterday’s results delivered to the ASX showed this was on the back of positive Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) and Gross Commission Income (GCI) of $24.9 million.
The Agency delivered record GCI of $14.2 million for the December Quarter 2019 – a 33 per cent increase on the September Quarter – due to 1,591 exchanges and more than $1.5 billion worth of property sold across the combined group for the half-year.
And the future looks bright too, with the combined group – which as at the end of December had 278 agents – reporting 1,072 listings at the end of the December quarter, up 21 per cent on the September quarter.
Properties under management (PuM) also continued to be a source of strength, with the company’s east coast and west coast operations reporting a total management portfolio of 4,678 PuM as at 31 December 2019, up 6.4 per cent on the September Quarter 2019.
During the period, The Agency’s property management division was appointed managing agent for the recently acquired $20 million Perth rental portfolio of accommodation provider Aspen Group.
The Agency Group’s Managing Director Paul Niardone said he was highly encouraged by the half-year results, which highlight strong growth across key operating metrics.
“Based on the strong momentum we have achieved, we are anticipating an even stronger second half,” Mr Niardone said.
“We are a leader in Australia’s real estate sector, delivering a model which puts the agent first.
“Our growth in agent numbers since starting has been phenomenal, but it is the quality of agents joining our business that excites me the most.
These agents are routinely recognised as some of the best in the business – not just by peers and the wider industry, but also our clients.
“These high-calibre agents are breaking records for values, volume, auction clearances and innovative marketing.”
In December, The Agency announced the appointment of Andrew Jensen as Chief Operating Officer and Arjan van Ameyde as Chief Financial Officer.
Both Mr Jensen, current interim Chairman of The Agency with 20 years’ experience in senior finance and management roles, and Mr Ameyde, who has over 25 years’ experience in senior finance roles in listed companies and SME, will take up their new roles on 1 February 2020.
For the full report, click here.
