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The Agency records 26 per cent growth in revenue

The Agency has reported improved financial and operational results for the March quarter, with its total revenue up 26 per cent on the same quarter in the 2021 financial year.

In a statement released to the Australian Securities Exchange (ASX), the group revealed its total revenue for the third quarter of the 2022 financial year was $18.8 million, up from $14.9 million in the corresponding quarter a year ago.

The group recorded positive operational cash flow of $1 million for the quarter and $3.4 million in the nine months to 31 March.

The Agency Managing Director and Chief Executive Officer Geoff Lucas said the group was in a healthy position.

“We are pleased with the 26 per cent revenue growth achieved in the March quarter, continuing the momentum achieved in the first half of the year,” he said.

“We continue to generate strong operating cash flows, with $1 million operational cash flow in the quarter, which further continues to strengthen our balance sheet position. 

“We hold a healthy cash balance with around $8 million in cash and cash equivalents, positioning us well to participate in organic and inorganic accretive opportunities.”

The group sold 1421 properties in the March quarter, which was a 15 per cent increase on the same quarter a year ago, while the value of properties sold rose 17 per cent from $1.2 billion to $1.4 billion.

The number of agents has also increased 25 per cent in the past 12 months.

“The March quarter saw our entry into three new geographical areas in Manly on the Northern Beaches of Sydney, Toowoomba in Queensland, as well as Canberra in the ACT,” Mr Lucas said.

“Agent recruitment remains strong with an increase in agent numbers to 376 at quarter end, an increase of 67 from 308 agents at 30 June 2021

“The continued growth reflects increasing awareness in our brand and our direct engagement model with agents.”

The Agency also reported investing $385,000 on the redevelopment of its Neutral Bay, NSW, and Claremont, WA, hub locations.

Source: The Agency

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