Pexa reports 42% revenue growth
Pexa Group has reported a year-on-year 42% growth in revenue to $221 million, at its first annual general meeting (AGM) following its earlier listing on the Australian Securities Exchange (ASX).
The group’s managing director, Glenn King, said that both revenue and earnings before interest, taxes, depreciation (EBIDTA), which went up 114%, were ahead of the group’s prospectus FY21 forecasts and exhibited strong growth from the prior year.
Additionally, the group hit two more milestones since the end of FY21, having processed $1.8 trillion of property transactions on the PEXA Exchange since inception across 10 million transactions.
At the same time, the group’s net profit after tax (NPAT) was $5 million, which was in line with prior year and prospectus forecast, and statutory NPAT sat at $12 million below prior year and $2 million below prospectus forecast, the group said.
Pexa said the momentum for digital transactions continued to accelerate and, additionally, there were three factors driving the overall performance of the Australian property market, including an increased adoption of digital settlements in new jurisdictions, greater digital enablement in jurisdictions increasing the number of transactions, and economic growth.
The company also reaffirmed the prospectus FY22 forecast revenue, EBIDTA and NPAT.
“The strong start to the year has increased our confidence in achieving the prospectus FY22 forecast,” King said.
“We commit our forecast noting that we progress from lockdowns and gain greater clarity on market behaviour, low interest rates and economic indicators.”
Commenting on the firm’s strategy based on replication of its services into certain international jurisdictions starting with the UK, the chair, Mark Joiner, said: “Our bigger challenge now is to realise the commercial potential that the pivotal role of the exchange in Australia and the valuable accumulated intellectual property will bring.
“As many of you will have seen in our prospectus, we see considerable potential to establish operations in some international markets, either alone or with suitable partners, and to establish businesses around the unique data we have access to and our position in the property value chain, again potentially with partners.”
AUTHOR
Oksana Patron
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
