Pexa shares drop 6% following annual loss
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More news: Electronic conveyancing business Pexa gave up 6% of its share price in early trading before recovering slightly, after it posted an annual loss equivalent to the previous year's gain.
Pexa swings to a loss in tough year for property markets
The news: Electronic conveyancing business Pexa has swung to a loss in a difficult year for property markets.
The numbers: Pexo recorded a statutory net loss after tax of $21.8 million, after a profit of $21.9 million the year before. Revenue grew slightly from $279.8 million to $283.4 million, as Pexa focused on growth and diversification, multiplying its non-Pexa exchange revenue by more than 15 to $20.3 million.
The context: The high interest, high inflation environment has contributed to a marked slowdown in the housing sector, reflected in the value of Australian dwellings and the number of transfers. Pexa group managing director and chief executive said the company navigated significant market headwinds to achieve solid growth, broaden revenue streams and increase its reach in Australia and the UK.
The sources: ASX Announcement, ABS
