REA Group gains on FY revenue boost
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The news: Shares in REA Group advanced in morning trade after the digital real estate platform reported a full-year revenue rise driven by listings growth and strong performances in Sydney and Melbourne.
REA shares were up 3.9% to $196.90 by 11:50am AEST
REA Group reports 23% full-year revenue boost, lifts dividend
The news: Digital real estate platform REA Group has reported a 23% revenue increase for the 2024 financial year off the back of listings growth and strong performances in Sydney and Melbourne.
The numbers: Revenue for the year was up 23% to $1.45 billion, the company reported Friday.
EBITDA rose 27% to $825 million, while net profit after tax for core operations was $460.5 million, up 24% on the year prior. Net profit after tax from ordinary activities fell 15% to $293.3 million.
Earnings per share rose 24% to $3.49, and the company announced a final dividend of $1.02 per share fully franked, up 23% on the year prior.
The context: The News Corp-controlled digital real estate platform reported a rise in residential revenue, which was up 24% for the year to $996 million. Revenue from the platform’s buy listings was up 7% nationally, driven by a 22% increase in Melbourne and a 21% increase in Sydney.
The company said yield from buy listings grew 19%, buoyed by a 13% average national price increase. Revenue from the platform’s rent listing also rose, the company said, following an 8% price increase that was partly offset by a 1% decline in listings.
What they said: “REA’s exceptional result reflects the value we deliver at every stage of the property journey. In a strong market, particularly in Melbourne and Sydney, customers increasingly preferenced our premium products to leverage the strength of our audience and maximise their campaigns,” REA Group chief executive Owen Wilson said in a statement.
“REA India maintained its strong momentum with excellent revenue growth as customers increased usage of our products, and we continued to benefit from investment in our app experience with significant app audience growth.”
The source: ASX announcement
