The parent company of realestate.com.au reported strong profit growth for the second half of 2012.
REA Group's results for the second half of 2012 shows revenue for the organisation rose 20 per cent to $161.4 million on the prior corresponding period, and net profit increased by 25 per cent.
Greg Ellis, REA Group CEO and managing director, said the extended suite of products has bolstered the company’s results.
“REA Group’s excellent half-year results reflect the success of our depth listing products, specifically tailored to the requirements of our residential, commercial and developer customers.
“We now have a suite of depth products delivering exceptional return on investment to our customers through increased visits and enquiry.
“These products have shown resilience in the current property cycle and are now key growth drivers for the Group, creating substantial value for shareholders,” he said.
In the last six months, REA Group’s stock price has risen by more than 58 per cent, from $13.61 to $21.55.
According to the ASX announcement, realestate.com.au, realcommercial.com.au and property.com.au accounted for an average of 75 per cent of total minutes Australians spent on property sites in the six months to 31 December 2012.
“In addition to growth in desktop visits, our mobile sites and apps recorded exponential growth. Average monthly visits grew by 23 per cent on June 2012 and 88 per cent on December 2011,” Mr Ellis said.
“Downloads of realestate.com.au and realcommercial.com.au mobile apps have now exceeded 1.7 million.”