REA Group profit jumps 37 per cent

REA Group has delivered an impressive 37 per cent increase in net profits for the 2013/2014 financial year.

On Friday the group announced its results for the year ending 30 June 2014, with revenue up 30 per cent on the previous year to $437.5 million and net profit up 37 per cent to $149.9 million.

REA Group interim chief executive officer Peter Tonagh said the group’s consistent delivery of its strategy led to an uplift this year.

“Our excellent results reflect the underlying strength of this business and our robust strategy for local and international markets,” Mr Tonagh said.

“This year we have been active on the acquisition front as well as investing more than $50 million in new technology, products and initiatives such as our Chinese site,” he said.

“By empowering people with the tools and information they need to make the property process simple, efficient and stress free, we deliver outstanding value to people buying, selling or monitoring the market.”

The Group’s operations in Asia delivered positive returns for shareholders, with revenue from Hong Kong and China up 16 per cent from the previous financial year.

The company further announced Tracey Fellows will officially start as chief executive officer and executive director on 20 August 2014, replacing Peter Tonagh in the role of interim CEO. Mr Tonagh will return to the role of non-executive director.

“We are excited to welcome Tracey to our business,” REA Group chairman Hamish McLennan said.

“I would like to personally thank Peter for taking on the role of Interim CEO during this transition period,” Mr McLennan said.

“He has provided exceptional support to the board and the leadership team and has overseen the continued delivery of our business strategy and exceptional annual results,” he said. 

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