The Agency has delivered a quarter of strong results, as it reports EBITDA positive months for both February and March, confirming the young company as one of Australia’s fastest growing real estate groups.
In its ASX quarterly report, The Agency reported combined total revenue of $9 million for the quarter, an increase on the previous corresponding period. The revenue figure includes Top Level revenues from the date of its acquisition on 11 January. It is also reporting GCI of $10.3 million, the second highest on record for the group.
The Agency also reported that the total number of its agents remained “relatively steady” at 277, and that it sold 616 properties for a total value of $613.4 million across the combined group. It also reported a record 1,040 new listings, 14 per cent up on the prior quarter — which was the previous record.
The Agency reported that property management across the group continues to grow, with 4,324 properties under management at 31 March 2019.
“The group continues to explore a number of opportunities to expand its property management portfolio and leverage off its existing scale,” it said.
Of the Top Level acquisition, the company said it is has seen “significant” benefits during the March quarter.
“The acquisition has been transformative for the company as the network has now expanded to 277 sales representatives across nine offices in key markets including Perth, Sydney, Melbourne and the Gold Coast, with plans for further expansion of its Western Australian operations on the horizon.
“The company now boasts 4,324 properties under management, 1,040 listings and a mortgage finance book of loans outstanding in excess of $1.2 billion.”
The Agency also reported that it anticipates that a number of other reputable businesses will look to join the national brand.
“The company’s approach to acquisitions will be very selective and will only consider those real estate firms which are significantly value-accretive to the business.”