Two Australian real estate networks have been featured on a ranking of Australia’s largest private companies.
Ray White moved from 58th to 59th in the Top 500 Private Companies ranking, while LJ Hooker slipped from 62nd to 76th.
The annual ranking, which is compiled by The Australian and research group IbisWorld, was based on revenue for the 2014-15 financial year.
According to the ranking, Ray White revenue increased 3.7 per cent year-on-year to $667.9 million, while LJ Hooker revenue climbed 5.1 per cent to $525.3 million.
LJ Hooker chief executive Grant Harrod told REB that the network’s revenue growth was due to an increase in office numbers and business efficiency.
“We had a really strong focus on what we call ‘more from the core’, which is about improving the overall performance of each of our offices in terms of their market share, the calibre and skills of their leadership and the services that they’re offering,” he said.
“Internally, we have a notion of wanting to be the wealth creation brand. We know that our responsibility as the franchisor is to deliver that to our franchisees.”
Meanwhile, Visy Industries retained top spot in the Top 500 Private Companies ranking after earning $5.6 billion in revenue during 2014-15.
Grain storage company Co-operative Bulk Handling climbed from fourth to second, while 7-Eleven Stores fell from second to third.
Construction group BGC rose from fifth to fourth, while food product manufacturing operation Devondale Murray Goulburn fell from third to fifth.