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The latest financial statements “continue to vindicate” the real estate group’s business model, according to its outgoing managing director.
On the date (28 January 2022) that current group chief executive Geoff Lucas took over the reins as managing director of The Agency, outgoing managing director Paul Niardone reflected on the “significant” financial and operational results for the first half of FY22 in an ASX release.
With a positive operational cash flow of $2.5 million across the six-month period – and $1.2 million coming from the December quarter alone, Mr Niardone noted that the results “continue to vindicate The Agency business model, especially amidst the ongoing volatility brought on by COVID-19 nationally”.
The group reported total revenue of $35.8 million for the six-month period – $16.1 million, which came from the first quarter, and $19.7 million, which came from the second quarter.
When compared to revenue from the same period a year prior, it’s a 23 per cent increase year-on-year.
Gross commission income totalled $52.9 million over the most recent six-month period – a 39 per cent increase on HY21.
Mr Niardone also noted how “cashflow continues to strengthen, and a $6.9 million cash balance underpins our healthy balance sheet”.
“This financial strength, coupled with award-winning excellence in essential services and support to our agents and customers will enable us to deliver value to shareholders in the years ahead,” he said.
Turning attention across to the operational data, the network’s 345 agents reported 2,910 property sales for a total value of $3.1 billion while netting 3,050 listings.
During the corresponding period in FY21, the group’s 298 agents had transacted 2,407 properties for $2.2 billion, off a pipeline of 2,449 listings.
Acknowledging the first six months of FY22 as “an extremely busy half year”, the outgoing managing director said the business had developed a strong pipeline into the 2022 calendar year.
With Mr Lucas now stepping into the executive’s shoes, Mr Niardone expressed his confidence that The Agency “is in a safe pair of hands as we focus our efforts on rapidly accelerating our business and successfully driving growth on the east coast”.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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