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ASX-listed The Agency reported a 33 per cent increase in EBITDA from $1.6 million to $2.14 million in the first half of the 2022 financial year, off the back of strong growth in the number of transactions.
The brand’s latest financials show that 345 agents sold 2,910 properties for a combined value of $3.1 billion in the six months to 31 December 2021, increasing gross commission income 39 per cent year-on-year from $38.1 million to $52.9 million.
The network’s net profit after tax also marked a 50 per cent increase in HY FY22 over HY FY21, with the company bringing in $1.25 million in the six-month period compared to $0.83 million the year before.
And its cash and cash equivalents increased by $1.17 million in the first half of this financial year over the second half of last financial year, rising to $6.26 million at 31 December 2021 from $5.10 million at the start of the period.
Notably, the brand has seen a significant increase in the number of agents operating under its umbrella in the past 12 months.
The Agency has reported a 16 per cent jump in agent numbers as at 31 December 2021 over 31 December 2020, and that figure is only set to climb.
Managing director and chief executive Geoff Lucas revealed that they had further ramped up recruitment efforts since the start of the calendar year, welcoming four new agents in the ACT, seven new agents in NSW, seven new agents in Queensland, and four new agents in Western Australia.
Mr Lucas noted the network’s physical footprint was expanding as well.
“So far this financial year we have expanded our geographical presence into Manly in NSW, Sunshine Coast and Toowoomba in Queensland and the ACT,” he noted.
But the CEO said the latest, positive figures couldn’t be credited entirely to the swelling of the ranks.
“Recent success in agent recruitment has yet to fully flow through to our operating profit and provides tailwind opportunities to grow national market share and earnings for future periods,” he said.
Overall, he called the latest financial figures “pleasing results for our business as we look toward the next stage of growth”.
“I am pleased with how the business served our customers throughout the challenges that COVID provided whilst our team set multiple suburb records,” he added.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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