The Agency records solid financial results
The Agency revealed growing financial and operational results for the first half of fiscal year 2021-22, as it continues to grow in five states and territories.
In a statement to the Australian Securities Exchange (ASX), the group revealed that its total turnover between July and December 2021 (HY22) reached $35.8 million, an increase of 23% compared to the first half of the financial year 2020-21 (HY21). year.
The number of properties sold increased by 21%, from 2,470 in HY21 to 2,910 in HY22, while gross commission income reached $52.9 million.
This is a 39% increase from the GCI of $38.1 million recorded in the first half of the 2020-21 financial year.
The value of properties sold also jumped significantly, up 41% from $2.2 billion in HY21 to $3.1 billion in HY22.
Commenting on the results, The Agency Group’s outgoing chief executive, Paul Niardone, said the 1H22 and December quarter results continued to “vindicate the Agency’s business model, particularly amid the continued volatility caused by nationwide COVID-19”.
“Although this semester has been extremely busy, we have remained focused on growth and quality results and have developed a strong pipeline for calendar year 2022.”
The Agency also recorded positive operating cash flow of $2.5 million for HY22 and $1.2 million for the December quarter alone.
Customer revenue totaled $44.9 million in HY22, including $24.4 million for the December quarter.
As of December 31, the group’s cash and cash equivalents amounted to $6.9 million.
“Cash continues to strengthen and a cash balance of $6.9 million supports our healthy balance sheet,” Mr. Niardone said.
“This financial strength, coupled with award-winning excellence in essential services and support to our agents and customers, will enable us to deliver shareholder value in the years to come.”
In its activity report, the Agency also revealed that its total number of officers increased by 16%, from 298 in HY21 to 345 in HY22.
Agents also increased registration numbers by 25%, from 2449 for HY21 to 3050 for HY22.
“It is important to note that since December 31, the Agency has further accelerated its recruitment campaign, adding four new officers in the ACT, seven new officers in NSW, seven new officers in QLD and four new officers in WA “, says the report.
In December, the Agency also announced that current Managing Director Geoff Lucas would become Managing Director and CEO from January 28.
“The appointment reflects the Agency’s focus on growing its market share in Australia’s eastern state markets…” the report said.
Mr. Niardone, the company’s founder and outgoing Managing Director, has been appointed Executive Director and is focused on the agency’s growth in Western Australia, as well as the domestic growth of the emerging SLP business, the company financial services and PropTech opportunities.