- Total revenue and other income $20.2M , up from $11.6M
- Accounts increased to 5,106, up from 4,115
- Average products per account 1.93, up from 1.06
PropTech Group (ASX: PTG) has announced its full year results, with the company delivering $20.2 million in total revenue and other income, up from $11.6 million in FY21.
“This is our first full financial year of operation since we relisted in November 2020. During the last 12 months we grew quickly, more deeply integrated our businesses and their teams, and leveraged the 42 per cent of agents using our products to increase average revenue and products per account,” said PTG CEO Joe Hanna.
“Since the close of the 2022 financial year, we have strengthened our management team through several internal promotions.
“Eagle Software Founder and CEO, Luke Paverd, took a new role as Group Chief Operating Officer, Website Blue Chief Operating Officer, Luke Thomas, moved up to Group Chief Commercial Officer, and Head of Marketing, Audrey Nicoll, became Chief Marketing Officer.”
| FY22 | FY21 | ||
| Total revenue and other income | $20.2 million | $11.6 million | Up 74% |
| Operational revenue | $19.9 million | $11.2 million | Up 78% |
| Cash receipts | $21.4 million | $12.3 million | Up 74% |
| Cash on hand | $14.1 million | Up 114% | |
| Annualised recurring revenue (ARR) | $18.5 million | Up 49% | |
| Underlying EBITDA | $2.0 million | ||
| Underlying EBITDA margin | 10% |
In PropTech Group’s operational highlights, the company increased average revenue per account to $267, up 27% on last year; average products per account also rose – now 1.93, up from 1.06 or up 82%.
PTG also increased accounts (real estate agency offices) to 5,106 in across Australia New Zealand, up 24% from 4,115 last year.
PropTech Group said circa 42% of Australia and New Zealand real estate agency offices use at least one PTG product or service.
Mr Hanna said the business is in a strong position to continue driving growth. The company has a four-point plan, including:
- Capture an increased share of the $120 million total agency spend across Australia and New Zealand;
- Integrate additional related real estate software to capture a larger share of the $610 million Australia and New Zealand real estate agency non-CRM SaaS and related spend;
- Capture an opportunity in ancillary services such as utility connections and mortgages; and
- Seeking to operate profitably in the UK.
“The future looks bright for PropTech Group. On behalf of the management team and staff of PropTech Group, I would like to thank our Board and shareholders for their ongoing support,” Mr Hanna concluded.
