- Total operating revenue was $9.7M
- Gross profit rose 101% to $8.8M
- Underlying EBITDA was $790K
Proptech Group has released its half year results, with the company posting a 98% increase in operating revenue.
It was an active half for the company, signing binding term sheets to act as a distribution partner for Propps and National Property Data, launching a new property management CRM product, a $15.5 million capital raise, and the formation of Rello.
Key financial information
| HY22 | HY21 | Change ($) | Change (%) | |
| Total revenues from ordinary activities | $9,650,000.00 | $4,873,000.00 | $4,777,000.00 | 98% |
| Net loss from ordinary activities after tax | ($482,000.00 | ($35,000.00) | ($447,000.00) | 1277% |
| Net loss attributable to members | ($482,000.00 | ($35,000.00) | ($447,000.00) | 1277% |
| NTA (cps) | 1.99 | 0.84 | 1.15 | 137% |
“During the first half, we delivered record results by growing all key metrics in our core real estate CRM SaaS business. We grew our market share by signing new accounts and through the acquisition of Eagle Software. We also focused on selling additional products to our existing accounts, increasing average products per account from 1.06 to 1.85,” said PTG CEO Joe Hanna.
“We also began delivering two new growth initiatives that leverage our 41 per cent market share in our core business to substantially increase our addressable market. The first of these strategies is the integration of ancillary services into our core software, beginning with payments.
“The second is the pursuit of international growth in the UK. These initiatives are at early stages but promising. The total addressable market for ancillary services alone, in Australia and New Zealand, is 13-fold larger than the opportunity in real estate SaaS software.”
PTG said 41% of its growth was organic, with the remainder from acquisitions. Proptech Group acquired Eagle Software in July 2021, Website Blue in March 2021, and H1 in April 2021.
Among its operational highlights, the company increased average revenue per account by 23% to $245, the number of unique accounts to 5,039, up 45%, and the number of products per account rose from 1.06 to 1.85.
| HY22 | HY21 | Change (%) | |
| Recurring revenue | $8,172,000.00 | $4,488,000.00 | 82% |
| Other operating revenue | $1,478,000.00 | $384,000.00 | 285% |
| Total operating revenue | $9,650,000.00 | $4,872,000.00 | 98% |
| Cost of sales | ($804,000.00) | ($471,000.00) | 71% |
| Gross profit | $8,846,000.00 | $4,401,000.00 | 101% |
| Gross profit margin | 92% | 90% | |
| Other income | $1,000.00 | $159,000.00 | (99%) |
| Operating expenses | ($8,057,000.00) | ($3,146,000.00) | 156% |
| Underlying EBITDA | $790,000.00 | $1,414,000.00 | (44%) |
| Underlying EBITDA margin | 8% | 29% | |
| Profit/(loss) before income tax | ($768,000.00) | $154,000.00 | (599%) |
| Loss ater income tax | ($482,000.00) | ($35,000.00) | 1227% |
