- Net profit up 25% to $408M
- EBITDA (including associates) $674M
- Full year dividend of 164 cents per share
REA Group (ASX: REA) has released its FY22 results, with revenue, EBITDA, net profit, dividend and EPS all up from FY21.
“FY22 has been an exceptional year for REA. The record take up of our premium listings products enabled us to fully capitalise on the buoyant listings environment, and it demonstrates the value we provide to our customers and vendors,” said REA Group CEO Owen Wilson.
“Key milestones were also achieved in our property data, financial services and Indian businesses, building strong momentum. These markets present great opportunities and the revenue contribution of these businesses is growing rapidly.”
| AUD $m (unless stated) | FY22 | FY21 | YoY growth |
YoY growth (ex-acquisitions) |
|||||
| Revenue | 1,170 | 928 | 26% | 18% | |||||
| Operating expenses | 499 | 372 | 34% | 11% | |||||
| Operating EBITDA (excluding share of profit/losses from associates) | 671 | 556 | 21% | 22% | |||||
| EBITDA (including share of profit/losses from associates) | 674 | 565 | 19% | 20% | |||||
| NPAT attributable to owners of parent | 408 | 326 | 25% | 28% | |||||
| Earnings per share (EPS) (cents) | 308 | 247 | 25% | 28% | |||||
Source: REA Group.
The company’s revenue grew by 26% from the prior corresponding period to $1.17 billion, with EBITDA moving up 19% to $674 million. REA’s net profit was up 25% to $408 million, with the full-year dividend coming in at 164 cents per share, up 25%.
REA noted the result includes the consolidation of REA India from 1 January 2021 and Mortgage Choice from 1 July 2021. Excluding the impact of these acquisitions, core revenue increased by 18%. Revenue growth was underpinned by strong growth in Australian Residential revenues, which were up 24%.
“Core operating costs increased 34%, largely driven by the Mortgage Choice and REA India acquisitions,” the company said.
“Excluding acquisitions, core operating costs increased by 11%, reflecting investment to deliver our strategic initiatives, a tight labour market driving higher remuneration costs, an increase in revenue-related variable costs, and investment in brand and marketing. Core revenue of $1,116 million was up 23% YoY, or 18% excluding the impact of the Mortgage Choice acquisition.”
