- Two major acquisitions for the quarter worth $1.5M and $600K
- Cash receipts and net cashflow both up 18%
- $10.3M cash on hand
The quarterly roll call continues, The Property Tribune previously reported on the quarterly reports of The Agency (ASX: AU1), Cedar Woods (ASX: CWP), Acumentis (ASX: ACU), McGrath (ASX: MEA), GPT Group (ASX: GPT), and Growthpoint (ASX: GOZ).
PropTech (ASX: PTG)
Investor in proptech companies across the Antipodes and United Kingdom, the company recently announced positive net cashflow above half a million dollars.
Underlying positive net cash flow from operating activities was up 18%, compared to the second quarter of FY21, to $541,000 “after adjusting statutory cashflow for one-off costs associated with relisting on the ASX”.
Cash receipts from customers likewise saw an 18% increase on second quarter results, in dollar terms $3.1 million.
PropTech growth in receipts and operating cash flow
In other financials, cash in hand is $10.3 million and the real estate market share for Australia, New Zealand also rose, up to 33% from 28%.
The quarter was particularly positive for the company, not only did it acquire H1 CRM from Harcourts, Joe Hanna, CEO of the PropTech Group also said:
“Q3 was a strong quarter for the PropTech Group in both operations and acquisitions. Operations were highlighted by $541,000 in operating cash flows, the continued migration of customers from MyDesktop system to VaultRE, and the hiring of strong managers in the team. Acquisitions were highlighted by acquiring Website Blue and the H1 platform from Harcourts, and by increased opportunities for investment and acquisition.”
PropTech cash flows
The company was particularly active this quarter, acquiring Website Blue for $1.5 million in both cash and PTG shares.
In a split of $150,000 cash and $600,000 shares, the acquisition sees PropTech acquire a company that assists real estate agents self-manage digital marketing.
Harcourts’ H1 platform also exchanged hands, “along with the associated goodwill and intellectual property”. The total consideration was $600,000 in PTG shares.
H1 is “a full-service real estate sales CRM that was first developed by Harcourts in 1998.”
The payment of the deferred consideration of $2 million for the acquisition of Commerce Australi Pty Ltd (MyDesktop) was also paid in this quarter, with more to come in the final quarter ($4 million) and next financial year ($3 million).