stock market chart green a lot of it
Source: Canva
  • The Agency went through a turbulent start to 2021 with a Federal Court case and Takeovers Panel review
  • Revenues are strong with more than 33% in movement upward
  • Profit has jumped by almost 150% to over $800,000

The Agency released its half-yearly results to the ASX this afternoon, the company doing well despite issues earlier in the year.

A review requested by Magnolia before the Takeovers Panel was declined earlier this week, included below is a brief overview of significant recent events:

  • Magnolia stated its intent to make a cash takeover for 100% of The Agency.
  • AGM postponement from 23 December 2020 to 30 December 2020.
  • Further postponement of AGM to 4 January 2021.
  • Magnolia’s Bidder’s Statement regarding a bid for The Agency was released to the ASX, dated 3 January 2021.
  • “Purported” appointment of administrators was made by MCL 105 Pty Ltd (Magnolia) on 19 January 2021 over an approximately $385,000 debt.
  • Less than 24 hours later Federal Court approved an injunction on the appointment of administrators.
  • A Federal Court and Takeovers Panel hearing on 1 February 2021 ended the “purported” appointment of administrators.
  • Magnolia requested a review a day later, the request was declined on 23 February 2021.
  • The Agency recommenced ASX trading on 11 February 2021.

Despite the short-lived voluntary administration that was stopped by a Federal Court injunction, the company achieved a 149.75% increase in profits.

Sitting at $832,979 for the reporting period, profits weren’t the only figures to climb, revenue was up by 33.28% to almost $29.5M.

The Agency reported dividends as nil, with net assets totalling $12.44M. Net tangible assets, however, were $11.124M, down from $15.514M in the previous corresponding period; backing per share was also down, now at 3.721 cents.

A record $2.76M EBITDA was also celebrated, with a number of other key figures showing The Agency is in a very strong position going forward: gross commission income was up 53%, sales numbers up 51%, and Opex was down 10% as percentage revenue for the half-year.




You May Also Like

Westpac sees rates hitting 4.1 per cent and property prices falling further

Westpac said, “2023 will be another challenging year, particularly as the RBA continues to ratchet interest rates higher.”

Home loan hacks: four way to save money on your mortgage

With interest rates expected to keep rising, Compare Club has tips to ease the mortgage pain.

CoreLogic’s guide to navigating a looming ‘fixed-rate cliff’

Many borrowers will feel mortgage pain when they next refinance

How much does it cost to move house?

From cleaning fees to moving services, the costs of moving houses can add up fast

Experts Corner by The Property Tribune

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko's partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Continue reading

Top Articles

Perth property market: The definitive guide to buying a modular home

Modular homes, misunderstood as inferior, offer efficient, durable alternatives to traditional construction methods.

The 50 square metre solution getting people into their first homes and delivering an answer to ...

Small, modular homes could be a key part of the broader solution to Western Australia's current housing challenges.

The hardest time ever to buy a house in Australia: How Australian home buying got ...

We're currently in a buyer's market, but that doesn't mean Australian house prices are crashing.