- Revenue rose by 13% to $928M
- Profits up, fuelled by growth the residential property market
- Traffic to its website is triple that of its nearest competitor, Domain
Given the current housing boom, it is no surprise the Real Estate Australia Group (ASX: REA) has recorded a significant jump in revenues and profits for the past financial year.
Profits rose by 18% to $318 million, with total revenue just shy of a billion at $928 million, a 13% increase.
This profit has resulted in a dividend of 131 cents per share, representing a 19% increase.
Core earning per share is up by 21% to 247 cents per share.
Traffic to the website was triple that of its nearest competitor, Domain. On average, the site reaches over 12.6 million with 6.4 million using the site exclusively, according to Nielsen Digital Media Ratings.
Owen Wilson, REA Group CEO, said 2020-21 had been a “defining year for REA” noting it had successfully navigated the pandemic to deliver strong results.
“I am very proud of our team’s ability to respond to the changing needs of our customers and consumers during the pandemic, while also accelerating our growth strategy through a number of pivotal investments,” he said.
“Our flagship site realestate.com.au delivered stellar results, extending its position as the clear market leader in digital real estate and it is now Australia’s [eighth] largest online brand overall.”
Owen Wilson, REA Group CEO
The group also announced the number of app downloads had increased by 10% year-on-year while noting its Asian revenue declined by 16%.
As residential revenue increased by 18%, commercial and developer revenue increased by 5%.
“REA is entering the new financial year with strong momentum, despite ongoing lockdowns.
“This momentum, coupled with our strategic investments and exciting product roadmap, provides an excellent platform for our continued growth,” concluded Mr Owen.