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Domain has announced its 2018 half-year results, reporting pro forma revenue of $183.3 million, EBITDA of $56.8 million and after-tax profit of $24.7 million — the numbers it got in the wake of its recent separation from Fairfax and subsequent listing on the ASX, and then after losing CEO Antony Catalano just three months later.
It also reported a statutory revenue of $112.7 million and net loss of $3.4 million after including significant items totaling $2.8 million.
Domain executive chairman Nick Falloon said that he is pleased with the results.
“Domain has today reported a pleasing first standalone result, with pro forma EBITDA growth of 8.7 per cent and a strong underlying performance,” the executive chairman said.
“It demonstrates the strength of Domain as a separately listed company and the ongoing success of its strategy.”
Mr Falloon added that the company is in good shape, despite losing its CEO, Antony Catalano, just weeks ago.
“Having stepped in as executive chairman, I can attest to the bench strength of the entire Domain team and their passion, skill and commitment.
“The business is in great shape, with strong underlying momentum.”
He spoke highly of he company’s listing.
“The listing of Domain in November 2017 was a tremendous milestone,” Mr Falloon said.
“It was the culmination of the dedication, hard work and support of many — from Domain and Fairfax Media.”
Of Mr Catalano’s sudden exit, Mr Falloon said that Domain has undertaken a global search for a new CEO.
“We are searching for an individual who will take Domain through its next stage of growth. We expect the new leader to have execution discipline and relevant experience in driving a growth business and building a great culture. The calibre of the candidates we are attracting is truly impressive, befitting Domain’s position as a leading real estate media and technology business.”
Mr Falloon said that Domain continues to make excellent progress in delivering on its strategy.
During the first half of the financial year, its achievements included continued expansion in relative market share to more that 95 per cent of listings and more than 90 per cent of agents, strong growth in Domain app downloads to 6.1 million, 21 per cent growth in residential mobile enquiries and 19 per cent growth in core digital growth.
Domain’s share price fell swiftly from $3.32 to $2.75 in the wake of Mr Catalano’s resignation. It has since recovered to $2.99.
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