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Property exchange network PEXA has entered 2024 with a strong half-yearly result, with digital revenue jumping 80 per cent compared to the first six months of 2023.
The firm’s half-yearly financial results for the six months until 31 December 2023 have been strong, reflecting the company’s “strong financial performance and sustained focus on executing the group’s strategic agenda in Australia and internationally,” according to PEXA.
Group revenue for July to December 2023 totalled $163 million, a 16 per cent increase on the previous corresponding period. The firm’s operating EBITDA also experienced a double-digit increase of 12 per cent to $59 million.
Managing director Glenn King attributed the strong results to the “discipline we have brought to executing our strategy”.
“This includes improving the efficiency of our business through our Productivity Enhancement Program and beginning to embed our capital management framework,” Mr King said.
“We have made strong progress to ensure we are well placed to execute on our strategic objectives in the second half, but we still have more to do to realise our ambitions in Australia and overseas.”
One of the highlights of the group’s half-year result was their digital performance. According to Mr King, PEXA’s new suite of digital solutions enhanced support for their client base and led to overall revenue growth of 80 per cent compared to the year prior.
International operations were another key contributing factor to PEXA’s strong half-yearly results.
Mr King explained: “PEXA International expanded its position in the UK and is well positioned to scale up and build distribution following our integration of Optima Legal and acquisition of conveyancing technology provider Smoove.”
“PEXA’s UK remortgage proposition now covers approximately 70 per cent of remortgage types in the market and work is underway to enable an initial sale-and-purchase test transaction by the end of calendar 2024,” the managing director added.
To support their UK operations, PEXA recently appointed a new national CEO, Joe Pepper, who Mr King reports has “embedded into the business and has made a good start in running our UK operations to deliver sustainable growth and efficiencies”.
Looking forward, Mr King is optimistic about PEXA’s future growth, sharing that he believes the first half of 2024 will continue to see strong financial yields.
“The business remains on track for break-even operating EBITDA for the month of June 2024 as we continue to focus on efficiencies and scaling the business,” he asserted.
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