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The listings platform declared a year of “strong results”, with takings amounting to $391.1 million in the last full financial year.
Furthermore, the ASX listed company, formally registered as Domain Holdings Australia Limited, reported EBITDA of $37.1 million, up 26 per cent, and FY24 expenses of $254.1 million, up 7 per cent.
Net profit attributable to members of the company was $49.4 million and earnings per share came in at 7.8¢. The firm reported that its adjusted net profit – removing the impact of non-cash amortisation from acquisitions – attributable to members of the company was ultimately $56.4 million, which is a 24 per cent increase on last financial year, and earnings per share grew to 8.9¢, which is also a 24 per cent increase.
Following this successful result, the firm will pay a dividend of 4¢ per share (100 per cent franked) on 11 September 2024 to shareholders registered on 23 August 2024.
Reflecting on the year’s results, Domain chief executive officer and managing director Jason Pellegrino said that the strong showing was thanks to the efforts of “more than 1,000 talented people at Domain, who are delivering on our marketplace strategy by building and releasing great solutions”.
“Looking forward, this success has strengthened our resolve to vigorously compete and accelerate the benefits we deliver to customers. We are increasing investment into our technology platforms, while retaining our track record of disciplined productivity improvement across the business,” he said.
Pellegrino also attributed much of the FY24 revenue increase to “product innovation” that had further engaged property hunters and delivered greater control to listing agents.
“During FY24 we created a number of differentiated user experiences that will support core listings and speed up marketplace growth,” he said.
Pellegrino explained how the company is expecting further take-up of its higher-tier products, thanks to Audience Boost, “a social media amplification product that automatically and efficiently extends all depth sale listings across a variety of digital channels”.
Due to Audience Boost, he said the firm was “delivering an average uplift of around 30 per cent in views per listing across all depth products in July”.
Moreover, Pellegrino reported that national “for sale” listings had increased 3 per cent for the year, with a significant improvement experienced over the four quarters.
“Sydney and Melbourne led the market up as is typically the case. Other markets remained challenged from a volume perspective, although revenue per listing saw strong outperformance due to higher price increases. Average revenue per listing increased 18 per cent year-on-year, supported by product innovation,” Pellegrino said.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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