REA Group Limited (ASX:REA) has released details of its year to date financial information. On 5 May 2015 (New York time) News Corp reported US GAAP financial information for REA Group and its subsidiaries for the third quarter and nine months ended 31 March 2015.
Group financial highlights for the nine months ending 31 March 2015 include revenue growth of 21% to $384m and EBITDA growth from core operations of 30% to $210m. The results were driven by the continued success of our product strategy which saw Australian residential depth revenue increase by 38% this quarter against the prior corresponding period.
REA’s strong result has been achieved despite a continued decline in national residential listing volumes across the Australian market, reported to be down 7.2% in Q3 against the prior corresponding period. Lower listing volumes in the quarter were influenced by the earlier Easter break and elections in two states.
Independent sources demonstrate realestate.com.au’s undeniable market leadership position:
Commenting on the results, REA Group Chief Executive Officer Tracey Fellows said:
“Our result highlights our leadership position and the continued growth of our business. Our focus remains on what really matters to our customers and consumers – delivering the best digital property experience in the market.
“This quarter we were first to market with the Apple Watch app, launched our utility connections services and made excellent progress with our international investments. Since launching late last year, our Agent Profiles product has had 3.28 million views, providing consumers accurate information on the expertise and experience of agents and providing customers valuable leads and exposure,” Ms Fellows continued.
“There is no other property site in Australia that can offer the number of listings or the quality of experience that we do - realestate.com.au delivers an unrivalled audience of property seekers to our vendors and agents.”