Real Estate Investar Group Limited, a provider of online services to Australian and New Zealand property investors, has surpassed its prospectus forecast for year-on-year growth.
Its newly-released finance results reveal revenue boomed by 34.4 percent to $5.4 million, it achieved a reduction in adjusted EBITDA and adjusted NPAT losses, and it also passed its prospectus forecast.
The main reasons for the company’s growth was cited as the refocusing of the business into property sales. Real Estate Investar also acquired The Property Factory and entered into strategic partnership agreements with Domain Group and one of its subsidiaries APM Pricefinder.
Real Estate Investar offers property investors a comprehensive suite of free online services to grow its member base and increase its knowledge of members as they engage with these services.
It then monetises this base by providing them with subscriptions for advanced tools, selling investment grade property and through the sale of additional products and services.
The Real Estate Investar Group Limited was listed on the Australian Stock Exchange in December 2015.
“We are particularly pleased with the growth of the business during FY 2016 and in particular during the June quarter,” said Clint Greaves, CEO of Real Estate Investar Group Limited.
“Growth was achieved through an extremely busy period where we listed the Company on the Australian Stock Exchange, acquired The Property Factory, negotiated new agreements with Domain Group and APM Pricefinder, and refocused the business on property sales.”
The company also reported a jump in membership growth by 47 percent year on year with 202,423 members as at 30 June.
“We have identified a clear growth strategy that involves building our free membership base through the provision of free tools and services, and then monetising these members by providing paid subscriptions for advanced tools, by selling investment grade property, and by promoting additional products and services such as mortgages and depreciation Reports,” said Greaves.
“We look forward to a strong FY 2017 where we will continue to grow the member base, improve conversion to subscribers, and most importantly increase the revenue from commissions associated with investment property sales to our members.”