Real Estate Investar Group, a provider of online services to Australian and NZ property investors, has released its three month financial statement indicating a growth in revenue by 31%.
The company's September quarter was a period of growth for the REV Group highlighted by cash receipts from customers, growing 61.5% and revenues growing 31.5% over the previous corresponding period.
Highlights of the September 2016 Quarter include:
Cash receipts grew by 61.5% over the previous corresponding period to $1.22 m;
• Cash receipts grew by 17.0% versus the June quarter;
• Revenue increased by 31.5% over the previous corresponding period to $1.27 m;
• Membership increased to 229,109 members as at 30 September 2016, a 54.1% year on year growth;
• Real Estate Investar commenced promotion of finance broking services under a partnership agreement with eChoice Home Loans; and
• Real Estate Investar expanded its investment real estate sales offering to developers under The Property Factory brand by offering joint marketing services with Century 21.
The REV Group grew its member base to 229,109 as at 30 September 2016 and remains on track to exceed its IPO forecast of 250,000 members by 31 December 2016.
The Company also entered partnership agreements with eChoice Home Loans and Century 21. The agreement with Century 21 will result in joint marketing proposals for developers of new investment units in New Zealand.
Clint Greaves, CEO of Real Estate Investar said:
“The highlight of the last quarter was the solid increase in both cash receipts and revenues. Having exceeded our prospectus FY 2016 income forecast, the focus is now on delivering strong quarterly growth in revenues and cash receipts through FY 2017.