Real Estate Investar Group, a leading data driven provider of investment property analysis, tracking and transaction services to Australian and New Zealand property investors, has reported a significant year on year improvement in revenue for the first half of FY 2017.
Key highlights for the six months ending 31 December 2016 include:
• Revenue increased by 14.1% to $2.2m;
• Cash receipts from customers increased by 29.2% to $2.4m;
• Net cash outflows from operating activities decreased by 39.5% to $0.9m;
• Total membership increased by 64.1% year on year to 250,124 as at 31st December 2016 – exceeding the Prospectus forecast; and
• The REV Group commenced promotion of a new Premium Membership to better assist members to purchase investment grade properties while generating stronger sales for the REV Group.
The REV Group started 2017 strongly with January 1 delivering a significant year on year improvement in revenue, total membership and sales of the Premium Membership products.
Clint Greaves, CEO of Real Estate Investar commented on the results in a company press release.
“The first half of FY 2017 has seen strong growth in revenue and cash receipts from customers driven by us exceeding our Prospectus forecast of 250,000 members by 31 December 2016," Greaves said.
"We have improved engagement with this membership base to better profile their property investment requirements. We now have over 1.3m data points allowing us to customise our offer on a member by member basis leading to stronger revenue growth.
“In November 2016 we launched a new Premium Membership focused on assisting members to purchase investment grade properties that meet their individual criteria. Premium Membership costs $4,995, which is rebated if an investment grade property is purchased through the REV Group. As at 31 January 2017 we had a total of 42 Premium Members, with some investment grade properties already sold.
Mr Greaves continued: “With our new Premium Membership offering and a focus on utilising data to match investment property with high quality purchasers, we expect a strong second half to FY 2017 in terms of membership growth and, more importantly, property transaction activity.”