On Friday, the ASX listed iProperty Group announced its full year results for 2011. The group delivered revenues of AU$12.2m (US$13.1m) up from AU$7.3m (US$7.8m) in 2010, a year on year growth of 67%. At the same time, the group marginally reduced its NPAT loss from AU$2.5m to AU$2.0m.
Driving the revenue result was strong growth in key metrics include a 103% growth in unique visitors, a 62% growth in paying agents and a 69% growth in listings.
When looked at on country-by-country basis in the local currency, all countries delivered strong revenue growth with Malaysia doubling in size (98% growth), Singapore growing by 46% and Hong Kong growing by 35%.
During the year, the business also acquired the market leader in Indonesia and this has started to drive revenues for the group.
“These results reflect the successful execution of our country by country growth strategies. In each market we have increased the number of agents and visitors, and most importantly, developed strong relationships with property developers who are responsible for a majority of the property advertising spend in our region. Each of our businesses is in a strong position heading into 2012”, commented iProperty Group Chief Executive Officer, Shaun Di Gregorio.
The iProperty Group owns and operates market-leading portals in Malaysia (www.iproperty.com.my), Singapore (iproperty.com.sg), Hong Kong (www.gohome.co.hk) and Indonesia (www.rumah123.com).
Disclosure: Simon Baker is the Chairman and via his investment vehicle, CAV Investment Holdings, a major shareholder of the iProperty Group.