Huge Growth for PropTech Group in Q2 as Cash Receipts Shoot Up 116%

The Australian property technology company The PropTech Group has released its report on its Q2 FY22 activities. Highlights from the report include:

• Cash receipts from customers up 116% on Q2 FY21 at A$5.8 million. This figure also represents a 16% rise on the previous quarter.
• The average revenue per agency was up at A$245 per month, representing a 23% year-on-year increase.
• Market share of sales CRM software in Australia and New Zealand is now estimated at 41%, up from 29% at the end of Q2 FY21.

The PropTech group is a leading provider of CRM software for agents in its native Australia as well as in New Zealand and The United Kingdom. Since acquiring MyDesktop from Domain and relisting on the ASX in 2020, the company has expanded its suite of products and now offers agents the VaultRE and Eagle CRM systems as well as website development and servicing platform Website Blue, which the company acquired in 2021.

More recently PropTech Group has entered into a joint venture with three payments and financing specialists to develop a BNPL solution for agents to offer their clients for all manner of real estate transactions as well as launching a property management product.

Joe Hanna, Group CEO and Managing Director of PropTech Group said: "In the second quarter, we recorded record growth in cash receipts and demonstrated the continued success of our strategy, including by increasing the number of products per agency from 1.06 to close to 1.85.

"Cash flow continued to rapidly increase in the second quarter. Our business is sticky with strong cash flow growth, high market share, large margins, and significant opportunities for growth via product extensions."

"Our second-quarter results demonstrate that we have the resources to extend our growth path well into the future, both in our hub business and via additional spokes. To this end, we have doubled the size of our research and development team since the IPO and are investing heavily in building and integrating new products. And we remain open to partnerships and acquisitions that make strategic sense", continued Hanna.

The PropTech Group's share price was up around 5% in trading today and is up nearly 20% over the last month, sitting at A$0.52 at the time of writing.