OnTheHouse Delivers No Growth in First Half Results

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March 5, 2015

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Onthehouse_Holdings_LimitedSmall Australian listed portal and software player, OnTheHouse, has released its half year results.  In summary the business was flat year on year.  Revenues had almost no growth, underlying EBITDA slightly down and excluding one-off impairment charges, net profit was down from AUD 700k to break even.

Here is the release …


Onthehouse Holdings Limited (ASX: OTH) today announced its results for the six months ended 31 December (1H15), delivering stable revenue of $13.0 million, while continuing to invest in the future growth of its Real Estate Solutions (RES) and Consumer Online and Data (COD) divisions.

Commenting on the 1H15 result, Onthehouse’s Chairman, Mr Tony Scotton said: “The past six months have seen a number of challengesfor the business and it is pleasing that the Board has worked through the issues and is now in a good position to drive the company’s future growth. At the same time, we have continued to invest in the future of both our operating divisions.”

“Statutory earnings for the first half has been impacted by a one off, non-cash intangible item following completion of the initial phase of the Board’s strategic review. While this has impacted short term earnings, we have made significant operational progress, restructuring our business divisions to position the group for future growth.”

Key financial results for 1H15

  • Revenue of $13.0 million (1H14: $12.9 million)
  • Statutory results; include $269k of pre-tax one-off costs and $10.5 million of pre-tax one-off intangible asset impairment charges:

    • EBITDA of $2.8 million (1H14: profit of $3.0 million)
    • Net loss after tax of $9.1 million (1H14: profit of $587k)

  • Underlying results :

    • EBITDA of $3.1 million (1H14: $3.2 million)
    • Net profit after tax of $93k (1H14: $0.7m)

  • Operating cash flow of $1.8 million (1H14: $3.0 million)

1H15 financial performance

Commenting on the company’s 1H15 financial performance, Mr Scotton said:

“We saw stable earnings in both the Consumer Online and Real Estate Solutions divisions over the past six months, delivering $13 million of revenue. This was in line with the trading update recently released, and has allowed us to continue reinvesting in both business divisions.

“Underlying earnings, as measured by EBITDA, were in line with last year and with the trading update released in February. The result was due to a small increase in revenue and a continued focus on reducing expenditures through a range of cost efficiency measures. The underlying net profit before tax of $93k was also supported by a reduction in finance costs resulting from the repayment of debt.

“As a result of the initial phase of the Board’s strategic review and delays in the Consumer Online division generating revenue, statutory earnings were overshadowed by one-off costs, primarily comprising a $10.46 million non-cash impairment charge relating to the Group’s intangible assets in its Consumer Online division.

“Nevertheless, the core business is cash generative, with stable revenues which support our growth in a dynamic environment. We remain in a solid position, with a closing cash balance of $1.2 million at the end of the first half, even following significant investing and financing cash flows.”

Outlook

Commenting on the outlook for Onthehouse, Mr Scotton said “Onthehouse is uniquely positioned with a stable Real Estate Solutions business, and the earlier-stage Consumer Online division that has substantial upside.”

“We have strong relationships with numerous real estate agencies, and a continually scaling, highly engaged online audience. We have a clear set of short-term priorities to conserve cash, while continuing to drive the Real Estate Solutionssegment through sales and service initiatives and product innovation. We will drive the Consumer Online division through enhanced consumer engagement, product development and additional revenue opportunities.

“I look forward to working with the new Board and management, to complete the strategic review and to continue with the development of both of our divisions.” added Mr Scotton.

Source: Company Release

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Simon Baker is the Founder and Executive Chairman of Online Marketplaces and Property Portal Watch. Involved with property portals for 15 years, he’s a well-recognized expert and industry consultant.
As former CEO/MD of the REA Group for 8 years, Simon led the group to its current market-leading position. When he joined REA Group in 2001, it had $4m in revenues, $6m in losses and an $8m market cap.
By 2008, the company presided over $155m in revenues, $35m in EBITDA and enjoyed a peak market cap of $1b. Simon is currently Chairman of the Mitula Group and Real Estate Investar and a serial portal founder and, investor.