The operator of Australian market leading portal realestate.com.au, The REA Group, has announced results for Q1 of 2020 and as expected they have been impacted by Covid-19.
The key numbers are:
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Revenue growth of 1% to $199 million for Q1
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Earnings up 8% to $119 million
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Listings in mid-March up 3% but then down 33% in April
The numbers represent a solid quarter given the circumstances and certainly other portals in countries that have been more adversely affected by the virus can expect much bigger earnings losses against forecasts.
The group has also secured a $149 million loan facility from its banks to sure up finances in the event of a downturn, a move that mirrors rival portal Domain.com.au which secured a reported $80 million in late April.
Australia has largely been able to stymie the progress of the coronavirus and is looking to reopen the property market in some regions from next weekend. This will come as a welcome relief for those looking to transact and the REA Group will be hoping that a national property market which was, in the words of CEO Owen Wilson, “in full flight” retains some of its buoyancy.
