REA Group Shareholder Report Shows Covid Has Been a Mere Bump in the Road

October 18, 2020
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The Australian company which operates market-leading portal Realestate.com.au, as well as iProperty in Southeast Asia, has released its annual investor report which highlights a number of impressive figures achieved by the company in the face of adverse market conditions.

Despite bushfires, political turmoil in Hong Kong and the Covid-19 pandemic during the 2020 financial year, the group managed to post revenue of A$820 million (down 6% from the previous year) and EBITDA of A$491 (down 5% from the previous year). The headline released in this latest report which was not previously reported in the group’s financial statement for FY20 back in August was a dividend of 110¢ per share (down from 118 for FY19).

Commenting on FY20’s results as a whole, group Chairman Hamish McLennan said:

“The Group’s performance highlights the underlying resilience of our business and the collective strength of the portfolio”

“I have been incredibly impressed by the way the organisation, under the leadership of Owen and the Executive team, navigated the challenges COVID-19 presented and seamlessly adapted to new operating conditions”

As for the group’s overseas operations in America and Asia, McLennan was sanguine in his assessment of REA Group’s assets’ performance and outlook:

“In North America, our investment in Move, Inc., which operates realtor.com®, saw reported revenue decrease by 2% to US$473 million,15 due to the impact of COVID-19 in the fourth quarter. Our investment in Elara Technologies Pte. Ltd. (Elara), which operates Housing.com, PropTiger.com and makaan.com delivered strong revenue growth prior to the impacts of COVID-19. REA Group completed its investment in 99 Group, which strengthens our competitive position in Singapore and Indonesia, bringing together the property websites of 99.co, iProperty.com.sg and rumah123.com.”

One other notable feature of the shareholder report is that it highlights and celebrates diversity metrics. In bold letters alongside visitation and financial metrics is the 50:50 gender split on the group’s board as well as the 31% of technology roles held by women in the company which is reportedly above the industry average. Much like Zillow, which followed through on its board diversity promise earlier this month, it seems that REA Group is taking the issue of diversity seriously.

October 18, 2020
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

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