REA Group Wants Staff to take 'Negative Leave' After 9% Profit Slump

February 20, 2023
Share this Post: 

REA Group has asked its staff to take extra time off as the company seeks to save money.

The company's leadership wants its 3,000-strong workforce to max out its annual leave allocation for the year, plus an extra two days paid leave, to balance the books.

In an email sent to staff and published by the Australian Financial Review, REA management said “given the challenging market conditions we are facing a business, we have to look at all avenues to manage our costs, which significantly impacts EBITDA delivery”.

REA will also have a one-day shutdown in April to force employees to dip into their leave.

Profits at the portal giant were down 9 per cent in the last three months of 2022, driven mainly by a decline in listings in its core Melbourne and Sydney markets.

Listings nationally dropped 21%, 34% in Sydney and 31% in Melbourne.

The full breakdown of REA Group's most recent financials, published last week, is here.

February 20, 2023
Harvey is an experienced property journalist and copywriter. He has written about the property industry since 2015, starting at The Property Franchise Group in the UK, before moving to Spain to work for Spotahome. He has blogged for the private rented sector, ghostwritten for UK property experts and written case studies for franchise owners around the UK. Harvey joined Online Marketplaces as a News Editor in 2022.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Zillow And Opendoor
Zillow and Opendoor Further Extend Their Partnership into 3 New Markets

US giant Zillow and Opendoor have expanded their home sales partnership into three new markets. The new markets are Houston,...

Read More
Ke Holdings Decoration
Chinese Leader KE Holdings Sees Net Losses Widen to $203m in 2022 As It Goes "from high-speed to high quality growth"

Leading Chinese real estate brokerage and portal company KE Holdings (aka Beike) has released a report on its performance for...

Read More
Property Finder Boardroom
PropertyFinder hires Frode Nordseth as VP of Product

Dubai-based marketplace Property Finder has hired Frode Nordseth as its new VP of Product. He announced his new role in...

Read More
Buyrentkenya Nairobi Skyline
"The ceiling for innovation is just infinite at this point" - Interview with BuyRentKenya CEO, Lizzie Costabir

Like the previous two portals we've spoken to in our Africa series, BuyRentKenya has been in the business for 10...

Read More

Editor's Pick