Growth reflects sustained focus on executing the business' strategic agenda in Australia and internationally
Property technology company PEXA Group has announced a strong financial performance for the first half of fiscal year 2024, highlighted by a 16% increase in group business revenue to $163.3 million.
The firm’s operating earnings before interest, taxes, depreciation, and amortisation (EBITDA) also rose by 12% to $58.8 million, driven by a significant 17% rise in PEXA Exchange EBITDA to $82.9 million. This increase was somewhat offset by operational losses from its other business ventures.
The company’s net profit after tax and amortisation saw a decrease to $15 million, down from $23.5 million in the previous year. The decline was attributed mainly to expenses related to the acquisition of Smoove, restructuring costs, and elevated amortisation due to investments.
Despite a statutory net loss after tax of $4.6 million compared to its net profit in the previous period, PEXA, in its financial results announcement, emphasised its strategic progress both in Australia and internationally.
“Across the group, these results represent the discipline we have brought to executing our strategy,” said Glenn King (pictured), managing director and chief executive at PEXA Group. “This includes improving the efficiency of our business through our Productivity Enhancement Program and beginning to embed our capital management framework.
“We have made strong progress to ensure we are well placed to execute on our strategic objectives in the second half, but we still have more to do to realise our ambitions in Australia and overseas.”
King also underscored the continued strength of its PEXA Exchange platform and developments in PEXA Digital Growth and PEXA International, including its expansion in the UK market through acquisitions and integration efforts.
“Our new PEXA UK CEO, Joe Pepper, is embedded into the business and has made a good start in running our UK operations to deliver sustainable growth and efficiencies,” King said.
“Looking ahead, we are well placed to execute on our plan, with strong financial performance and a focus on continued delivery of operating efficiencies and executing on sustainable growth.”
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