McGrath CEO Cameron Judson stated the current loss of numerous sales representatives, integrated with low listings volumes and a drop in sales, produced a “difficult market environment” for the company.
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” Clearly the crucial property we have in our business is our sales agents, and it was frustrating to lose the variety of agents we lost over the December January period,” Mr Judson informed RPM sister title REB.
” The quality of a few of those people will affect our earnings.”
But he said the hidden strength of the McGrath company model permitted it to stay above water in the half, delivering a $9.3 million pro forma EBITDA.
Mr Judson also addressed the company’s annuity businesses in home management and franchise, which provided income and EBITDA development half-on-half.
” I want to thank all of our group and franchise partners for their energy, dedication and devotion during what has actually been a tough start to the year,” he said.
Mr Judson said McGrath is among Australia’s biggest domestic property service business, and it would continue to take advantage of the underlying strength of its brand and quality of its sales agents and network reach as it sets to recuperate lost ground.
” With a collective, ongoing concentrate on skill identification, McGrath continues to draw in, develop and maintain emerging and high-performing sales representatives,” he said.
” We have an unrivaled track record of growing and supporting the best realty agents in Australia, and have recently released ‘McGrath Future’, a compelling compensation and longer-term wealth development structure specifically for high-performing agents.”
Mr Judson stated McGrath has actually restored its focus on enhancing productivity and efficiency, and is exploring brand-new income chances.
” Our objective is to grow the relative contributions of our annuity services and de-risk the volatility of our incomes.
” We continue to take a disciplined approach to financial investment in the business to develop long-lasting shareholder worth.”
In the half, the company opened nine new offices. These consist of 3 company-owned offices in NSW and six franchise workplaces in NSW and Victoria, taking its network to 96 workplaces and 2,300 people.
McGrath declared a fully franked dividend of 1.0 cent per share to shareholders.…