Real estate agency McGrath, which has seen an 84 per cent decline in its share price since listing at $2.10 in late 2015, said turnaround efforts paid off as its smaller staff cohort sold more properties in an improving market and made the business a cash profit in the first half.

The company said productivity of sales agents – during a six-month period that saw both corporate and franchise stores "right size" staffing levels – rose from 9 sales per agent a year earlier to 11.3 sales. It enjoyed a 19 per cent increase in sales volumes across its Queensland, NSW, ACT and Victorian markets, more than the 4.3 per cent weighted average growth across those markets.