McGrath posts $15.6m full year loss
McGrath is optimistic about the future, despite blaming difficult conditions for lower sales and prices over FY19.
McGrath chief executive Geoff Lucas says he’s optimistic about the future, despite blaming difficult real estate market conditions for lower sales volumes and prices for the 12 months to June.
The real estate agency delivered an after tax loss of $15.6 million, partly due to $3.4m impairment charges for the full year. That compared to a $63.1m after tax loss a year ago.
The company said that sales volumes were down 17.5 per cent nationally for the year through June, while prices were down 6.9 per cent on the prior year.
“Despite the challenging conditions, we have gained market share based on sales transactions data published by CoreLogic,” chief executive Geoff Lucas said.
“We continue to reinvest into our operations to create the best possible environment to list, sell and manage real estate, ensuring our agents are best placed to efficiently deliver the best possible results to our clients.”
McGrath did not declare a final dividend.
More to come
Add your comment to this story
Ain’t it grand
It conjures old-world glamour - but this bluestone-fronted home in Adelaide was actually built in 2019. Asking price, $10 million.
Adgemis’ $1.5bn bankruptcy on hold after dramatic intervention
Jon Adgemis’ financial fate was set to be decided on Friday before a late intervention from the tax office and bankruptcy regulators. AFSA said in a letter bankruptcy trustees may have not satisfactorily investigated Mr Adgemis’ financial affairs.
To join the conversation, please log in. Don't have an account? Register
Join the conversation, you are commenting as Logout