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Managing Director (ASX:AU1) - Managing Director, Paul Niardone
Managing Director, Paul Niardone
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  • Just shy of topping their December quarter results, The Agency (AU1) has witnessed 1232 sales valued at $1.2 billion over the March quarter
  • Across their 300 agents, The Agency had 1299 listings in the quarter, up seven per cent from the December quarter
  • The company EBITDA for the March quarter was impacted by its defence of various actions brought by entities associated with former Director Mitchell Atkins, with the real estate firm required to pay the Federal Court $400,000 in January
  • For the month of March, The Agency said its GCI eclipsed previous records with $9.3 million reported across the combined group. GCI for the quarter was based on sales valued at $1,153 billion
  • On the back of a strong market, The Agency reported a rise of 5.8 per cent in national dwelling values over the first quarter of 2021 and a 6.2 per cent increase over the past year to reach a median of $614,768

Just shy of topping their December quarter results, The Agency (AU1) has witnessed 1232 sales valued at $1.2 billion over the March quarter.

The company is enjoying the red hot property market, as home prices continue strong growth across the country as properties are being gobbled up at a ravenous pace.

Across their 300 agents, The Agency had 1299 listings in the quarter, up seven per cent from the December quarter.

The company EBITDA for the March quarter was impacted by its defence of various actions brought by entities associated with former director Mitchell Atkins, with the real estate firm required to pay the Federal Court $400,000 in January

The Agency’s EBITDA for the March quarter was $554,000.

“When considering the seasonally quiet months of January and February, the March quarter 2021 results were positive and reflect the continuing growth of the company coupled with the rebounding property market nationally during the period,” The Agency Group Managing Director Paul Niardone said.

“Results for month of March were particularly encouraging, with a record revenue of $6.4 million and $9.3 million of GCI. With a strengthened balance sheet and improving financial performance, we will continue to work on delivering the best service to clients and customers nationally with a focus on maximising value to our shareholders,” he concluded.

The company said gross commissionable income (GCI) for the period was $20 million, the second-highest quarter on the record.

For the month of March, The Agency said its GCI eclipsed previous records with $9.3 million reported across the combined group. GCI for the quarter was based on sales valued at $1.153 billion.

3606 properties were under their management at the end of the March quarter, up from 3576 at the end of the December quarter.

On the back of a strong market, The Agency reported a rise of 5.8 per cent in national dwelling values over the first quarter of 2021 and a 6.2 per cent increase over the past year to reach a median of $614,768.

The Agency Group share price is up 17.5 per cent with shares trading at 7.4 cents at 12:49 pm AEST.

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