THE AGENCY GROUP AUSTRALIA LIMITED ASX Release 28 April 2022
MARCH QUARTER 2022 UPDATE & APPENDIX 4C1
26% GROWTH IN REVENUE DRIVING $1.0M OPERATING CASH FLOW
Highlights
The Agency Group | 3Q FY22 | Increase Y-on-Y |
Total Revenue (M) | $18.8 | +26% (3Q FY21: $14.9M) |
Gross Commission Income (M) | $25.4 | +27% (3Q FY21: $20M) |
No. of Properties Sold | 1,421 | +15% (3Q FY21: 1,232) |
Value of Properties Sold (Bn) | $1.4 | +17% (3Q FY21: $1.2Bn) |
No. of Agents | 376 | +25% (3Q FY21: 300) |
• Positive Operational Cash flow of $1.0M for March quarter and $3.4M in the 9 months to 31 March 2022.
• Cash and cash equivalents as at 31st March 2022 of $8.0M
• Agent numbers to 376 at 31 March 2022, an increase of 67 from 308 agents at 30 June 2021
National real estate company The Agency Group Australia (ASX:AU1) ("The Agency" or "the Company") is pleased to announce positive operational and financial results across its business for the March Quarter 2022 as it further accelerates its growth across Australia.
Commenting on the results, The Agency Group's Managing Director and CEO Geoff Lucas said:
"We are pleased with the 26% revenue growth achieved in the March quarter, continuing the momentum achieved in the first half of the year. We continue to generate strong operating cash flows, with $1.0m operational cash flow in the quarter which further continues to strengthen our balance sheet position. We hold a healthy cash balance with around $8.0 million in cash and cash equivalents, positioning us well to participate in organic and inorganic accretive opportunities.
The March quarter saw our entry into 3 new geographical areas in Manly on the Northern Beaches of Sydney, Toowoomba in Queensland, as well as Canberra in the ACT. Agent recruitment remains strong with an increase in agent numbers to 376 at quarter end, an increase of 67 from 308 agents at 30 June 2021. The continued growth reflects increasing awareness in our brand and our direct engagement model with agents."
1 Revenue figures provided in this announcement are unaudited and EBITDA provided in this announcement is pre - adoption of AASB16
March Quarter Key Metrics
COMBINED GROUP REVENUE ($M)
GCI ($M)
20
16 12 8 4 0
0
30 25
20
15
10 5
Mar Q 21
Mar Q 22
Mar Q 21
Mar Q 22
# OF SALES/ GROSS SALES VOLUME 1,600 1,200 1,232 1,421 $1.4bn $1.2bn 800 400 0 Mar Q 21 Mar Q 22 | NUMBER OF NEW LISTINGS (#) 1,600 1,469 1,200 1,299 800 400 0 Mar Q 21 Mar Q 22 |
Combined group revenue for the March quarter was $18.8m, compared to previous corresponding period's revenue of $14.9m.
Gross Commission Income (GCI) for the period was $25.4m, compared to March quarter 2021 GCI of $20.0m. GCI was based on 1,421 exchanges across the group.
The Agency sold a combined $1.4 billion worth of property, compared to $1.2 billion during the March quarter 2021.
The pipeline for future sales remains strong with the combined group reporting 1,469 listings for the March quarter.
Cash flow commentary
The Agency Group reported cash flows from Operating Activities of $988,000 for the March Quarter 2022.
Receipts from customers of $23.5m for the three-month period, an increase of $6.0m from the $17.5m achieved in March quarter 2021. Receipts are slightly below the December quarter primarily due to the seasonal nature of underlying GCI.
During the quarter, the Company invested $385,000 in the redevelopment of our Neutral Bay (NSW) and Claremont (WA) hub locations. The $486,000 cash receipt relates to the final retention funds received from the disposal of the WA rent roll which was settled in October 2020.
Cash and cash equivalents as at 31st March 2022 were $7.96 million.
ENDS
Announcement authorised for release by the Board of The Agency Group Australia Limited.
If you require further information, please contact:
Investors | Media |
The Agency Australia Ltd | Chapter One Advisors |
Geoff Lucas | David Tasker / Colin Jacoby |
T: +61 02 8376 9100 | T: +61 433 112 936 / +61 439 980 35 |
Rule 4.7B
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
Name of entity
The Agency Group Australia Limited (ASX: AU1)
ABN
52 118 913 232
Quarter ended ("current quarter")
31 March 2022
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
| 23,486 - (16,924) (305) (4) (2,995) (2,211) - - (59) - - - | 68,418 - (49,345) (949) (26) (8,484) (6,382) - 4 (178) - - 384 |
988 | 3,442 |
2. | Cash flows from investing activities | |
2.1 | Payments to acquire or for: | |
(a) entities | - | - |
(b) businesses | - | - |
(c) property, plant and equipment | (385) | (930) |
(d) investments | - | - |
(e) intellectual property | - | - |
Page 1 |
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
(f) other non-current assets
| - - 486 - - - - - - (31) | - - 486 - - - - (70) - (631) |
70 | (1,145) |
| - - - - - - - - - | - - - (16) - - (29) - - |
- | (45) |
4.
Net increase / (decrease) in cash and cash equivalents for the period
4.1
Cash and cash equivalents at beginning of period
4.2
Net cash from / (used in) operating activities (item 1.9 above)
4.3
Net cash from / (used in) investing activities (item 2.6 above)
6,904
988 70
5,710 3,442
(1,145)
Page 2
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The Agency Group Australia Ltd. published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 02:23:03 UTC.
