REA Group has announced a strong Q1 FY22 result, with its flagship real estate listings site up 11% for the quarter, despite lockdowns. The results hit the ASX this morning and saw REA’s price hit an all-time high of $1.76.
The Mortgage Choice/Smartline section of the business contributed heavily, powering the Group to $264m in revenue, a 35% rise on the first quarter of the last financial year. REA’s earnings were also up a full quarter, topping out at $158m.
The acquisition of Mortgage Choice saw costs impacted, but stands the group in good stead in the long-term. It is expected that the new mortgage broker franchise will be fully integrated into the business by Q3 of FY23.
READ MORE: Mortgage Choice branding to be maintained after REA Group acquisition
“REA has delivered an impressive given the prolonged lockdowns in Sydney and Melbourne. Our performance reflects the continued value our premium listing products are delivering to our customers, and realestate.com.au’s clear position as the number one place to search, find and finance property,” said CEO Owen Wilson.
“Our teams have made excellent progress across a number of key initiatives including the integration of our Mortgage Choice and Smartline businesses, the roll out of new products such as our Connect offering and our integrated rental applications platform, all of which provide the
foundations for continued growth.”