McGrath warns of low listings ahead of results

Company News

by Jessica Amir

McGrath Limited (ASX:MEA) has announced its full year results for 2017, will be below analyst’s expectations.

The real estate agency says it’s finalising its first half trading results, which will be in line with estimates, while the second half results will be weaker.

The agency says it’s seeing unprecedented low volumes of listings, and a large amount of agents also leaving the business.

It comes as McGrath grew its market share in two thirds of its total offices for the 2016 financial year.

McGrath reported a net profit of $8.41 million at 30 June 2016.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.