Global digital property advertiser REA Group (ASX:REA)
, reports a strong performance for the period ending 30 Jun 2021 (FY21). The property specialist posts revenue of $928 million, a 13 per cent increase from the prior year.
The increase was driven by the Australian business, reflecting a strong residential market recovery despite first quarter listing declines in Melbourne, due to Covid-19 lockdown measures.
The company recorded net profit of $318 million in FY21, a 18 per cent increase from the prior year. Cost growth was driven by increased headcount and volume-related costs and incentives, following revenue growth partly offset by lower costs in Asia.
Full year dividends of 131 cents per share in FY21 reflects a 19 per cent increase from the prior year.
REA Group CEO, Owen Wilson said, “this has been a defining year for REA, successfully navigating the pandemic to deliver an excellent financial result and emerge an even stronger business."
Shares in REA Group (ASX:REA)
are trading 2.5 per cent lower at $163.11.