REA Group (ASX:REA) records 18% profit increase

Company News

by Lauren Evans

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.

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