Domain (ASX:DHG) soars 66% in profit for FY21

Company News

by Lauren Evans

Real Estate company Domain (ASX:DHG), accelerated its marketplace strategy across the business for the period ending 30 Jun 2021 (FY21).

Domain delivered revenue of $289.6 million, up 9.7 per cent from the prior year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached $100.6 million after the impact of an accounting change, up 21.1 per cent from the prior year.

Net profit reached $37.9 million, up 66 per cent from the prior year and net debt was $79 million, compared to $105.8 million last year.

As a result of increased confidence in the property market outlook, and the robust performance of the business, the board made the decision to repay benefits received in FY21 from the Federal Government’s JobKeeper scheme.

Earnings per share of 6.5 cents increased by 66 per cent.

Managing Director Jason Pellegrino said, “the adoption of our marketplace model is designed to make our solutions work better together, expand our addressable markets, and deliver on our purpose to inspire confidence for all of life’s property decisions."

He continues, "the recovery in market listings has combined with an expansion in Domain’s controllable yield to deliver accelerating revenue growth in the second half."

Shares in Domain Holdings Australia (ASX:DHG) are trading 0.6 per cent lower at $4.64. 

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