PropTech Group delivers 74% growth in revenue and other income

ASX-listed property technology company, PropTech Group, have announced their full year results for the financial year ended 30 June 2022 (“FY22”), highlighted by a 74% year on year growth in total revenue and other income to $20.2 million, from $11.6 million in FY21.

Financial highlights for FY22 include:

• Total revenue and other income of $20.2 million, an increase of 74% from $11.6 million in FY21;
• Operational revenue of $19.9 million, an increase of 78% from $11.2 million in FY21;
• Underlying EBITDA of $2.0 million, resulting in an Underlying EBITDA Margin of 10%;
• $2.9 million in positive net operating cashflow;
• Cash receipts of $21.4 million, an increase of 74% from $12.3 million in FY21;
• $14.1 million in cash on hand as at 30 June 2022, up 114% versus prior corresponding period;
• ARR (‘Annualised Recurring Revenue’)1 as at 30 June 2022 of $18.5 million, an increase of 49% over 30 June 2021; and
• Organic growth represented 57% as a portion of the total operating revenue growth.

Joe Hanna, Group CEO and Managing Director of PropTech Group, said, “This is our first full financial year of operation since we relisted in November 2020. During the last 12 months we grew quickly, more deeply integrated our businesses and their teams, and leveraged the 42 percent of agents using our products to increase average revenue and products per account.

“Since the close of the 2022 financial year, we have strengthened our management team through several internal promotions. Eagle Software Founder and CEO, Luke Paverd, took a new role as Group Chief Operating Officer, Website Blue Chief Operating Officer, Luke Thomas, moved up to Group Chief Commercial Officer, and Head of Marketing, Audrey Nicoll, became Chief Marketing Officer.

“We believe we are in a strong position to continue to drive strong growth in 2023 by executing a clear four-part strategic plan that combines organic and inorganic initiatives.

1. In our core business of SaaS CRM software for real estate agencies, we expect to capture an increased share of the $120 million total agency spend in Australia and New Zealand;
2. To complement our core CRM business, we will integrate additional related real estate software to capture a larger share of the $610 million Australia and New Zealand real estate agency non-CRM SaaS and related spend;
3. We are in the early stages of exploiting the significant opportunity in ancillary services, such as utility connections and mortgages, provided by our strong relationship with 42 percent of Australian and New Zealand real estate agencies; and
4. We will seek to operate profitably in the UK.

“The future looks bright for PropTech Group. On behalf of the management team and staff of PropTech Group, I would like to thank our Board and shareholders for their ongoing support.”