{"id":27049,"date":"2020-08-26T09:38:30","date_gmt":"2020-08-25T21:38:30","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=27049"},"modified":"2020-08-30T10:51:23","modified_gmt":"2020-08-29T22:51:23","slug":"mcgrath-boasts-10m-12-month-turnaround-how-did-it-do-it","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/mcgrath-boasts-10m-12-month-turnaround-how-did-it-do-it\/","title":{"rendered":"McGrath boasts $10m, 12-month turnaround: How did it do it?"},"content":{"rendered":"<p><strong>PHOTO: McGrath\u00a0<\/strong><\/p>\n<p>ASX-listed McGrath Limited has revealed its full-year results, posting a return to the black for earnings and an 11 per cent improvement to revenue.<\/p>\n<p>In a statement for shareholders,<a href=\"https:\/\/www.google.com\/url?client=internal-element-cse&amp;cx=007736748303843525207:i95wheizs-a&amp;q=https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2019\/10\/McGrath_Report2020_Digital_S02.pdf&amp;sa=U&amp;ved=2ahUKEwjaqtOYqLfrAhUSzTgGHU3hDEQQFjAAegQIBRAC&amp;usg=AOvVaw0wsUWJd5x5CKVTK9aSHQpT\"> McGrath<\/a> highlighted its earnings before interest, taxes, depreciation and amortisation (EBITDA) was $3.7 million for the year\u00a0\u2014 a $10.1 million turnaround from underlying EBITDA loss of $6.4 million last financial year.<\/p>\n<p>Calling the turnaround \u201csignificant\u201d, the real estate giant posted an 11 per cent lift in revenue to $91.69 million for the year\u00a0\u2014 a 31 per cent rise in sales per agent for the period, achieved despite the negative effects of the COVID-19 pandemic in the last quarter.<\/p>\n<p>The board said it was pleased with the $10 million turnaround, as well as a return to after-tax profit and a further strengthening of the balance sheet with $17.3 million in cash.<\/p>\n<p>\u201cOur business performed significantly better than the market during the year and we have a strong platform on which to build in 2021, notwithstanding the ongoing impacts of COVID,\u201d it said.<\/p>\n<p><a href=\"https:\/\/www.google.com\/url?client=internal-element-cse&amp;cx=007736748303843525207:i95wheizs-a&amp;q=https:\/\/propertynoise.co.nz\/au\/john-mcgrath-wont-comment-quiting-rea-board\/&amp;sa=U&amp;ved=2ahUKEwjaqtOYqLfrAhUSzTgGHU3hDEQQFjAIegQIARAC&amp;usg=AOvVaw0cplAuyfn_v3jRSYp4SdVq\">McGrath<\/a> has attributed a number of initiatives to the turnaround which included:<\/p>\n<ul>\n<li>A move of the company\u2019s headquarters to Pyrmont<\/li>\n<li>A\u00a0reinvigorated IT solution focused on a new CRM platform that saw a widespread rollout<\/li>\n<li>The launch of a new data-centric website that provided more than 500 vendor and landlord leads and over 11,000 buyer inquiry leads<\/li>\n<li>Continued revitalisation of the property management business<\/li>\n<li>The acquisition of four company-owned offices (Millers Point, Castle Cove, Northbridge and Wilston) to complement new franchise offices in Ulladulla, Mollymook, Albury | Wodonga and Mansfield<\/li>\n<\/ul>\n<p><strong>The balance sheet<\/strong><\/p>\n<p>The above initiatives enabled McGrath to close with a strong balance sheet: no debt, $17.3 million in cash and $30.2 million in net assets.<\/p>\n<p>READ MORE VIA<a href=\"https:\/\/www.realestatebusiness.com.au\/breaking-news\/20351-mcgrath-boasts-10m-12-month-turnaround-how-did-it-do-it?utm_source=RealEstateBusiness&amp;utm_campaign=26_08_20&amp;utm_medium=email&amp;utm_content=1&amp;utm_emailID=9cabdd94145c0d77540fd4e05904846feca189c70fd8f73f763f6cad8220fd97\"> REB<\/a><\/p>\n<h3 class=\"widget-title\"><span class=\"accent-typo\">MOST POPULAR<\/span><\/h3>\n<ul class=\"widgets-list-layout no-grav\">\n<li><a class=\"bump-view\" title=\"Broken-hearted real estate agent sacked from her job\" 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href=\"https:\/\/propertynoise.co.nz\/au\/mcgrath-boasts-10m-12-month-turnaround-how-did-it-do-it\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":21725,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478104278,478098512,478098521,478108952,478098519,478098535,478098595,478099114,478098513,478101743,478098579,478098510,478098514,478098511,478098705,478098533,478098828,478098921,478098509],"class_list":["entry","author-data123nz","post-27049","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-asx-listed","tag-australia","tag-australians","tag-covid-19","tag-home-ownership","tag-house-prices","tag-mcgrath","tag-mcgrath-limited","tag-property","tag-property-correction","tag-property-market","tag-property-news","tag-propertynoise","tag-real-estate","tag-real-estate-agency","tag-real-estate-agent","tag-real-estate-agents","tag-real-estate-franchise","tag-real-estate-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>McGrath boasts $10m, 12-month turnaround: How did it do it? - Property News Australia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/propertynoise.co.nz\/au\/mcgrath-boasts-10m-12-month-turnaround-how-did-it-do-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"McGrath boasts $10m, 12-month turnaround: How did it do it? - Property News Australia\" \/>\n<meta property=\"og:description\" content=\"PHOTO: McGrath\u00a0 ASX-listed McGrath Limited has revealed its full-year results,Read More &rarr;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/propertynoise.co.nz\/au\/mcgrath-boasts-10m-12-month-turnaround-how-did-it-do-it\/\" \/>\n<meta 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