{"id":27186,"date":"2020-08-31T15:48:09","date_gmt":"2020-08-31T03:48:09","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=27186"},"modified":"2020-08-31T15:51:19","modified_gmt":"2020-08-31T03:51:19","slug":"the-agency-pursue-joint-venture-opportunities-posting-revenue-spike-but-continued-losses-due-to-write-downs","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/the-agency-pursue-joint-venture-opportunities-posting-revenue-spike-but-continued-losses-due-to-write-downs\/","title":{"rendered":"The Agency pursue joint venture opportunities, posting revenue spike but continued losses due to write-downs"},"content":{"rendered":"

PHOTO: The Agency<\/strong><\/p>\n

The listed real estate firm The Agency slumped to further losses in FY2020 as they announce they are actively pursuing a joint venture.<\/p>\n

The Agency advise it will help drive agent recruitment and sales revenue.<\/p>\n

There was certainly some goods news from The Agency’s financial update.<\/p>\n

Their EBITDA of $711,714 was the first time the company posted a positive EBITDA, a $4.9 million turnaround from the FY19 EBITDA loss of $4.25 million.<\/p>\n

Annual group revenue rose 48 per cent from $28.34 million to $41.86 million, mainly down to the 26 per cent increase year on year in combined gross commission income.<\/p>\n

\"\"<\/p>\n

Sales were up to 3,153 over FY20, from 2,419 in FY19.<\/p>\n

The total losses however grew to $10.36 million, up on its $9.26 million loss in 2019.<\/p>\n

The ASX note to shareholders advised however that losses were primarily impacted by depreciation and amortisation (over $6 million) and impairment of goodwill ($5.3 million).<\/p>\n

READ MORE VIA PROPERTY OBSERVER<\/a><\/p>\n

MOST POPULAR<\/span><\/h3>\n