Market recovery lifts McGrath results

PHOTO: McGrath CEO Geoff Lucas

McGrath has had a strong start to the 2020 financial year, with revenue up by 15 per cent to nearly $49 million in the first half.

The return of market confidence in the latter part of 2019 drove the agency’s better-than-expected results.

“I’m pleased to say that in the face of what has been a challenging property environment, our focus on talent development, improved customer service [and] the execution of our strategy has allowed us to achieve solid results this half,” McGrath CEO Geoff Lucas said.

“Our company-owned sales division, in particular, has benefited from improved agent productivity and has contributed a strong uplift in revenue. As the market conditions improved in Q2 of FY20, we were well placed to capitalise on these positive tailwinds.”