PHOTO: McGrath

McGrath Limited today announced its FY19 first half results, with its revenue down 18 percent to $42.5 million.

The ASX listed company noted that trading to the end of January 2019 had been in line with the guidance provided last October.

However, trading over the first two weeks of February 2019 has been below those expectations, with generally lower listing volumes and lower average sale prices than expected.

The company post a statutory net loss after tax (NLAT) of $9.6 million.

MCGRATH COMPANY OWNED OFFICES

1,367 sales $1.9 billion in 1H F19

1,712 sales $2.6 billion in 1H FY18

2,544 sales $3.5 billion in 1H FY17.

MCGRATH FRANCHISE OFFICES

3,495 sales $3.1 billion in 1H FY19.

4,324 sales $3.9 billion in 1H FY18

4,222 sales $3.8 billion in 1H FY17.

TOTAL MCGRATH OFFICES COMBINED

4862 sales $5 billion 1H FY19

6036 sales $6.5 billion 1H FY18

6776 sales $7.3 billion 1H FY17

As at 31 December 2018 the network comprised 27 company owned offices and 68 franchise offices with 552 agents operating within those offices.

The total number of offices has remained consistent with June 2018 with 2 openings and 2 closures with 1 transfer from franchise services to company owned sales.

Total agents marginally decreased to 552 from June 18 (558) with reductions in the project marketing and franchise businesses offset by gains in the residential company owned sales segment.

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