McGrath tumbles to $25m loss; John remains ‘proud and excited’

PHOTO: At a conference call with the media to present the group’s FY18 half-year results, CEO Cameron Judson revealed that the embattled real estate company’s woes continue.

McGrath Limited has tumbled to a net loss after tax of $25.5 million, after announcing a trading halt earlier in the day and after a “media comment in relation to Mr McGrath” came to light.

Despite these challenging times, founder and incoming CEO John McGrath remains upbeat, saying that he is “proud and excited” to again be leading the business.

He said that despite the challenges the company has endured since listing, McGrath remains one of the best real estate businesses in Australia with outstanding talent throughout the group.

“Residential real estate is one of the largest industries in Australia, as well as being the country’s largest asset class, and we remain very well positioned to leverage our scale and quality brand for future success and growth.”