This morning McGrath Limited  (ASX: MEA) released its results for the financial year ending June 30, 2019. Below is a summary of the results with comparisons to the prior year.

  • Revenue of $82.7m, down 17%
  • Net loss after tax of $15.6m, including $3.4m in impairments
  • EBITDA loss of $10.1m
  • EBITDA loss of $6.4m backing out one-off ‘onerous contract expense’
  • Diluted loss per share 9.33c
  • No final dividend
  • Sales volumes in key Sydney market down 21.9%
  • No debt and $10.3m cash on hand
  • Net tangible assets per share of 43c

The Sydney focused real estate agent blamed the weak result on challenging residential property markets over the fiscal year with McGrath reporting sales and price volumes were down 17.5% and 6.9% respectively over the fiscal year.

In Sydney its CEO suggested listing volumes were at a “decade low” or down around 30% on historical levels.