PHOTO: The Agency

The listed real estate firm The Agency slumped to further losses in FY2020 as they announce they are actively pursuing a joint venture.

The Agency advise it will help drive agent recruitment and sales revenue.

There was certainly some goods news from The Agency’s financial update.

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.

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.

Sales were up to 3,153 over FY20, from 2,419 in FY19.

The total losses however grew to $10.36 million, up on its $9.26 million loss in 2019.

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).