REA Group Q1 revenue increases 11% to $450M
Key points
- First-quarter revenue increased 11% to $450 million, driven by strong yield growth.
- EBITDA excluding associates rose 12% to $294 million, while operating expenses grew 9% to $155 million.
- Management attributed growth to high seller yield despite a 2% decline in national listing volumes.
REA Group (ASX:REA) reported an 11% year-on-year increase in first-quarter revenue to $450 million for the period ended Sept. 30.
The quarterly revenue expansion was supported by a 14% growth rate in controllable Buy yield, even as overall national property listing volumes slipped 2%.
"The continued rollout of immersive and AI-powered experiences supported record engagement in the quarter, with active members increasing and 5.3 million properties now tracked by their owner," said REA Group CEO Cameron McIntyre.
The group recorded 137.4 million average monthly site visits and completed the divestment of its REA India business on Sept. 29.
The business continues to execute its product development initiatives to maintain market position across volatile property market cycles.
Australian revenue of $441 million was up 9% year-over-year, or up 8% excluding M&A, while residential revenue increased 10%.
Following the announcement, the REA Group share price was up at $161.88.
The property platform operator relies heavily on its main Australian residential listing segment to generate listing revenue.
The business also holds a 24.9% undiluted equity stake in Aurum Proptech following its Indian business restructuring.
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