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Domain's growth is strong,
Investing in tech platforms,
For a 'normal' dawn.
Domain reports strong growth 2024 financial year, plans continued tech investment
Domain Holdings Australia Limited has reported a 13.1% increase in revenue in the full 2024 financial year, reaching $391.1 million, up from the previous year's $345.7 million.
The company's net profit after tax, including a significant items loss of $6.1 million, was $42.4 million. Excluding these items, the net profit attributable to members of the company was $49.4 million, marking a 27.9% increase compared to FY23.
The company declared a dividend of 4.0 cents per share, bringing the total dividend for the year to 6.0 cents per share, consistent with FY23.
One of the standout metrics from the announcement was an 18% increase in Average Revenue Per Listing, driven by innovative product offerings and enhanced consumer engagement. The company also reported a 10% growth in its Residential Unique Audience.
Views per listing saw a 30% average uplift due to the launch of Domain's Audience Boost Product in the June quarter.
Domain CEO Jason Pellegrino said: "Our key assets of unique data, quality experiences, and product innovation have delivered Only on Domain' experiences that provide real benefits to consumers, agents, and enterprise customers."
He said this underpinned strong growth in Depth revenue, audience and listings, and noted the property market is returning to what he called "a more normal environment."
Financially, Domain's EBITDA reached $137.1 million, up 26.2% from $108.6 million in the previous year. This growth was complemented by what the company characterised as disciplined approach to expenses, which increased by only 7.2% to $254.1 million.
"Looking forward, this success has strengthened our resolve to vigorously compete and accelerate the benefits we deliver to customers. We are increasing investment into our technology platforms, while retaining our track record of disciplined productivity improvement across the business," said Pellegrino.
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