Half Year 2024 PEXA Group Ltd Earnings Call Transcript
Key Points
- PEXA Group Ltd (ASX:PXA) reported a 16% increase in revenue to $163 million for the first half of FY 2024.
- Operating EBITDA increased by 12% to $59 million, driven by the strength of the PEXA Exchange.
- The PEXA Exchange business maintained a strong market position, handling almost 90% of all property transactions in Australia.
- Customer satisfaction for the PEXA Exchange remains high at 93%, supported by API integrations that enhance customer experience.
- The PEXA U.K. business is making progress, with two top 10 banks verbally committed to the PEXA platform and successful completion of a 36-hour remortgage transaction by Shawbrook Bank.
- PEXA Digital Growth business is still operating at a loss, with an operating loss of about $6 million over the half.
- Optima Legal in the U.K. experienced a decline in market share, partly due to a technology incident with Capita.
- Specified items, including restructuring and acquisition costs, impacted NPATA, with a pretax impact of $15.4 million.
- The U.K. market remains challenging, with recessionary conditions affecting remortgage and sale and purchase transaction volumes.
- Despite progress, the integration of Optima Legal and Smoove into the PEXA Group is ongoing and expected to take until the end of FY '25.
Thank you for standing by, and welcome to the PEXA Half Year Results Announcement Call. (Operator Instructions)
I would now like to hand the conference over to Mr. Glenn King, Group Managing Director and CEO. Please go ahead.
Thank you. Good morning. I'm Glenn King, and I'm PEXA's Group Managing Director and Chief Executive Officer. And with me this morning is, our Chief Financial and Growth Officer, Scott Butterworth. Thank you for joining us for PEXA's half year results for the 2024 financial year.
On Slide 1, please note outlines important notices and disclaimer information. Before I begin, in the spirit of reconciliation, I'd also like to acknowledge the traditional custodians of country throughout Australia and their connections to land, sea and community. We pay our respect to their elders, past and present, and extend that respect to all Aboriginal and Torres Strait Islander peoples today.
Turning to Slide 3. Today's briefing will
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
