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PEXA reports 42% revenue increase
Digital property settlements platform PEXA has released its financial results for the year ended 30 June 2021, with its managing director and chief executive saying the business has “delivered on our promises”.
Jerome Doraisamy
The results – PEXA’s first as a listed company, following its billion-dollar IPO and listing on the ASX – saw revenue up 42 per cent to $221 million, amounting to 1 per cent ahead of its prospectus forecast.
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The pro forma PEXA Exchange earnings before interest, tax, depreciation and amortisation (EBITDA) were up 114 per cent to $110.4 million, and the pro forma Group EBITDA was up 124 per cent to $101.8 million.
PEXA Exchange transactions were up 37 per cent and 1 per cent ahead of the prospectus, and totalled 3.3 million transactions for the year. Its transfer market penetration was 80 per cent, up 14 per cent.
Speaking about the results, PEXA managing director and Group chief executive Glenn King said that he was “very pleased” to present the business’ inaugural financial results as a listed company.
“I would like to thank all our stakeholders for their efforts and support in helping to bring PEXA to market, and importantly our passionate workforce. We have delivered on our promises, with FY21 Prospectus forecast revenue, EBITDA and key drivers met or exceeded,” he proclaimed.
“The positive property market conditions in the second half of FY21 have continued, and as we move into the coming year, we have reaffirmed our Prospectus forecasts for FY22. Our strategy to leverage our position as the operator of Australia’s leading digital property settlements platform is delivering attractive results.”
Looking ahead, Mr King continued, PEXA is motivated to further progress its growth initiatives in the coming year, with momentum building in the UK to support its international strategy, he said.
“Meanwhile, we continue to see excellent opportunities to leverage our existing platforms, insights and relationships to create new products and services to meet the changing needs of our members, consumers and government,” he said.
