PEXA reports NPAT loss in first result since IPO
PEXA Group has returned a 42% year-on-year increase in revenue to $221 million in its first posted results as a listed company, but returned a statutory net loss after tax of $11.8 million which is $2 million below prospectus forecast.
The property settlement arm of Link Administration was put up for initial public offering recently with the superannuation administrator holding around 43%.
Announcing its FY21 results to the Australian Securities Exchange, PEXA Exchange transactions rose by 37% to hit 3.3 million, while earnings before interest, taxes, depreciation, and amortization (EBITDA) was up 144% to $110 million, and transfer market penetration reached 80% in line with prospectus forecast.
PEXA International’s UK market strategy was underway with commitments to participate in product testing with the Bank of England, as well as engagement with HM Land Registry, regulators, trade associations and Government departments.
Market scoping had also commenced in New Zealand.
Glenn King, PEXA managing director and group chief executive, said: “We have delivered on our promises with FY21 perspective forecast revenue EBITDA and key drivers met or exceeded.
“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 forecast for FY22. Our strategy to leverage our position as the operator of Australia's leading digital property settlements platform is delivering attractive results.
“Supported by a sound balance sheet, we look forward to further progressing our growth initiatives in the coming year, with momentum building in the UK to support our international strategy. 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.”
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