Domain reports $391m revenue, Sydney and Melbourne lead listings
Pellegrino: "This success has strengthened our resolve to vigorously compete."
Domain has reported statutory revenue of $391.1 million, and a net profit after tax of $42.4 million, for FY24.
New listings were up in each quarter of the year, led by the Sydney and Melbourne markets.
Domain chief executive officer and managing director, Jason Pellegrino, said the “strong FY24 results” were a result of the efforts of “more than 1,000 talented people at Domain, who are delivering on our Marketplace strategy by building and releasing great solutions.”
For FY24, excluding significant items and discontinued operations, Domain reported revenue of $391.1 million, up 13%, expenses of $254.1 million, up 7%, and EBITDA of $37.1 million, up 26%.
As of June 2024, net debt was $150.8 million. Net profit attributable to members of the company was $49.4 million.
A dividend of 4 cents per share has been declared, bringing the full year dividend to 6 cents per share, in line with FY23. This will be paid on 11 September 2024 to shareholders registered on 23 August 2024.
Residential revenue increased 19%, underpinned by growth in depth revenue. National ‘for sale’ listings increased 3% for the year, with the standout markets being Sydney and Melbourne.
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In digital, core digital revenue increased 14% to $374.2 million, and core digital EBITDA increased 27% to $171.2 million.
Print largely stayed steady, with an increase of 1%. Domain reported that its print product has an average issue readership of 1.2 million, which is an increase of 6% year-on-year.
FY25 Outlook
Domain said FY25 costs are expected to increase in “the high single to low double digit percentage range” from the FY24 expense base of $254.1 million. The company expects stable EBITDA margins in FY25.
“Looking forward, this success has strengthened our resolve to vigorously compete and accelerate the benefits we deliver to customers," Pellegrino said.
"We are increasing investment into our technology platforms, while retaining our track record of disciplined productivity improvement across the business."
See also: Nine’s Matt Stanton joins Domain board
