The PEXA Group Ltd (ASX: PXA) share price has been up and down today, currently trading right where it started the day at $16.98 per share.
The online property exchange network is a newcomer to the ASX, with its initial public offering (IPO) on 1 July this year.
Below we take a look at the company’s first financial results as a publicly listed company.
PEXA share price wobbles on FY21 results
- Revenue increased 42% year-on-year to $221 million, 1% above Prospectus forecast
- Pro forma earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 124% from FY20 to $101.8 million, 2% above of Prospectus forecast
- Statutory Net Loss After Tax of $11.8 million
- $51.5 million cash as at 30 June
What happened during the reporting period for PEXA?
During the course of the year the company marked a milestone, surpassing $1.5 trillion worth of total property values settled through the PEXA Exchange since inception. That now supports more than 9,400 practitioners and 160 financial institutions.
On the international expansion front, the company is progressing with its PEXA International United Kingdom market entry plans. Lender pilot-groups have committed to participate in product testing with the Bank of England.
Meanwhile, PEXA Insights has expanded to include more than 40 data specialists. PEXA is working to develop a centralised Property Bureau. Its summary of east-coast property market trends was featured in news outlets across Australia.
What did management say?
Commenting on the results, PEXA’s CEO Glenn King said:
We have delivered on our promises, with FY21 Prospectus 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 forecasts for FY22. Our strategy to leverage our position as the operator of Australia’s leading digital property settlements platform is delivering attractive results.
What’s next for PEXA?
Looking ahead, PEXA reaffirmed its FY22 Prospectus forecasts.
For the 2022 financial year, PEXA is forecasting statutory revenue of $246.9 million, statutory EBITDA of $75.6 million, and a statutory net loss of $2.5 million.
King said, “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.”
The PEXA share price is down 1% since listing on 1 July.
The post PEXA (ASX:PXA) share price wobbles on FY21 results appeared first on The Motley Fool Australia.
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