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McGrath stabilises in 2018 with growth in sight
1 minute read
Name: McGrath Limited (ASX:MEA)
Market Capitalisation: $64 million
Opening Share Price: 38 cents
Real estate group, McGrath Ltd has delivered underlying EBITDA of $5.0 million for fiscal 2018, a result that is in line with management’s guidance.
This should be well received by the market given that the company had disappointed in the past by not meeting expectations.
The company’s shares increased approximately 4% in early morning trading, hitting a high of 39.5 cents.
The past performance of this product is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.
McGrath has grown to be an integrated real estate services business, offering agency sales, property management, mortgage broking and career training services.
The estate agency network area of the company’s business currently operates 94 offices located throughout the east coast of Australia.
Management highlighted that the core fundamentals of McGrath are robust.
From an operational perspective the group has one of Australia’s leading sales agency teams that span a broad network and its brand is well recognised.
After a period of instability, a new operational plan was instigated, and it is showing early signs of positive momentum, repositioning the business for a return to growth.
In keeping with this message, in delivering its outlook statement management has forecast a return to growth in fiscal 2019.