- McGraths full year revenue was down 23% to $99.2 million.
- A $63.1 million after tax loss.
- The real estate market is challenging but the company says it has started its turnaround.
McGrath posted a $63.1 million after tax loss, hit by difficult market conditions, lower sales, and the departure of some of the real estate agencys sales agents.
Revenue was down 23% to $99.2 million but underlying EBITDA of $5 million hit guidance.
The results include one-off restructuring costs of $4 million and impairment charges of $59.4 million.
The ASX-listed real estate agency earlier this year cleaned out its board of directors and replaced the CEO, following a slide in earnings, a drop in listings and the departure…
Read the full article at: https://www.businessinsider.com.au/mcgrath-results-loss-2018-8