REA Group Limited (ASX: REA), the owner of the popular property website realestate.com.au today released its 2018 third quarter financial update.
REA Group is Australia’s largest online property listings business and also owns property listing sites in Asia. It is a shareholder of Move Inc in the United States. REA Group itself is substantially owned by Rupert Murdoch’s News Corp (ASX: NWS).
This morning, in a public filing, REA Group said its revenue for the nine months to 31 March 2018 rose 20% year-over-year to $592 million. Free cash flow, which is before dividends and cash flow from investments in financial assets, was 9% higher at $185 million.
REA Group CEO Tracey Fellows said the company’s “app launches” reached a record high during the period, more than three times its nearest competitor, domain.com.au, according to Nielsen.
“The combination of consumer innovation and creating the best and most personalised property experiences is what makes us the number one place for property,” Fellows said.
REA Group is expanding its offering into financial services and complementary business lines to capture more value from a user’s property experience and needs.
For example, in 2017 REA Group announced a partnership with National Australia Bank Ltd. (ASX: NAB) to create a mortgage broking offering for its users.
“We are pleased with the strong momentum our financial services business is building,” Fellows added. More than 250,000 people have a financial profile on realestate.com.au.
Fellows concluded by saying that, “The recent acquisition of Hometrack Australia is a natural extension for our Australian business. It means we will be able provide our customers and consumers access to more property data with more accuracy than ever before.”
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